On Thursday 31 January, Murray Harcourt hosted a Financial Reporting seminar to help our clients and other local businesses understand the latest changes to UK GAAP and IFRS. The event was attended by both owner managed and private equity backed businesses, and the banking community, amongst others.
Audit and Technical Partner David Caseldine took our delegates through the implementation of the changes to FRS 102 under the FRC’s first triennial review. These will be relevant for UK GAAP reporters with December 2019 year ends, with the key impacts being on accounting for investment properties, intangible assets arising on business combinations, and certain aspects of financial instruments.
Audit Departmental Senior Manager Andy Bristow then explained the implications of the most recent International Financial Reporting Standards to become effective. The most significant change discussed was that of the new leasing standard, IFRS 16, which will have a substantial impact on the financial statements of any business with any significant level of operating leases in place.
If you were unable to attend the event and would like help with your financial reporting or training on how to implement the new standards, contact our team.