Expertise – New UK GAAP
In 2015, alterations were made to accounting standards for all UK companies, other than for those applying International Financial Reporting Standards (IFRS) or the Financial Reporting Standard for Smaller Entities (FRSSE). The New UK GAAP consists of three new standards: FRS100, FRS101 and FRS 102.
These changes could have commercial implications for many entities, such as the ability to pay dividends or to measure performance against financial covenants under lending agreements.
UNW’s audit and assurance team provides the assistance to ensure you are aware of available options and prepared for the standard changes. We also take a collaborative approach, working with our client base to produce an impact analysis, highlighting the key accounting changes and presentational disclosures, as well as helping you consider any wider commercial impact.
UNW has recently advised Perfect Image, a long-established and trusted end-to-end IT solutions provider, on a Management Buyout (MBO) that completed in May 2019. Chiltern Capital, a London-based private equity firm, provided financial support.
Samuel Knight International, a global recruitment and project man-power specialist headquartered in Newcastle, was founded by Steve Rawlingson in 2014 with the ambition of shaking up the recruitment industry. Initially tackling an acute skills shortage in the energy and rail sector, it has demonstrated an impressive level of growth since its inception.
Newcastle-based chartered accountancy and business advisory firm UNW has advised Receptive Software Limited on its sale to business software firm, Pendo, which is headquartered in the United States.
Following on from our previous article, HMRC have announced an updated guidance for those who are going to be affected by the significant amendment to the VAT rules for construction services known as ‘domestic reverse charge’ accounting.