FRS 102: The new UK GAAP - A Free Guide for Businesses - What is it and what does it mean for your business?

FRS 102, The UK and Ireland's new Financial Reporting Standard was published by the Financial Reporting Council (FRC) in March. FRS 102 replaces almost 3,000 pages of Generally Accepted Accounting Principles (GAAP) with a streamlined and simplified document (under 300 pages) that is based on the International Financial Reporting Standard for Small-Medium Entities (IFRS for SMEs).

What does this actually mean for your business? This free guide, written by Mitchell Charlesworth's accounting experts provides the answer to this question.

FRS 102 Guide
Click here or on the image above to download your free guide to FRS 102

FRS 102 was introduced by the FRC in an attempt to create a "sensible" set of rules that were less complex than IFRS and would make compliance easier and more straightforward.

The new FRS 102 regime will be effective for periods beginning on or after 1 January 2015. Early adoption is permitted, however this is restricted to  accounting periods ending on or after 31 December 2012.

Under the new regime, the reporting landscape will be very different with changes to the format of your financial statements and disclosures required. FRS also changes the criteria for recognising some assets and liabilities, the measurement basis of some items and the treatment of some losses and gains.

The degree of change will depend on the size and nature of your company and will likely have a greater impact if you report under current UK GAAP.

For more information about FRS 102, download this free guide for businesses. The guide answers many of the frequently asked questions including:

  • When does FRS 102 apply?
  • What does this technical accounting change actually mean for your business?
  • What reporting options are available to your business?
  • What are the main differences between UK GAAP and FRS 102?
  • Are there any changes in terminology?
  • Is there any transitional relief on first-time adoption of FRS 102?
  • Is FRS 102 good news for your business?

If you have another specific question about FRS 102, simply complete a quick enquiry form here and we will contact you directly. Alternatively, contact your local Mitchell Charlesworth office and we will be happy to help.

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