New UK GAAP - FRS 100, 101 and 102

Managing the transition

As of 1 January 2015 most UK companies will have a choice of adopting IFRS or a new version of UK GAAP, embodied in a new Financial Reporting Standard (FRS100-102) which encompasses all applicable accounting standards and requirements.

I am among the most informed accountants in the market place on the new UK GAAP regime having taken a close interest in its development from the outset and having worked with a global software company providing technical expertise to them on the requirements of the new disclosures and accounts formats.

This standard draws heavily on the principles of IFRS, with a few amendments to be more pragmatic and require less disclosure in some areas. However the new FRS does not include disclosure and wording requirements which are embodied in the Companies Act 2006, so skill and experience is needed in setting up the optimum formats and disclosures for your company’s accounts.

Having previously advised a number of companies on the adoption of IFRS , Neil Ellis Consulting is well placed to advise you on the most effective and efficient means of converting to the new UK GAAP, including accounting policies, accounts formats and which accounts production software it may be appropriate to use. Alternatively you can let us manage the whole process for you, liaising with you staff members and auditors to take all the stress and risk of the transition away.

If would like to discuss how I can help you manage the transition to the new UK GAAP as smoothly as possible please contact me.