UK & Irish GAAP 2025: Concepts and Pervasive Principles

by Steve Collings

Part of a series on 2025-26 UK & Irish GAAP. This short course explore concepts and pervasive principles. These are fundamentally important when it comes to preparing financial statements, and also in the development of accounting standards.

This module will enable you to

  • Discuss the reasons for concepts and pervasive principles in accounting standards
  • Outline the changes made as part of the FRC's periodic review
  • Dive into qualitative characteristics of financial statements
  • Consider fair value measurement

About the module

The Financial Reporting Council’s periodic review of UK and Ireland GAAP has resulted in Section 2 Concepts and Pervasive Principles being redrafted for both FRS 102 and FRS 105. It is now more aligned to the Conceptual Framework for Financial Reporting issued by the IASB.

This short course examines each of the different areas covered by Section 2 - the mechanism that underpins the preparation of general purpose financial statements, giving high-level guidance on recognition and measurement.

Contents

  • Concepts and pervasive principles

How it works

Author

Steve Collings

Steve is Director at Leavitt Walmsley Associates, a firm of Certified Chartered Accountants. He is an internationally recognised speaker, writer and commentator on all matters to do with financial reporting and auditing. Steve is a prolific author, having written over 25 books and currently represents the North West of England on ACCA’s Practice Network Panel.

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