Point of view — New UK GAAP – impact on real estate entities
The United Kingdom Financial Reporting Council (FRC) has issued FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (‘new UK GAAP’) as one of the options available as a replacement for current UK GAAP.
The starting point for FRS 102 was the IASB’s IFRS for SMEs, hence, new UK GAAP more closely resembles full IFRSs than before. However, the requirements are not identical. In practice this means that when an entity moves either from current UK GAAP to FRS 102 or from full IFRSs to FRS 102 it will need to consider the impact of the relevant set of differences.
This publication from Deloitte (UK) summarises the main changes from these developments that might affect the real estate sector.