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Key changes that practises may come across under the new UK GAAP

written by Editor, 19 February 2016

Guest Blog by Briony Kempton, Head of Accounts Production, UK Tax & Accounting

In my last blog I highlighted the changing regulatory landscape in the UK GAAP impacting a number of entities be that corporates, charities or LLPs.

Small companies can still apply the FRSSE for their December 2015 year ends – although this is an updated FRSSE (effective January 2015).  However, small companies are also impacted by the introduction of FRS 102.  For accounting periods beginning on or after 1 January 2016 the FRSSE will be withdrawn and small companies will have to apply Section 1A of FRS 102 (early application is permitted).  Section 1A sets out the presentation and disclosure requirements for small entities based on the new small companies’ regime within company law.  The recognition and measurement requirements of FRS 102 will apply to companies applying Section 1A. A new micro entity standard, FRS 105, will also be effective for smaller entities, again effective for accounting periods beginning on or after 1 January 2016 (although early application is permitted).

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