FRS 101 and FRS 102 - Guidance published by HMRC

Over the next few years UK companies are likely to see changes to the accounting practice used to prepare financial statements. In particular, many UK companies will be required to apply one of the EU-endorsed IFRS, FRS 101 or FRS 102.

HMRC have recently published two guidance papers. The purposes of these two papers is to assist companies who are thinking of choosing or have already chosen to apply either FRS 101 or FRS 102. In particular, it provides an overview of the key accounting changes and the key tax considerations that arise for those companies that transition from Old UK GAAP to the new standards.

The guidance papers can be found on the GOV.UK website here

Technical Team

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