So, the UK and Ireland GAAP is changing, but are you ready for it? Do you know how it differs from the old framework? And, most importantly, have you decided which standard you will adopt?
Whether you’re an accountant working in practice or business-based you need to be ready for January 1st 2015, when the new GAAP and standards become mandatory. If you’re in practice, you need to be able to identify the best solution for each of your clients; if you’re in business, you need to be familiar with the standard your accountant is adopting so you can explain the changes to stakeholders and the strategic implications for your business.
There are a few options of what standard to adopt but it’s generally accepted that most organisations will adopt FRS 102, which has been designed for SMEs. The key differences include changes in terminology, how to account for assets and financial instruments as well as employee benefits, business combinations and deferred tax.I’ve already mentioned that the new GAAP becomes mandatory from 1st January 2015 but you need to be planning now, to meet that date. The sooner you get to grips with it all the better for your business/clients.
Our three courses on the new GAAP can help you get to grips with it all. The first course, Understanding the New UK and Ireland GAAP, does what it says on the tin. It starts at the beginning, providing the background before looking at the different FRS standards, their principles and requirements. It helps you think through the choices available to you and plan your timelines and reporting deadlines.The second course, Getting to Grips with FRS 102, takes a more detailed view of just FRS 102, in particular the recognition and measurement of assets, liabilities, and new disclosure requirements. The course explains the main differences between FRS 102 and previous GAAP.
The final course in the series covers the practicalities of Managing the Transition to the new UK and Ireland GAAP. Setting up the project, effective documentation and managing clear communication to relevant parties are all covered.The new GAAP is coming - get ready for it.
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