Accounting standards
HMRC have published two papers to assist companies with the adoption of New UK GAAP. The papers provide an overview of the key accounting changes and tax considerations that arise for companies that transition from Current UK GAAP to FRS 101 and FRS 102.
- The first paper entitled ‘FRS 101 Overview Paper’ provides an overview of the key accounting changes and the key tax considerations that arise for those companies that transition from current UK GAAP to FRS 101
- The second paper entitled ‘FRS 102 Overview Paper’ provides an overview of the key accounting changes and the key tax considerations that arise for those companies that transition from current UK GAAP to FRS 102
Both papers are split into two sections, the first section deals with a comparison to the position under current UK GAAP and the second section provides a summary of the accounting and tax considerations that arise on transition.
The papers concentrate on the Corporation Tax position and are based on HMRC’s current thinking based on the law as it stood as the date of publication. It is expected that these papers will be updated over time.