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Financial Reporting Council (FRC) updates iXBRL taxonomies, effective on or after 1 January 2019

The Financial Reporting Council (FRC) has made updates to iXBRL taxonomies that will take effect on or after 1 January 2019. Keeping with the recent amendments, FRC has also said that early adoption will be accepted only if both the … Continue reading

Impact of changes in financial reporting for small and micro entities accounting standards

The FRC (Financial Reporting Council) promotes high-quality corporate governance and set the standards for accounting, auditing, and actuarial work in the UK. The quality of corporate reporting and auditing are regularly monitored by FRC. Recently, FRC published a number of … Continue reading

Have you filed your Confirmation Statement?

Companies House and HMRC are having a busy year implementing several changes. HMRC notified tax payers about withdrawing its free CT600 and restricting access of their new online filing system CATO to unrepresented companies. HMRC also notified that support for … Continue reading

HMRC’s Termination of UK GAAP and UK IFRS Taxonomies and Adoption of New Ones
  •   17 Jun, 2016  Posted By Getsy Jenita   Posted in HMRC
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HMRC has mandated Financial Statements attached to CT600 in iXBRL format since 2011. Since then, they have accepted UK GAAP and UK IFRS as the two accounting standards and appropriate taxonomies have been accordingly accepted. With the introduction of  the … Continue reading

The Key Differences between UK GAAP and FRS 102

The FRS 102, published recently by the Financial Reporting Council (FRC) is a replacement of the UK GAAP system that is used by enterprises in the UK and Ireland for filing their annual statements to the revenue bodies and regulatory … Continue reading

The new UK GAAP presents challenges in preparing iXBRL

The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. In 2012 and 2013 the FRC revised financial reporting standards in the UK and Republic of Ireland. The … Continue reading

New UK GAAP – FRS 100, 101 & 102 : A Quick Overview

The Financial Reporting Council (FRC) in UK has published three standards which form the basis of the new UK GAAP. These standards are applicable in UK and in Ireland. This framework will be effective for the accounting periods beginning from … Continue reading



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