The UK's Financial Reporting Council (FRC) fundamentally changed the financial reporting landscape in the UK through the introduction of four new standards, impacting companies following UK GAAP.

FRS 100 sets out the financial reporting requirements for UK and Republic of Ireland entities and identifies whether they need to produce their consolidated or individual financial statements in accordance with IFRS or FRS 102. Micro-entities may be able to use FRS 105.

It does not extend the mandatory application of IFRS beyond the current requirement of the IAS Regulation or market rules.

In the absence of such a requirement to prepare IFRS financial statements, the individual accounts or consolidated accounts of any entity within the scope of the proposals would be prepared in accordance with:

EU or UK adopted IFRS
FRS 101 for the individual accounts of a qualifying entity (see opposite)
FRS 102 and FRS 103
FRSSE (if the entity is eligible to use the FRSSE).
FRS 105 (if the entity is eligible to be a micro entity)

The last four options above are all 'Companies Act' accounts.