AccountingWEB is pleased to announce the launch of a new channel focusing on financial reporting. Available from the “Financial Reporting” link on the site’s top navigation menu, the specialist section will bring together our existing technical coverage with new contributions and analysis from experts within the profession. Many of these contributors will be authors from Bloomsbury Professional, the lead sponsor for the financial reporting zone.
Marti Casimir, managing director of Bloomsbury Professional, commented: “At this time of huge change in financial reporting we are delighted to be working with AccountingWEB to make sure the profession is kept fully apprised of the changes and implications of those changes.”
AccountingWEB editor John Stokdyk added, “The switch to a new small and medium company accounting standard (FRS 102) in the next two years has really pushed financial reporting up the profession’s agenda.
“We’ve seen a big increase in queries and conversations on the subject. AccountingWEB is a natural place for accountants to share their technical expertise and we’re thrilled to join forces with an expert publisher like Bloomsbury to create a valuable resource for our members.”
Regular AccountingWEB contributor Steve Collings is also a Bloomsbury author and will be continuing his work as our supervising technical editor.
Collings explained that the abolition of current accounting standards (FRSs/SSAPs/UITFs) for accounting periods staring on or after 1 January 2015 is one of the biggest overhauls of financial reporting in the UK and Republic of Ireland for a generation.
The arrival of a more succinct and comprehensive suite of standards will make UK GAAP less voluminous and disjointed – “which I am sure will be welcomed by many in the accountancy profession”, Collings commented. But there is a big technical challenge ahead for accountants to digest the implications, absorb the changes required to comply with the new GAAP, and educate their clients ahead of the transition.
To launch the site, Collings has compiled a comparison of the differences between the new and old UK standards drawn from ‘Financial Reporting for Unlisted Companies in the UK and Republic of Ireland’, a major new title from Bloomsbury Professional that Collings oo-authored with Paul Gee.
In addition to weekly news and technical updates, AccountingWEB will send a monthly financial reporting ebulletin to those who request it and provide a library of material on key topics such as: