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Investment property & FRS 102

ACCOUNTING FOR FRS102 Some of the most practical issues surrounding FRS 102 are those concerning investment properties and the significantly different accounting treatments under FRS 102 and SSAP 19. The definition of investment property under FRS 102 is set out … Continue reading

New FRS Taxonomies Call Time On Minimum Tagging

Where we have come from: 2011 – 2014 Since the introduction of HM Revenue & Customs computer-readable ‘Extensible Business Reporting Language’ or iXBRL mandate in April 2011, minimum tagging has been the subject of considerable concern and debate. Minimum tagging … Continue reading

Timelines for Transition to FRS (the new UK GAAP)
  •   28 Jan, 2015  Posted By Meena Mahadevan Iyer   Posted in FRS 102
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Financial Reporting Council (FRC) has issued three new accounting standards collectively known as Financial Reporting Standards (FRS) which will replace the existing UK GAAP. Synopses of the three FRS standards are given below: FRS 100: Application of Financial Reporting Requirements … Continue reading

FRS 102 and Transitioning Accounts
  •   24 Nov, 2014  Posted By admin   Posted in FRS 102
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FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (the new UK GAAP) becomes mandatorily effective for accounting periods commencing on or after 1 January 2015 for entities who are not eligible, or choose not … Continue reading