Attended Grant Thornton webinar about forthcoming changes to UK GAAP (accounting standards). The final standard will not be issued until 2011 and will not come into force until 2014 or 2015.
The webinar was recoded and can be viewed by following this link.
The webinar was recoded and can be viewed by following this link.
When the new rules come become effective, organisations will have three choices of accounts: public bodies and those with public shareholdings will use IFRS. Smaller entities will be able to use FRSSE and those in the middle will use the new FRSME.
Key points about FRSME:
- Fixed assets will be measured at cost, less accumulative depreciation and any impairments not revalued
- Goodwill will be written off over five years and other intangibles over 10 years unless a very good reason is given.
Grant Thornton's summary of the main points is available by following the link below:
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