FRC releases new UK GAAP with electronic tagging

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The Financial Reporting Council has comprised what is commonly being referred to by accountants as the new UK GAAP (generally accepted accounting practices) which is due to be implemented for accounting periods after the 1st of January 2015.
FRC releases new UK GAAP for electronic tagging

The Financial Reporting Council has comprised what is commonly being referred to by accountants as the new UK GAAP (generally accepted accounting practices) which is due to be implemented for accounting periods after the 1st of January 2015.

This introduction is a step towards making corporate reports more transparent and accessible to investors, since they allow users to extract data from reports and analyse the information easier. The e-enablement of reporting is said to be a beneficial element of stand-setting and can help foster investment in UK companies.

However Julia Penny, Wolters Kluwer’s UK Audit and Accounting Manager says that the changes are probably the biggest to impact the accounting profession for 30 years, and there is a danger that the changes will create a lot of extra work for accountancy practices, potentially causing additional costs and financial reporting errors; good planning will be essential to prevent a new UK GAAP disaster.