If you are involved in corporate finance or similar activities then you might be surprised by how big an impact new UK GAAP can have on your deals. You may already be aware that for non-small businesses using UK GAAP there is a requirement to move to (usually) FRS 102 Financial Reporting Standard applicable in the UK and Ireland for accounting periods commencing on or after 1 January 2015. For small entities, the requirement applies for accounting periods commencing on or after 1 January 2016. In both cases early adoption is possible.
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