What is UK GAAP?

UK GAAP (Generally Accepted Accounting Principles) refers to the standard framework of accounting guidelines, principles, and practices used in the United Kingdom for preparing financial statements. It ensures consistency and comparability in financial reporting, allowing stakeholders to understand a company's financial performance and position. While 'UK GAAP' has largely been superseded by Financial Reporting Standards (FRS) based on International Financial Reporting Standards (IFRS), it can still apply to smaller entities that are not required to adopt FRS 102.