Gibraltar:
Accounting Update
27 March 2017
Fiduciary Group
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As you may know one of theFinancial Reporting
Standards, FRS 102, is replacing the UK
Generally Accepted Accounting Practice by
the adoption of a single financial reporting standard for
Smaller Companies and replacing the
previous Financial Reporting Standard for Smaller
Entities.
The FRS 102 provides a comprehensive single financial reporting
standard which covers a broad range of entities and includes
significant disclosure exemptions for qualifying companies.
It is worth noting that it may be advantageous for a company to
adopt FRS 102 where such a company holds a property and requires a
one-off revaluation of the property as this is possible without the
need to apply a revaluation policy going forward.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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