Crowe Clark Whitehill has arranged a seminar on the implications and requirements of the new UK GAAP, (Generally Accepted Accounting Practice in the UK).

The seminar will be held on Monday May 11th in the Palace Hotel’s Shearwater suite when accountancy professionals will be asked to consider: ‘Are you ready for the new accounting standards?’

Crowe Clark Whitehill director Phaedra Bird said: ‘It is critical that accountants in business and in practice take action now. The transition period for this new disclosure framework began on January 1st 2014 and the revised UK GAAP became effective on January 1st 2015. Professionals should also be aware that these new rules are mandatory and that it may prove difficult to apply the new standards retrospectively.

‘The implications of the regime are far-reaching. The rules need to be fully understood to ensure a smooth transition so opportunities are not overlooked and that the right decisions are made in order to secure the best outcomes for clients.

‘In essence the new UK GAAP, which comprises four new accounting standards (Financial Reporting Standards 100 to 103), replaces the many different accounting standards that have evolved over many years. It is intended to be a common language for the industry, but could result in a fundamental change to how company accounts must be prepared, so we are keen to offer accountancy professionals a seminar that will prepare them for the new standards and illustrate how UK GAAP is designed to modernise financial reporting practices.’

The seminar will run from 3.15 to 6.00pm and refreshments will be provided. Places are free but limited. To book, contact Kimberley Moughtin at Crowe Clark Whitehill, kimberley.moughtin@crowecw.im or call 627335.

Photo - Crowe Clark Whitehill’s Roger Barrs, Phaedra Bird, Debbie Clague and John Cowan. Picture Andrew Barton.