Plan Early for Impact of New GAAP

The recent publication of a new accounting framework to replace existing UK generally accepted accounting principles (UK GAAP) is a radical change from what is currently in place and is expected to have a significant impact on unlisted private companies in the UK.

The changes will not only affect technical aspects of financial reporting but could also have a commercial impact for a number of companies. It is therefore worth considering the impact on your business at an early stage.

Planning ahead will allow companies to make a timely and efficient transition to new UK GAAP. With restatement of prior year figures required, leaving the changes to the last minute could put strain on company resources, particularly for groups with a large number of companies.

To find out more on how you can plan early for the impact of new UK GAAP, contact us.