Transition from old UK GAAP to FRS 101

By Tolley in association with Malcolm Greenbaum
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The following Corporation Tax guidance note by Tolley in association with Malcolm Greenbaum provides comprehensive and up to date tax information covering:

  • Transition from old UK GAAP to FRS 101
  • Introduction
  • FRS 101 compared to IFRS

Introduction

FRS 101  requires virtually identical accounting to IFRS, and consequently the transition will be the same as transitioning from old UK GAAP to IFRS. This is covered in detail in the First time adoption of IFRS guidance note.

IAS 12  Income taxes will be relevant in calculating the current and deferred tax amounts to be recognised under FRS 101. See the following guidance notes for detail on accounting for current and deferred tax under IAS 12:

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