A New Era for Financial Reporting

From this Autumn the UK is moving into a new era of financial reporting, following a complete rewrite of national generally accepted accounting principles (GAAP); a move which will likely affect your financial statements.

There are three new reporting standards; FRS100, FRS101, FRS102, and you will have to make a decision regarding which accounting framework to use for your business.  There are a number of factors to consider at this point, including any impact to your tax bill, distributable profits, how it could effect your bank covenants and any remuneration schemes linked to profits.  In addition, staff will need to be trained to deal with the new standard, and your systems and procedures should be reviewed.

Initially then, these new frameworks are going to result in lots of changes for you to consider.  Overall though, the new GAAP has been welcomed, and is set to consolidate accounting principles and simplify financial reporting.

We have produced a factsheet for you with more details of the changes, including when they will come into effect and who will be affected .  In addition, we’re always here to help you plan ahead, and minimise any stress or confusion.  Our senior Client Services Manager, Helen, knows all about these changes, and you can email her at Helen.Holman@inspire.uk.net.

You can also call the office on 0800 077 6410, or alternatively send an email to info@inspire.uk.net.

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