Ripping up the rule book

Significant changes in the way many businesses have to prepare their accounts has resulted in record bookings for two free seminars on April 8 at The Granary in Kidderminster and on May 15 at Calderfields Golf Club in Walsall, hosted by accountants Crowe Clark Whitehill.

Corporate partner Dave Darlaston will chair the event, introducing regular guest speaker David Potts, a chartered accountant who runs DMP Training which provides training programmes for accountants, lawyers and other finance professionals.

Mr Darlaston said: “We run regular updates for accountants working outside the profession, but this is by far the most important one we have ever held.

“In essence, the accounting rule book is being ripped up.

“Under the UK GAAP changes, all current UK accounting standards, including SSAPs, FRSs and UITFs, will be abolished for accounting periods commencing on or after January 1, 2015.

“A new single standard (FRS102) will be introduced, and you have to be ready for that change which is less than 12 months away.

“Financial reporting is undergoing the most significant change in over 20 years which is certain to impact on the majority of UK owner-managed businesses.

“At our in-depth briefings, we will provide a practical, easy-to-understand insight into the fundamental accounting aspects of the new standard.

“And after the event, we will be on hand to guide our clients and contacts through the changes.”