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The New UK GAAP : FRS102

The Financial Reporting Council have replaced the current UK GAAP with FRS 102 – The Financial Reporting standard applicable in the United Kingdom and Ireland.

FRS 102, which is based on the International Reporting Standards for small and medium entities, is a comprehensive accounting standard that will replace all existing UK standards for all medium and large companies. It may also be adopted by small entities.

FRS 102 varies in a number of ways from the existing standards and therefore its introduction will have reporting and tax implications for many businesses. The key differences between the current UK GAAP and FRS 102 and the subsequent impact is outlined in our summary Download Document.

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