Technical FAQs

Take Care with Updates UK GAAP Accounting Standards

11th November 2024hatTechnical FAQs

As readers will be aware, the new versions of UK Accounting Standards were issued in September 2024. The changes mandated within these updates take effect for accounting periods commencing on or after 1 January 2026, with early adoption permitted, this is an all-or-nothing approach, meaning that these amendments cannot be applied in part. While early adoption is permitted, this fraught with difficulty, as there are currently no updated model accounts available, software providers have not yet released necessary updates and revised methodologies have, in most cases, yet to start development.

Care should therefore be taken when revering to FRS 102 in particular, ensuring that the correct version of the standard (the January 2022) release is used in the majority of cases. If you have particular queries as to how the amendments to FRS 102 may impact your client’s please contact HAT’s technical helpline.

Firms who use our Accounting Compliance services

Our clients range from the smallest firms who either do not do audits or have just one or two audit clients, through to members of the Accountancy Age 50+50.

The Simmons Gainsford Group have worked with the HAT Group for over 20 years. They have helped support us with regulatory compliance and training and also provide technical support and graduate recruitment services. They have proved to be a key strategic partner as we look to navigate the various regulatory changes that continue to impact our profession. The team at HAT possess a wide depth of expertise and are always available when needed. Based on our positive collaboration I would have no hesitation in recommending their services to another firm.

- Simmons Gainsford

As a small two-partner accountancy firm, we have found tremendous value in their personalised approach and unwavering support. HAT Group goes above and beyond to deliver a brilliant personal service tailored to our specific needs. Their expertise in handling ACCA compliance has been instrumental in ensuring our firm aligns seamlessly with regulatory requirements. We highly recommend HAT to fellow small firms seeking a dedicated partner committed to their success.

- Oxlade & Bond

As a small firm, we have come to rely on their in-depth assistance. HAT’s commitment to helping us maintain regulatory standards has been invaluable, serving as a reliable guide to the complexities of compliance. What sets HAT apart is their proactive approach. Their vigilance and expertise ensure our business align seamlessly with industry regulations. We have complete confidence in HAT Group's ability to support and safeguard us.

- DED Accountancy

We initially engaged HAT for assistance with compliance, and the value they brought to the table quickly became apparent. Their ability to simplify complicated issues and provide insightful technical solutions led us to expand our collaboration, encompassing a broader range of services. HAT have proven to be strategic partners committed to our success. Their proficiency in navigating complex matters has been instrumental in improving our operations and ensuring we meet regulatory standards. We are grateful for the expertise and support that HAT brings to our organisation, and we highly recommend them.

- FLB Accountants

We are delighted to provide a testimonial for HAT Group, a firm that has supported our practice for more than 20 years, including delivering excellent training and CPD courses. The Student Development courses provided by HAT support our students applying the technical concepts from their studies and developing the softer skills required throughout their early careers. The interactive nature of the training sessions ensures that the learning experience is dynamic and tailored to the needs of the participants. All of the training courses are designed with a clear understanding of the challenges and complexities faced by professionals in the field, making them a valuable resource for staying in touch with industry developments. The practical application of theoretical knowledge is emphasised, making the learning process more meaningful and applicable to real-world scenarios. We look forward to continuing our partnership with HAT Group for all our training needs.

- Lewis Golden

We are pleased to express our appreciation for the compliance and training services provided by HAT Group. Their commitment to excellence has proven invaluable to our team. The training sessions are thorough, well-structured, and delivered with a keen understanding of the intricate details of regulatory requirements. HAT are an invaluable partner in navigating the complex landscape of auditing and accounting matters. Their team are approachable and friendly, and we would have no hesitation in recommending HAT to other like-minded practices.

- DSG