12 February 2015

What are the key differences between current UK GAAP and FRS 102?

The Financial Reporting Council (‘FRC’) substantially finalised their overhaul of UK Generally Accepted Accounting Practice (‘UK GAAP’) in 2014 with the publication of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (‘FRS 102’). This will apply to accounting periods beginning on or after 1 January 2015 (although earlier adoption is permitted). This guide highlights the key differences between current UK GAAP and FRS 102.