The Financial Reporting Council (FRC) has issued a new reporting regime which replaces existing UK GAAP with effect from periods beginning on or after 1 January 2015. The new regime includes FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, a single standard based broadly on the International Financial Reporting Standard for Small and Medium-sized entities. The introduction of FRS 102 will have a significant effect on the financial statements of companies preparing accounts under existing UK GAAP. Please click here to read the full article.