Accounting standards: the UK tax implications of new UK GAAP
Guidance on the changes to the ‘generally accepted accounting practice’ (GAAP) used to prepare financial statements.
Over the next few years UK businesses are likely to see changes to the accounting practice used to prepare financial statements. In particular, many UK businesses will be required to apply one of the EU-endorsed IFRS, FRS 101 or FRS 102.
The purpose of these 3 papers is to assist businesses who are thinking of choosing, or have already chosen to apply either FRS 101 or FRS 102. In particular, it provides an overview of the key accounting changes and the key tax considerations that arise for those businesses that transition from Old UK GAAP to the new standards. Any comments on these papers should be sent by email to:
Guidance to help companies within the charge to Corporation Tax decide whether they need to make an election into the Disregard Regulations for derivative contracts.
Published: 1 January 2009
Updated: 15 December 2016
- New 'FRS 102 overview paper - Income Tax implications' added.
- Text changes
- Updated version of FRS 101 and FRS 102.
- Updated guidance as a result of changes to accounting standards.
- First published.