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New UK GAAP – an overview

by Jessica Garbett | Feb 23, 2015 | ACCA, accountancy regulation, financial reporting

2015 is the year that the old financial standards and guidance from the Financial Reporting Council are replaced by new UK GAAP. Accounts for periods beginning on or after 1 January 2015 must be prepared using the new Standards and the current FRSs, SSAPs, UITF...

How and when to apply FRS 101

by Jessica Garbett | Nov 27, 2014 | ACCA, accountancy regulation, financial reporting

1 January 2015 is rapidly approaching, and after the many months of talking about it, UK GAAP will finally change. From 1 January 2015, all the existing FRSs, SSAPs and UITF abstracts will be obsolete, and in their place will stand FRS 102 and FRSSE 2015, with the...

LLP SORP revised

by Jessica Garbett | Nov 15, 2014 | ACCA, accountancy regulation, financial reporting

The LLP SORP was issued on 14 July 2014, and is effective for periods beginning on or after 1 January 2015, though early adoption is permitted. The new SORP no longer uses the old references to UK GAAP, but instead uses the terminology of FRS 102. When the new SORP...

Charities SORP revised

by Jessica Garbett | Nov 15, 2014 | ACCA, accountancy regulation, financial reporting

Charities SORP 2005 has been replaced by two new Charities SORPs. One of these is based on the FRSSE 2015, for use by charities that choose to adopt it and qualify as small under the Companies Act 2006. The other is based on FRS 102 and is for any size of charity. The...

The dawn of the new UK GAAP – requirements and options

by Jessica Garbett | Nov 12, 2014 | ACCA, accountancy regulation, financial reporting

The era of the new UK GAAP begins on 1 January 2015 and for many will change again from 1 January 2016. Reporting entities have to choose which of the reporting standards that they are allowed to adopt is best suited to their circumstances. For accounting periods...

Consultation on audit exemption

by Jessica Garbett | Oct 13, 2014 | ACCA, accountancy regulation, business issues, financial reporting

The government is consulting on the implementation of the EU Accounting Directive proposed changes to the audit exemption provisions in Companies Act. The Department for Business, Innovation and Skills (BIS) has launched a consultation on the implementation in the UK...

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New UK GAAP – an overview

How and when to apply FRS 101

LLP SORP revised

Charities SORP revised

The dawn of the new UK GAAP – requirements and options

Consultation on audit exemption

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