This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Changing your GAAP

Published on: 16 Dec 2014

From 1 January 2015, UK GAAP as we know it is replaced by three new financial reporting standards (FRSs 100-102), and all previous UK accounting standards (other than the FRSSE) are withdrawn completely.

By now many entities have chosen which GAAP to move to and the focus is very much on the process of converting to that new GAAP. Successful planning for and implementation of the new accounting regime will benefit from oversight and internal review at a senior level to ensure a smooth transition. The change will have far-reaching implications for nearly all UK entities, affecting wider business decisions on distributable profits, tax, banking arrangements and remuneration plans as well as the financial statements themselves.

To assist with the planning process, Deloitte has published Changing your GAAP, a follow-up publication to 2013’s publication Choosing your GAAP. Changing your GAAP summarises the options available under the new reporting framework, explains key differences in GAAPs, answers a number of the frequently asked questions that have arisen to date on GAAP transition and considers the practical implications of changing GAAP.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.