The Financial Reporting Council (FRC) recently made public the initial section of its new accounting framework that will eventually replace the UK Generally Accepted Accounting Principles.
According to the FRC, the new rules could benefit thousands of companies in the UK.
The new system will be dubbed FRS 101 and allow firms to trade up to IFRS and still take advantage of disclosure exemptions.
Iain Selfridge, partner at PricewaterhouseCoopers, said: "The early adoption provisions give a great deal of flexibility in the timing of moving into the new regime by January 2015, but businesses need to look before they leap."
He explained that firms and accountants will need to assess their own individual structure and consider the appropriate reporting options for each subsidiary to fully weigh up the positives and negatives.
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Source: The Sales Executive News