- 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!
November 16, 2022
Backup withholding is a certain method that the IRS implements as a way to make sure that the taxes that are associated with specific types of income are paid on time if not in general, especially if taxpayers have failed to properly report these taxes as part of their tax returns in the past. Payers […]
November 1, 2022
The Internal Revenue Service has released the tax year 2023 annual inflation adjustments for dozens of tax provisions, including the tax rate schedules and other tax changes. Here are some of the key changes. Standard deduction The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700, which is up $1,800 […]