The transition to ‘new’ UK GAAP — Key decisions to be made by 1 January 2014
Further publications and information on the new UK financial reporting regime can be accessed on our UK GAAP standards page.
Background
The date of transition to the new UK financial reporting regime is fast approaching. If your company’s year-end is 31 December, you are likely to be among the first to move, with the first ‘new UK GAAP’ financial statements required for the year ending 31 December 2015. This means that the transition date – and therefore the date of the opening balance sheet under the new regime - is 1 January 2014.
Before this date, management will need to think about the transitional effects and make certain decisions affecting financial reporting, tax and wider business processes. This newsletter highlights some of the key issues you may want to consider.
