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Changes in Accounting Standards

We are urging businesses to take action now in light of changes to UK accounting standards. There is now a new accounting standard, FRS 102. This will replace existing UK GAAP in its entirety for medium and large companies. Specifically, this applies for years ending 31 December 2015 onwards. Some companies will need to be re-instated under the new accountancy standards as they will form the opening balance sheet. Significantly, this applies to companies affected for the year ending 31 December 2013 onwards.

Subsequently, any business answering “yes” to two of the following questions will be affected:

  • Businesses that turnover in excess of £6.5 million
  • Companies that have gross assets over £3.26 million
  • Institutions which employ in excess of 50 staff

It is easier for you and your business if you are proactive about this. For some companies, the changes could potentially be significant. Unquestionably, you and your business may experience multiple problems by being retrospective and not retrieving the data required in two years time.

We are here to help. Equally, Clive Owen 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 Finance Reporting Standards

 

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