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The Essential Guide to Financial Reporting Standards


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The future of UK GAAP - radical reforms on the way

accounting and financial reporting
The ASB has issued a draft Financial Reporting Standard which will be applicable in the UK and Republic of Ireland. The aim is for the new Standard to replace almost all existing Standards. The ASB believes that a new accounting framework is necessary because current UK GAAP is an uncomfortable mismatch of FRSs, SSAPs and IFRS-based Standards. The new Standard is based on International Financial Reporting Standards but with many simplifications.

Many companies are considering adopting the new Standard as early as next year. Small companies would not be affected and would continue to use FRSSE. Listed companies preparing consolidated financial statements would continue to use IFRS. This leaves the 50,000 or so companies who are neither listed nor small that would have to adopt the new Standard with almost all existing FRSs and SSAPs disappearing.

Companies who are affected have to prepare themselves for some significant changes. An important introduction will be the ability of subsidiaries of listed companies to adopt IFRS but with limited disclosures. At present, all companies adopting IFRS must meet its requirements in full. This eases the preparation of consolidated financial statements. You should be able to take advantage of this in your 2013 financial statements.

One of our financial reporting experts, Peter Hughes who is a practicing Chartered Accountant, has been closely monitoring the development of the new Standard. He presented a one-day seminar on the 22nd February which explained the existing financial reporting requirements under UK GAAP highlighting the changes that will occur when the new Standard is to be in place. It clearly demonstrated the significance of the changes and the effect they will have on accounting policies and disclosures, and the impact that they have on the presentation of a Profit and Loss Statement and Balance Sheet.

He is presenting The Essential Guide to Financial Reporting Standards again on 27th March.

Visit this page to book your place.

If you work for a medium-sized or large private company or a listed company with subsidiaries, this seminar will be invaluable for you.

Stephen Smith
Managing Director
UK Training (Worldwide) Limited

 

 



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