The updated FRS102 has now been issued, impacting companies from 2026… but as we all know planning is key, here we explore the key changes ahead of the implementation date. If you would like to discuss any aspect please speak with our MC team!
The Financial Reporting Council has updated FRS 102, and the UK Generally Accepted Accounting Principles are changing. Partner at MC Louise Casey breaks down the changes and their impact here 👇 https://lnkd.in/geqEhyjW
Check out the 2023 Year in Review edition of Centri’s Bridging the GAAP newsletter. You’ll get caught up on news, developments, and emerging issues in the accounting and financial reporting world. Read more: https://lnkd.in/dQ_Rm_RV Rikki Williams #GAAP #BridgingtheGAAP #StandardSetterUpdates #FASB #ISSB #SEC #Accounting #FinancialReporting #ExpertiseonDemand
UK Gaap Changes - FRS 102 Amendments: Key Changes from January 2026 Are you aware? Earlier this year on March 27, 2024, the Financial Reporting Council (FRC) introduced a series of amendments to FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, following the 2024 Periodic Review. These amendments will take effect for accounting periods starting on or after January 1, 2026, though businesses are permitted to adopt the changes earlier. These changes aim to harmonize UK and Republic of Ireland accounting standards with international frameworks while maintaining the practical needs of local businesses. Learn More: https://lnkd.in/ezGD7cJP
Strategic Leader | CFO | Head of Global Advisory | Expert in B2B Commercial Strategy | Industry Speaker and Thought Leader
This isn’t just theory, I’m putting my reputation on the line to tackle some real challenges faced by anyone tasked with accounting for rebates, especially when the lines become blurry and we are required to use judgment. In the webinar I will talk about my approach, which is best supported by downloading the paper first (it’s a 40 page whopper of realistic scenarios). I hope you find the guide useful, I wish it existed when I first started accounting for rebates!
Rebates are more than just financial incentives; they're a crucial aspect of commercial agreements that require the utmost care in #accounting. Join us on Tuesday, March 12th at 11AM ET | 4 PM GMT as Mark Gilham, VP of Rebate Strategy, unveils the frameworks you need to understand to demystify the many complexities surrounding rebate accounting. In it, we’ll cover: - The basics of rebates and their critical role in business transactions - Insights into accounting standards like US GAAP and IFRS - Real-world examples and practical tips - Solutions to common challenges in rebate accounting Register now to secure your spot! Can't attend the scheduled session? You can still register to receive a link to the recording: https://lnkd.in/exQH5kGi
IAS 1 International Accounting Standard 1 (IAS 1), is a key accounting standard that sets out the framework for the presentation of financial statements. Issued by the International Accounting Standards Board (IASB), It outlines the requirements for the presentation of general-purpose financial statements to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities.
The FASB has issued an Accounting Standards Update to incorporate several SEC disclosure and presentation requirements into U.S. GAAP. Learn more in RSM's article.
Marketing executive who provides strategic direction and focused plans that deliver results
The FASB has issued an Accounting Standards Update to incorporate several SEC disclosure and presentation requirements into U.S. GAAP. Learn more in RSM's article.
🧮 As UK accountants, it's crucial to stay updated on the evolving landscape of financial reporting standards. Here are some key distinctions between IFRS and UK GAAP (FRS 102) to keep in mind: 📊 Lease Accounting: IFRS 16 requires most leases to be on-balance sheet, while FRS 102 still distinguishes between finance and operating leases. 💰 Revenue Recognition: IFRS uses a 5-step model, whereas FRS 102 focuses on transfer of risks and rewards. 💳 Financial Instruments: IFRS 9 uses an 'expected loss' model, while FRS 102 uses an 'incurred loss' model. 💡 Intangible Assets: IFRS mandates capitalisation of qualifying development costs, but FRS 102 allows a choice. 📈 Goodwill: Under IFRS, goodwill isn't amortised but tested annually for impairment. FRS 102 requires amortisation over its useful life (max 10 years if can't be reliably estimated). ⚖️ Remember, choosing between IFRS and UK GAAP can impact your balance sheet, tax position, and disclosure requirements. Always consider your company's specific circumstances and future plans when making this decision.
Directeur audit | spécialisé dans l'accompagnement de start-ups | family business
🔔 Year-End Accounting Alert! 🔔 Stay ahead of the curve with the latest IFRS updates. Our guide covers key issues to consider for your June year-end, ensuring compliance and smooth financial reporting. 💼 What’s inside? 1️⃣ Topical issues to address before the year-end. 2️⃣ Newly applicable IFRS® Accounting Standards and IFRIC® Interpretations for June 30. Download your guide today and ensure your financials are in perfect order. #Accounting #IFRS #YearEnd #FinancialReporting
Rebates are more than just financial incentives; they're a crucial aspect of commercial agreements that require the utmost care in #accounting. Join us on Tuesday, March 12th at 11AM ET | 4 PM GMT as Mark Gilham, VP of Rebate Strategy, unveils the frameworks you need to understand to demystify the many complexities surrounding rebate accounting. In it, we’ll cover: - The basics of rebates and their critical role in business transactions - Insights into accounting standards like US GAAP and IFRS - Real-world examples and practical tips - Solutions to common challenges in rebate accounting Register now to secure your spot! Can't attend the scheduled session? You can still register to receive a link to the recording: https://lnkd.in/exQH5kGi
The FASB has issued an Accounting Standards Update to incorporate several SEC disclosure and presentation requirements into U.S. GAAP. Learn more in RSM's article.
20+ years experience leading finance within the arts and creative industries.
1moThanks for sharing Louise Casey this is super useful :)