Financial reporting is continually changing. But for UK GAAP reporters it’s changing in a big way, with a new accounting framework to consider. For accounting periods beginning on or after 1 January 2015, only companies using the FRSSE will be able to continue without change. For all other former UK GAAP reporters, one of the replacement standards must be used for 31 December 2015 year ends. The 2014 comparative figures will also need to use the new 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.