UK GAAP - what it means for tax practitioners
James Barbour previews some of the big issues for discussion at the forthcoming ICAS Tax Conference in Glasgow on 24 May.
As you may be aware, many entities are currently in the process of completing their first set of accounts under new UK Generally Accepted Accounting Practice (GAAP).
The new suite of standards issued by the Financial Reporting Council (FRC) generally became applicable for the first time for those entities with 31 December, 2015 year-ends.
Tax practitioners will not need to be reminded that UK GAAP plays an important although not definitive role in determining an entity’s assessable tax profits. Therefore, major changes to the UK GAAP framework and how profit is determined could have major implications for directors, owners, and tax practitioners.
So what are the constituent components of the new UK GAAP suite of standards that have replaced our beloved FRSs and Statements of Standard Accounting Practice (SSAP)? Will there be special dispensations offered to smaller entities as was previously the case by the Financial Reporting Standard for Smaller Entities (FRSSE)?How aligned are the new standards with full IFRS? Are further changes likely to happen to these new standards in the near future? What practical issues are entities finding in the first year of implementation?
As always there are usually more questions than answers. However, join me at the ICAS Tax Conference on 24 May and I will shed light on the impact of the changes by giving you the lowdown on the financial reporting requirements for different entities and the main differences from old UK GAAP that practitioners and directors need to be aware of.
I look forward to meeting you in Glasgow on 24 May.
Has there ever been a greater time of change in the world of tax? Secure your place at this year’s conference as we look to bring insight and clarity to the changes in the fiscal landscape. Find out more and book now.