New UK GAAP - Transition to FRS 102

Louise Kelly Louise Kelly

Transition to FRS 102

The Financial Reporting Council (“FRC”) has issued the triumvirate of new standards. While the effective date for application is for accounting periods beginning on or after 1 January 2015, there are a number of areas that warrant early or immediate attention. The actual transition date is 1 January 2014 therefore, the 31 December 2013 balance sheet needs to be considered in this context given it will provide the opening position for the first FRS 102 comparatives. In this regard, management need to be informed to enable them to optimise their decision-making process and to ensure they are planning appropriately for the future.

What is the transition date and what do I need to consider before then? By this stage you may be considering or indeed have already made the decision as to which GAAP your organisation will move to. In a small number of cases you may already have made the transition. However, for those who have yet to make the transition, it is useful at this juncture to pause and identify whether there are any particular areas that will be impacted that may need earlier consideration.

The purpose of this particular publication is to address those FRS 102 matters that require consideration around the transition date.

This briefing discusses:

  • intra-group loans and guarantees;
  • tangible fixed assets;
  • retirement benefits – group schemes;
  • financial instruments – hedge accounting and derivatives;
  • investment properties; and
  • other considerations.


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