NO STANDING STILL

摘要

The profession is set for a year of change as each discipline from tax to accounting and audit, particularly, faces threats. As planning for the introduction of the new UK GAAP gathers pace, offering the choice of a reduced disclosure framework under FRS 101, rather more akin to the oft-maligned IFRS, or full FRS 102, companies need to make critical decisions about how to change their reporting arrangements in readiness for the 2015 implementation date. With the 2014 opening balance sheets upon us, it is no longer possible to ignore the revamped accounting rules. The new framework will result in significant changes to current practice, particularly around cash tax payments and levels of distributable reserves. What is clear is that companies will need to rapidly make a decision on their reporting mechanism.