UK GAAP as we currently know it is being replaced. This will apply from 2015 although early adoption is possible. Organisations will have a choice between IFRSs, IFRSs with reduced disclosures and a new standard, FRS 102. There are key decisions to be made in terms of which accounting framework to adopt and when to adopt. There are tax compliance, accounting and systems/process related considerations in making these decisions and then planning for and implementing the change.
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