- Our Team
April 25, 2016
[vc_row][vc_column][vc_column_text]FRS 102 bears more than a passing resemblance to the International Financial Reporting Standard for SMEs, as issued by the International Accounting Standards Board in 2009, although it has been amended to be more compliant with the Companies Act and EU directives, and incorporate some old UK GAAP options.
The new standard impacts a huge swathe of businesses, as it applies to the vast majority of large and medium-sized UK businesses and organisations, including charities, retirement benefit plans and financial institutions. Effective of January this year, ‘small entities’ was broadened to encompass small companies and LLPs not excluded from the small companies / LLPs regime. In addition, FRS 102 applies to all entities that are neither required nor elect to apply EU-adopted IFRSs.
As regulatory changes go, this has been a big one, hence early adoption was encouraged. Bigger still is the official documentation that practitioners have had to acquaint themselves with, at around 350 pages – but on the plus side, it is only a tenth the length of the old GAAP documentation![/vc_column_text][/vc_column][/vc_row]
December 15, 2021
As the 2021 calendar year comes to a close, there are many tax planning items to consider. A local tax item that we want to make sure you remember to re-visit is the change in the Ohio municipal income tax withholding rule that is set to take effect on January 1, 2022. This is especially […]
December 13, 2020
Prior to 2020, nonemployee compensation was reported on 1099-MISC in Box 7. The IRS has now reinstated Form 1099-NEC to report nonemployee compensation separately from other types of income reported on Form 1099-MISC. Some of you may remember this form was last used in the early 1980’s! The new 1099-NEC impacts many businesses, with filers […]