New UK GAAP is now in force, applicable for periods beginning or after 1 January 2015.
New UK GAAP replaces the previous, long-standing UK accounting standards and comprises a multiplicity of separate accounting frameworks, all of which are part of New UK GAAP. Much of their effect will be comfortable and familiar, but there is also much change.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.
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