Interpretation and Application of UK GAAP: For Accounting Periods Commencing On or After 1 January 2015

Preface

This is the first edition of Interpretation and Application of UK GAAP for Accounting Periods Commencing on or After 1 January 2015. The focus of this book is to provide preparers of financial statements in the UK and Republic of Ireland with concise and transparent information that will allow a clear understanding of how the UK GAAP works.

The publication of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland was the biggest change that the UK GAAP has seen in its history. Previous UK GAAP had become overly complex and voluminous and the issuance of FRS 102 marked the end of a long process of consultation by the Financial Reporting Council (FRC). FRS 102 replaces all Financial Reporting Standards (FRSs), Statements of Standard Accounting Practice (SSAPs) and Urgent Issues Task Force Abstracts (UITFs) for accounting periods commencing on or after 1 January 2015 (although earlier adoption is permissible).

The FRC are to be commended on their efforts in scaling down the UK GAAP from some 3,000+ pages down to approximately 360. FRS 102 brings with it a much more user-friendly set of standards, organised by Section numbers as opposed to FRS/SSAP/UITF numbers, as was previously the case in the UK GAAP. Certain accounting treatments have been modernised, reflecting the ways in which businesses operate in today's climate as well as serving to reduce diversity in the ways in which preparers will account for, and disclose, certain items within ...