Advice on technical accounting issues and standards
Our experienced Business Services team are able to ensure that you receive accurate, high quality financial reporting, providing piece of mind that you are in full compliance with all relevant regulations and standards.
This can include:
- Advising on UK GAAP
- FRS 102 transition
- GAAP conversions, including IFRS
- Specialist advice in complex areas such as financial instruments, business combinations and leasing
The Financial Reporting Council (FRC) has replaced current UK GAAP with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland with effect from periods beginning on or after 1 January 2015, with earlier adoption permitted. FRS 102 is based on the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), amended for use in the UK. The introduction of FRS 102 will have a major impact on the financial statements of any entity currently preparing accounts under UK GAAP.
The adoption of FRS 102 will lead to some changes to the format of the financial statements and the disclosures required, but most importantly for many businesses there will be changes to the numbers as well. FRS 102 will change the recognition criteria for various assets and liabilities, the basis on which some items are measured and the treatment of certain gains and losses compared to current UK GAAP.