New UK GAAP
There are 3 new Financial Reporting Standards being introduced to replace existing UK GAAP. FRS 100, 101 & 102 have been developed by the UK Accounting Council and will need to be adopted by any company or group currently following UKGAAP, from accounting periods beginning on or after January 2015.
Vitae has been working with a number of small to large organisations, who have chosen to recruit technical specialists (temporary and permanent) to assist, lead and advise on various projects relating to the adoption of a new reporting standard. This includes UK subsidiaries and parent companies adopting FRS 101 Reduced Disclosure Framework, which otherwise apply EU-adopted IFRS, as well as many medium to large sized organisations that have applied FRS 102. Where relevant, it may be advisable for some entities to apply EU-adopted IFRS, as there is always the possibility that further adjustments will be made to new UKGAAP through EU regulations in the future.
It’s important that you have the right expertise and skill set to support these changes and many clients have chosen an early adoption to ensure the best practices at this crucial time. Vitae has amassed a high calibre candidate base that especially reflects the skills and experience needed to support such a project, whether through demonstrating technical ability, training existing staff or audit and controls knowledge.
If your business requires assistance with the upcoming changes to UKGAAP and is in need of relevant, quality candidates, please don’t hesitate to contact Vitae on 01923 202 202.
By Charlotte Garfield