What Are the New Accounting Standards?

Understanding 2024 Accounting Standards

UK businesses must comply with updated accounting standards to ensure accurate financial reporting. Key updates for 2024 include:

1. FRS 102 Simplifications

The Financial Reporting Standard (FRS 102) now includes amendments for smaller entities, such as reduced disclosure requirements.

2. IFRS Updates

Businesses reporting under International Financial Reporting Standards (IFRS) should note changes to lease accounting under IFRS 16.

3. Digital Taxation

The rollout of Making Tax Digital (MTD) continues, with VAT-registered businesses now required to use compliant software.

For a full list of updates, consult the Financial Reporting Council.