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News - 11 March 2014

New GAAP rules from FRC

The Financial Reporting Council (FRC) published the updated regime in March 2013 with a view to streamlining and refreshing the existing system – replacing almost 3,000 pages of current UK and Irish GAAP with less than 300.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Based on IFRS for SMEs but with amendments to incorporate UK company law and some additional accounting policy choices, it aims to make compliance easier and more straightforward; it also hopes to bring UK and Irish regulation in line with other global regimes.”

Key Facts You Need to Know about FRS 102

  • FRS 102 was launched in March 2013 and is replacing UK and Irish GAAP
  • It is not the only option: for smaller companies FRSSE is still in place – but it will be used by most UK and Irish firms. FRSSE 2008 will be updated to FRSSE 2015 as a result of the revised reporting framework, FRS 100
  • Transition to FRS 102 will be mandatory from periods starting 1 January 2015 but early adoption will be permitted, this however is restricted to accounting periods ending on or after 31 December 2012
  • Disclosure, measurement and recognition will be the key areas affected
  • FRS 102 offers more proportionate reporting requirements, so a less complex company will have a lighter reporting burden
  • FRS 102 now offers a solid reporting framework that will provide targeted financial information that’s more useful to the stakeholders than ever before
  • Some areas of reporting will be significantly different. If for example, you have derivatives such as foreign currency contracts or interest rate swaps they’ll now be measured at fair value at the balance sheet date with the movements recognised in profit or loss
  • Qualifying entities can take advantage of reduced disclosure requirements, including exemption from disclosure of a cash flow statement, certain financial instruments, related party and share-based payments disclosures

For those who are looking for a more personal approach on a range of business related issues, contact us at ABDS.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers
Great with people
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

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