UK GAAP 2018 reminders and tips
Tessa Park, Kingston Smith outlines some key areas for UK GAAP reporters to consider when preparing their 2018 financial statements.
After a busy few years getting to grips with ‘new UK GAAP’, 2018 was a quieter year, with entities able to build on their knowledge of the framework with the benefit of a stable platform. However, a number of areas have continued to cause some issues in practice. For instance, small companies applying Section 1A of FRS 102 experience problems when considering what additional disclosures beyond those mandated by EU law are necessary for the accounts to show a true and fair view, as the minimum disclosures may not be enough.