- Our Team
April 14, 2016
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!
March 21, 2023
In alignment with IRS requirements, there are certain businesses that must file Schedule K-2 and Schedule K-3. Ultimately, any pass-through entities that have relevant international income, deductions, credits or other miscellaneous items must submit completed Schedule K-2 and Schedule K-3 forms. What is Schedule K-2 and Schedule K-3? Schedule K-2 is associated with Partner’s Distributive Share […]
March 7, 2023
A health savings account (HSA) is a type of savings account that lets individuals put aside pretax money to pay for qualified health care expenses. Studies show that HSA asset growth has been steadily rising since 2016. However, HSAs are often underutilized by employees because they either do not understand how HSAs work or they […]