FRS 102International Financial Reporting Standards (IFRSUK GAAPSummary UK GAAP has been in existence for many years and financial reporting has evolved considerably over those years. The prevalence of International Financial Reporting Standards (IFRS) has gathered faster pace with many jurisdictions seeing...
This publication provides a high level overview of the significant differences between current UK GAAP, new UK GAAP (FRS 102) and EU-adopted IFRS. It focuses on a selection of those differences most commonly found in practice. When applying the individual accounting frameworks, companies should con...
FRS 102 “The Financial Reporting Standard Applicable in the UK and Republic of Ireland” (link to FRC website) is a single coherent financial reporting standard, based on the IFRS for SMEs but with substantial changes, for use by UK and Irish entities (other than those that are required to...
What are the key recognition and measurement differences between FRS 102 and old UK GAAP? Will recent amendments to FRS 102 be helpful to me? How do you account for basic and non-basic financial instruments? How do derivative instruments impact upon the accounts? What are the mechanics of hed...
quickly identify areas that may affect you on transition to FRS 102. Area Changes Primary statements These may be renamed in line with the titles used under EU IFRS: 1. Profit and loss account changes to income statement 2. Statement of total recognised gains and losses is replaced with the...