UK GAAP – IFRS Consultants
The ASB have decided companies in UK and Ireland will use IFRSs and have created FRS 102 for accounting periods beginning on after 1 January 2015.
FRS 102 “The Financial Reporting Standard Applicable in the UK and Republic of Ireland” is a single financial reporting standard which will replace old UK GAAP. FRS 102 will be based on IFRS for SMEs. This differs from UK GAAP in that it is less complex, more up to date and reduced volume.
There are some notable changes:
• Changes in fair values in investment properties to be recognised in profit and loss
• More subjective criteria when determining if a lease is finance in nature
• Three headings for cash flow statement.
UK entity currently reporting under UK GAAP will be required to report under FRSUKI but may voluntarily adopt IFRS.
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