Overview

The new UK GAAP framework means that all current UK accounting standards are withdrawn and a new financial reporting regime is introduced in their place.  Transition to this new framework is a major change for UK businesses.

There will be implications beyond the accounting. Practical and resourcing issues will also need to be considered. Particularly where there are long-term arrangements such as bank loans which could be affected.

The FRC's project to replace UK GAAP with a new suite of standards went through many draft proposals and consultations and the three main replacement standards have been issued:

 

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