Are you ready for the new financial reporting standards?

UK energy and mining companies preparing financial statements under UK GAAP will be affected by the abolition of UK GAAP in its current form.

Its replacement consists of:

  • FRS 100 – Application of Financial Reporting Requirements;

  • FRS 101 – Reduced Disclosure Framework;

  • FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland.


This means that how you report your results and financial position may change significantly.

When does the change come into effect?
The new rules will apply from accounting periods beginning on or after 1 January 2015.

How will this impact your figures?
If you have a December year end you will first have to comply in the year to 31 December 2015. So comparatives at 31 December 2014 will be required. This means early consideration will be crucial in establishing what changes you will need to make to previously reported amounts.

Read our factsheet for further information on what this means in practice or contact us for assistance. We are happy to help provide guidance in relation to the changes that will affect your particular business, carry out impact assessments and provide assistance with drafting the statutory financial statements in accordance with the new reporting requirements.

 

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