HMRC has published updated guidance on the changes to the ‘generally accepted accounting practice’ (GAAP) used to prepare financial statements.

The purpose of these two papers is to assist companies who are thinking of choosing or have already chosen to apply either FRS 101 or FRS 102. In particular, it provides an overview of the key accounting changes and the key tax considerations that arise for those companies that transition from Old UKGAAP to the new standards.

The Charity Commission and the Office of the Scottish Charity Regulator, as the joint SORP-making body for charities, have developed two SORPS, one to support the Financial Reporting Standard for Smaller Entities (FRSSE) and one to support the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). More details are available on the Charity SORP website.

Any comments on these papers should be sent by email to:

• alison.ring@hmrc.gsi.gov.uk
• tony.linehan@hmrc.gsi.gov.uk
• richard.daniel@hmrc.gsi.gov.uk