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FRS 102 is here

On 14 March 2013, the Financial Reporting Council (FRC) finally published FRS 102 which will apply to unlisted companies. This marked the end of a lengthy period of uncertainty within the profession as to the direction in which UK GAAP, as we currently know it, will go.

Based on the International Financial Reporting Standard for Small-Medium Entities (IFRS for SMEs), FRS 102 brings about a simplified reporting regime for entities that will fall under its scope as well as introducing more up-to-date and relevant accounting requirements that have fallen behind in existing UK GAAP. Current UK GAAP is far too complex and practitioners have often complained about the onerous requirements imposed on themselves and their clients due to the voluminous nature of current UK GAAP.

FRS 102 is 350 pages long and in contrast to current UK GAAP at 3,000 pages long, the sheer reduction in volume will, on its own, be a welcome feature of FRS 102.

FRS 102 becomes mandatory for accounting periods commencing on or after 1 January 2015, with early adoption allowed and there are a lot of issues that accountants in industry and practice for whom this standard will be applicable must consider well before this date.

We at Pincott Lee are perfectly placed to provide training and consultancy services to smooth the process of transferring to this new regime.  Contact us for more details.

Online VAT Filing is here

Since 1 April 2012, all remaining VAT-registered businesses - those registered for VAT before 1 April 2010 with a VAT-exclusive turnover of less than £100,000 - have had to submit VAT Returns online and pay any VAT due electronically.



Higher Fines As Self Assessment Deadline Passes

According to HM Revenue & Customs almost one and a half million people missed HMRC's 31st January filing deadline for self assessment.  This was a substantial decrease on last year's figure.  There are a number of possible reasons for this.  Firstly, people may simply be getting better at submitting their returns.  Secondly, strike action meant the HMRC gave a two day filing extension. Thirdly, following a change in the rules, from this year onwards, fines for late filing are set to dramatically increase.


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