Changes in Accountancy Standards



We are urging businesses to take action now in light of the changes to UK accounting standards. The new accounting standard, FRS 102, will replace existing UK GAAP in its entirety for medium and large companies for years ending 31 December 2015 onwards. For those companies affected year ends of 31 December 2013 onwards will need to be restated under the new standards as they will form the opening balance sheet.

Any business answering "yes" to two of the following questions will be affected:

• Do you turnover in excess of £6.5million?

• Do you have gross assets over £3.26million?

• Do you employ in excess of 50 staff?

It is easier for you and your business if you are proactive about this. The changes could potentially be significant for some companies, being retrospective could cause you and your business quite a few headaches if you are unable to retrieve the data required in two years time.

We are here to help and would be delighted to speak to you about how this could impact your business in the future.

Supporting Information:

The Future Of UK GAAP -
International Financial Reporting Standards
 



The Future Of UK GAAP -
International Financial Reporting Standards