Uk Gaap Vs Ifrs. Gaap stands for generally accepted accounting principles. The new uk gaap standard is frs 102 the financial reporting standard applicable in the uk and republic of ireland.
Https S3 Eu West 1 Amazonaws Com Bppassets Public Assets Pdf About Students Acca Acca P2 Study Supplement February 2017 Pdf from
New uk gaap frs 102. The presentation of the cash flow statement is similar to that under ifrs showing movements on cash and cash equivalents and with fewer standard headings than under old uk gaap. The uk has adopted the ifrs for smes standard as frs 102 the financial reporting standard applicable in the uk and republic of ireland but with significant modifications described below.
Key differences between uk gaap and ifrs.
New uk gaap includes some exemptions from preparing cash flow statements similar to old uk gaap. The only conflict between ifrs and the uk gaap in accounting treatments of financial statements is that ifrs is a principle based standard whereas uk gaap is rule based standard. New uk gaap frs 102. Frs 101 reduced disclosure framework.
