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Updates to new UK GAAP

by Jessica Garbett | Nov 5, 2015 | ACCA, accountancy regulation, financial reporting

Updates to FRS 100, FRS 101 and FRS 102 have been published. In addition to minor typographical and presentational corrections, each has been updated as follows: Updates from FRS 100 issued in November 2012 include: the withdrawal of FRS 27 Life Assurance (as set out...

FRC guidance on FRS 102

by Jessica Garbett | Oct 19, 2015 | ACCA, accountancy regulation, financial reporting

The FRC has prepared 15 Staff Education Notes for the users of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.  These Staff Education Notes aim to illustrate certain requirements of FRS 102. They cover: SEN 01 Cash flow...

FRC introduces changes in response to EU Accounting Directive

by Jessica Garbett | Aug 17, 2015 | ACCA, accountancy regulation, financial reporting

UK GAAP: reporting options for micro, small and medium/large companies The Financial Reporting Council (FRC) has issued a suite of changes that are largely in response to the implementation of the new EU Accounting Directive, and include: a new standard, FRS 105 The...

FRC issues new FREDs streamlining UK GAAP

by Jessica Garbett | Mar 28, 2015 | ACCA, accountancy regulation, financial reporting

The new standards apply if your turnover is under £10.2m. Yesterday (19 February) the FRC launched a consultation on three financial reporting exposure drafts (FREDs) that make amendments to UK GAAP and base them on the FRS 102 framework: FRED 58 Draft FRS 105 The...

GAAP: Accounting for investment properties

by Jessica Garbett | Mar 10, 2015 | ACCA, accountancy regulation, financial reporting

Analysis of how to treat investment properties under FRS 102. Current accounting treatment Under SSAP 19, investment properties are required to be included on the balance sheet at open market value and are not subject to depreciation. The changes in value should not...

GAAP: Small company limit increases in 2015 or 2016?

by Jessica Garbett | Mar 2, 2015 | ACCA, accountancy regulation, financial reporting

Should a company transition to FRS 102 this year, or wait until 2016?  Entities qualifying as large or medium-sized under Companies Act 2006 will need to transition to FRS 102 The Financial Reporting Standard Applicable in the UK and the Republic of Ireland for...
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