HMRC’s accounting standards update provides guidance on the tax implications of changes to the ‘generally accepted accounting practice’ used to prepare financial statements.
According to Stockport Accountants, IN Accountancy, many UK companies will be required to apply one of the EU-endorsed IFRS, FRS 101 or FRS 102 over the next few years.
Tax implications of new UK GAAP
HMRC say the purpose of these two papers is to help companies choose between FRS 101 or FRS 102. The guidance includes an overview of the key accounting changes and key tax considerations that arise.
Please contact us if you would like information on how these changes will affect you and your business.
Internet link: GOV.UK accounting standards