ARTICLE · 16 OCTOBER 2008

Financial Reporting UK GAAP - Round-Up

Smith & Williamson

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2008 has been relatively quiet in terms of financial reporting changes. However, IFRIC has recently published interpretations for IFRIC 15 and 16, while the ASB has updated the FRSSE.

United KingdomAccounting and Audit

2008 has been relatively quiet in terms of financial reporting changes. However, IFRIC has recently published interpretations for IFRIC 15 and 16, while the ASB has updated the FRSSE.

UK GAAP

FRSSE

The ASB has issued a new version of the FRSSE. This incorporates the changes to the small companies accounting and reporting regime resulting from implementation of the Companies Act 2006. There are no changes to accounting requirements.

The FRSSE (effective April 2008) replaces the FRSSE (effective January 2007) for periods beginning on or after 6 April 2008. The direct interaction with company legislation means that earlier adoption is not permitted.

IFRS

IFRIC 15 'Agreements for the construction of real estate'

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