The plan to replace UK GAAP has been on the table since 2009 and now we are reaching the end of that journey. The November announcement of two of the three standards that will replace UK GAAP means companies waiting for a final version have to now start planning for change.

In late November, the Financial Reporting Council’s Accounting Council (formerly Accounting Standards Board) issued FRS 100, which outlines the framework that UK companies must apply and FRS 101, which is commonly referred to as ‘IFRS with reduced disclosures’.

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