Introduction to new UK GAAP

Produced by Tolley in association with

Corporation Tax

Guidance

Background

In this guidance note, references to the ‘old UK generally accepted accounting practice’ or ‘old UK GAAP’ are to the combination of UK accounting principles contained in the Financial Reporting Standards (FRSs), Statements of Standard Accounting Practice (SSAP) and Urgent Issues Task Force (UITF) abstracts.

References to the ‘new UK GAAP’ are essentially to FRS 100, FRS 101, FRS 102 and FRS 105, which replaced the old UK GAAP for accounting periods beginning on or after 1 January 2015 (1 January 2016 for FRS 105).

Companies that qualified as ‘small’ under the definition in CA 2006, ss 381–384 were eligible to use the FRS for FRSSE in preparing their financial statements for accounting periods beginning before 1 January 2016. The FRSSE was withdrawn for accounting periods beginning on or after 1 January 2016.

Such companies have had to adopt either FRS 102 (with small company disclosure exemptions) or, if eligible, FRS 105 (as described below) for accounting periods on or after 1 January 2016.

Since 2005, companies with a listing on a regulated

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Malcolm Greenbaum

Director and Principal Trainer at Greenbaum Training and Consultancy Limited

Malcolm is a UK Chartered Accountant and Chartered Tax Advisor winning the John Wood Medal in the November 1995 CIOT sitting for the best paper on business taxation. He was previously Director of Finance and Taxation Programmes at BPP Professional Education and has delivered IFRS, US GAAP, UK Tax and VAT training (at all levels from an introduction to the complexities of IAS 39) to a multitude of organisations world-wide since 1992. Malcolm has particular experience in delivering bespoke training programmes to multi-nationals in the financial services, transport and energy sectors as well as delivering UK tax and VAT update programmes to accounting and law firms. He is passionate about training and his enthusiasm ensures that the participants enjoy the learning experience whilst gaining knowledge through their engagement in the sessions and through encouraging them to ask questions and discuss practical issues they may have. Malcolm also provides consultancy services to companies and accounting firms, including provision of VAT advice, reviewing accounting policy manuals and advising on accounting treatments of various transactions. In his spare time, Malcolm enjoys flying having gained a Private Pilot's Licence in 2014.

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