Accounting standards and the tax implications of new UK GAAP

HMRC have updated their guidance on the tax implications of changes to the 'generally accepted accounting practice' used to prepare financial statements as many UK companies will be required to apply one of the EU-endorsed IFRS, FRS 101 or FRS 102 over the next few years.

HMRC have stated that the purpose of these two papers is to assist companies who are thinking of choosing or have already chosen to apply either 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

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Higson & Co (Nottingham) Limited, White House, Wollaton Street, Nottingham, Nottinghamshire NG1 5GF
S C R Skill FCA, Mrs G J Strickland FCA, D R Wallwork BA FCA, Miss E C Davey FCCA Registered to carry out audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference C011003720. A member of the ICAEW Practice Assurance Scheme

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