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new financial reporting standards (FRSs 100-102), and all previous UK accounting standards (other than the FRSSE) are withdrawn completely.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.

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