A new year – a new UK GAAP comes onto the scene. FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland is now with us.
Many practitioners across the country will be gearing up to handle the challenges that this new financial reporting framework brings with it. The last 12 months have also seen considerable changes on the horizon for small and micro-entities that will be required to move across to new frameworks for accounting periods commencing on or after 1 January 2016 (typically December 2016) year-ends.
This article looks at some of the emerging issues that have cropped up over the last year in relation to FRS 102 and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime. Further articles dealing with the technical aspects of FRS 102 and FRS 105 will also be published throughout the year to assist practitioners in understanding and interpreting the requirements of this new regime...
Register for free and log into AccountingWEB to see the full article, which also covers:
- Unlisted companies which are not small
- Cash flow statement
- Reduced disclosures for group members
- Date of transition
- Disclosure requirements
- Sompanies subject to the small companies regime
- Other Points Relevant to FRS 102 (for small and medium-sized companies)
- Investment property fair value gains and losses
- Deferred tax
- Loans at below market rates
About Steven Collings
Steve Collings, FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd where Steve trained and qualified.