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HMRC internal manual

Corporate Finance Manual

Accounting for corporate finance: overview of guidance: HMRC technical papers on the transition to new UK GAAP

CFM update: changes to accounting standards

HMRC are in the process of updating the CFM to reflect changes made to accounting standards for financial instruments. The UK Financial Reporting Council (FRC) published new accounting standards FRS 100 and FRS 101 in 2012 and FRS 102 in 2013, which make changes to UK GAAP. In 2014 the International Accounting Standards Board (IASB) published the final version of a new accounting standard IFRS 9, subject to endorsement by the EU.

The CFM will be updated to reflect these changes, but until this work is completed, the references to accounting standards in the CFM may not be fully up-to-date. In the meantime, reference can be made to two HMRC overview papers on the tax implications on application of New UK GAAP in respect of FRS 101 and FRS 102. These papers can be found here: