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Although the new UK GAAP framework is mandatory from 2015, early adoption is allowed and accountants should start gaining an understanding of the changes involved in the transition and of how they will affect their clients and organisations.

In particular FRS 102 introduces a number of significant changes to the financial reporting requirements applicable under current UK GAAP. Find out more in a section of ACCA’s website dedicated to the future of UK GAAP.

A new video also highlights the differences and changes to UK GAAP and how will this affect businesses.

Technical Factsheet 181 FRS 102 – Technical Factsheet 181 FRS 102 – Making the transition to new UK GAAP, which includes an analysis of the changes to terminology and formats from current UK GAAP, of the adoption timeframe and transition provisions and a detailed comparison of topical areas between the current and the new UK GAAP framework, including analysis of the potential tax impact of the new accounting requirements.

Additionally ACCA has published individual model accounts for a small company voluntarily applying FRS 102 and model accounts for a company applying the FRSSE 2015, so that it can be easy to draw a comparison between the implications of the two accounting standards in terms of recognition and disclosures for specific items.

Article contributed by ACCA