This bulletin provides a high level overview of the most recently issued International Financial Reporting Standards (IFRS) and interpretations
This supporting document to our Update, issue 25, sets out to assist you in your preparations for dealing with the transition to new UK GAAP.
This Update focuses on the introduction to the new UK GAAP framework, outlining the changes and highlights the decisions and potential actions that you will need to take in order to minimise the impact of unexpected and avoidable consequences.
This bulletin provides a high level overview of the most recently issued International Financial Reporting Standards.
In this bulletin we focus on the Regulations and briefly summarise the currently draft FRC guidance.
For many entities that currently report under UK GAAP, annual accounts prepared under the new regime will be different, and perhaps substantially so. Entities that currently prepare their accounts in accordance with existing FRSs and SSAPs must change their financial reporting framework, and need to prepare and plan for the change.
Following the publication of the new FRSs by the FRC in November 2012 and March 2013, it has been clear that the reporting landscape will look very different. Download our fact sheet for information on the future of UK reporting.
In November 2012, the FRC published FRS 101, “Reduced Disclosure Framework”, which together with FRS 100 (published in November 2012) and FRS 102 (published in March 2013) forms part of the new UK GAAP regime. Download our fact sheet for information about the purpose of this FRS.
FRS 100 is the conceptual framework for the new UK GAAP reporting requirements, giving many entities a choice as to which reporting standard to adopt, depending on factors such as size and whether or not they are part of a listed group. It also introduces some changes to FRSSE, which will be effective from 1 January 2015, with early adoption permitted. Download our fact sheet for further information.