Financial reporting is continually changing. But for UK GAAP reporters it’s changing in a big way, with a new accounting framework to consider. Companies preparing financial statements under UK GAAP have until 31 December 2014 to complete the conversion to their newly-adopted accounting framework.
New UK GAAP or IFRS? For some companies the decision will be easy, but for others there will be a myriad of factors to consider. Navigating the options and business implications can be a minefield. After all, adopting a new GAAP means changing more than just the numbers.
We think you should be weighing up all the options. The decisions you make now could affect your company’s future financial position, so it’s worth taking the time to get it right.