The new UK GAAP: ten things you need to know about FRS 102

The introduction of the new accounting standard, FRS 102, to replace existing UK GAAP will have wide-ranging effects for company reporters. Helen Lloyd FCA consider the ten things you need to know about the new UK GAAP

March 2013 saw a ground-breaking event for UK financial reporting, with the release of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. This new standard replaces current UK accounting standards, for periods beginning from 1 January 2015, and so has very broad relevance.

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