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Governance in Brief — New UK GAAP considerations for boards and audit committees

Published on: 03 Dec 2014

This publication from Deloitte discusses the changes to the UK financial reporting framework for periods beginning on or after 1 January 2015 and summarises the key considerations for boards and audit committees.

Since 2005 listed groups in the UK have been required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. But subsidiaries and parents within groups – as well as listed individual entities – have had a choice whether to follow IFRSs or UK GAAP.

For periods beginning on or after 1 January 2015, three new Financial Reporting Standards (FRS 100, 101 and 102) come into force, replacing current UK GAAP, bringing with them a number of new options for all UK entities and groups.

The change in accounting framework could have wide-ranging effects on businesses, with the potential to affect future dividend plans, internal controls systems and processes and oversight of the finance function. Successful planning for and implementation of the change will benefit from oversight and strategic review at board level to ensure a smooth transition.   

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