The Financial Reporting Council has issued three new standards that will impact companies in the UK.
FRS 100, Application of financial reporting requirements
FRS 101, Reduced disclosure framework
FRS 102, The financial reporting standard applicable in the UK and Republic of Ireland
Together with International Financial Reporting Standards (IFRS) and the Financial Reporting Standard for Smaller Entities (FRSSE) they make up the new financial reporting framework for use in the UK.
‘New UK GAAP or IFRS? Your questions answered’ responds to some of the questions we are commonly asked by companies as they look at the reporting options available.
Contact us for help understanding how these accounting changes will affect your organisation. If you're planning your transition from UK GAAP, our reporting impact assessment service will highlight the impact of either FRS 101 or FRS 102 on your financial statements.