Financial reporting in the UK has seen the introduction of several new UK GAAP frameworks and regular up-dates to the laws, regulations and guidance.
Whichever accounting frameworks your business adopts, at BDO we have the skills and expertise to deliver support and advice on the first-time adoption of new standards and amendments or on transaction-specific accounting treatments.
We will ensure you are informed about the nature of the changes to GAAP and help you understand their potential effect on your business.
How BDO can help with UK GAAP
We want to help you choose the right accounting framework for your business. We carry out a high-level analysis for each of the framework options available covering:
- Key financial statement areas
- Key tax issues
- Terms of existing financing to identify covenants that may be breached due to different reporting measures.
- Other commercial issues, for example distributable reserves issues
We can help you prepare for conversion and support you through the implementation process for the new framework to ensure it runs smoothly. We can then help you identify the precise implications of changes.
Following implementation of a new framework, your BDO team will keep you up to date about any changes to GAAP, including amendments proposed because of FRC triennial reviews. Should you need to transition to a new or different accounting framework, we will assist you throughout this complex and time-consuming process.