Accounting updates: February 2014

New UK GAAP compliance timetable warning, RSA Group admits management controls undermined in Ireland and FRC annual budget plans

ICAEW warning on UK GAAP compliance timeframe

ICAEW is warning that companies have just 12 months to prepare for 'the biggest change in UK financial reporting in a generation' when the new UK GAAP – FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland – comes into force on 1 January 2015, and says companies need to take account of new data requirements when preparing this year's accounts.

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