For companies with a December year end, it is now just two months until the balance sheet date of the first set of accounts under the new UK accounting regime. As an increasing number of teams are engaged in preparing for that transition, more examples come to light that we can all learn from.

While it may be relatively straightforward to identify the significant areas of GAAP difference for the financial statements, it is sometimes harder to get a complete picture of the impact of the changes outside the key debits and credits. How do you know what you haven’t thought of? What Donald Rumsfeld famously referred to as the ‘unknown unknowns’.

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