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UK GAAP

UK GAAP

1.1 The P2 exam

This chapter is for students sitting the P2 UK paper.

If you are sitting the P2 INT paper then do not study this chapter.

1.2 Accounting standards in the UK

Guidance about the accounting standards that UK companies should apply is found
within FRS 100 Application of Financial Reporting Requirements.

International
Financial
Reporting FRS 101 FRS 105 FRS 102
Standards

Companies
Listed Micro- Other
groups within listed entities entities
group

Note that:

 any entity can choose to apply International Financial Reporting Standards

 a micro-entity can choose to apply FRS 102 instead of FRS 105

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