Regulation
FRC revises accounting standards for UK and Ireland
The most significant changes apply to leases and revenue recognition to align with recent changes to international financial reporting standards
The Financial Reporting Council (FRC) has issued new improvements to financial reporting standards for the UK and Republic of Ireland.The authority said the amendments are designed to enhance the quality of UK financial reporting and help support the access to capital and growth of the businesses applying them. The standards are currently used by an estimated 3.4 million businesses.
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