What are the changes?
You may think that these do not affect you. However the changes that are coming may substantially affect your reported profits, tax charges and distributable reserves. The language used is also different, so you will see reference to receivables and payables; not debtors and creditors. Property, plant and equipment, rather than fixed assets and a number of other terminology changes. There are a number of ways in which the your reported profit will be subject to change and, although we can’t list all 335 pages here, below are some of the key points:Read this post