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FRS 102

FRS 102

Has anybody prepared a set of Accounts on Iris software for a small company, using FRS 102 yet?  If so, did you find it complex and what are the key factors to look out for?  Also, is a cash flow statement mandatory for small companies or can this be eliminated?  Thanks.

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22nd Feb 2016 20:48

Doing just that right now. We've had to early-adopt for reasons that I won't elaborate on here.

There are complexities but they arise largely out of the changes (sometimes radical) to the reporting framework and the need to find the right "box to tick" in Iris when adopting it for the first time. That aspect isn't a reflection of inadequate software.

What is deeply frustrating - and, in my opinion, a fundamental failure on the part of Iris - is the fact that the Section 1A reduced disclosure facility isn't yet available. According to their "KnowledgeBase" it will not be available until they release the April 2016 update. Useless, then, for early adopters with tight deadlines. Section 1A was released last July and surely warranted an interim update. My calls to "support" on the subject have been met with an interminable queue and my two emails to their support address (more than a week ago) have not received a response. I'm a little surprised that there's been no mention as yet, as far as I can see,on forums such as this. I'm quite sure that Iris cannot plead poverty or lack of resource as a reason - if you're interested enough then get a copy of their latest accounts from Companies House, as I did.

Rant aside: Section 1A does provide an exemption from the cash flow statement requirement. As stated, Iris can't handle that yet. There is an exemption under the full FRS 102 framework but it requires the approval of all shareholders. That isn't practicable in the tight timescale that I'm facing, but might be for you.

 

 

 

 

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22nd Feb 2016 23:18

Thank you George Oliver.  I

Thank you George Oliver.  I have been delaying preparing my first set.  I did call Iris and they said if I could hold off until their next release in April 2016 it might be beneficial - this does tie in with what you say above.  I am dreading my first set.  May I ask what was your starting point?  Did you simply play around with the software and try to follow it, or download instructions as to what to do?  And assuming it was not the first year on this client, was the exercise of re-stating the comparatives complex?  I did call Iris and ask for a session of one on one face to face guidance, but the jury is out on that.  Being literally a one man band working from home, I do feel the upcoming exercise both mystifying and daunting and am not sure how to best approach it. 

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23rd Feb 2016 10:26

FRSSE 2015

Why don't you use FRSSE 2015 for a while until things sort out in the near future?

I think I will!

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23rd Feb 2016 13:54

FRS 102

Eppingaccountant - there is a guide in the help section of their website - "How to create a set of FRS 102 accounts". In our case we've found that no re-statement of comparatives has been required and I suspect that that might be the case for a lot of small companies with relatively straightforward affairs.

Rboggon - yes, the FRSSE option would have been simpler. We don't have that option.

 

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23rd Feb 2016 16:42

FRSSE 2015

To George

It's my understanding that FRSSE 2015 is available in IRIS

if that is your "not option" point

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23rd Feb 2016 16:51

Thank you both George and rboggon.  Yes, I was aware of the FRSSE 2015 but I understand that using that on Iris is a bit cumbersome, so I think that early adopting FRS 102 may be the answer as it will save learning two lots of new format as FRSSE 2015 is only effective for one year.  Thank you George, yes I can see the Guide in their Help section.....I will work my way through it....it looks incredibly long!

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23rd Feb 2016 17:09

FRSSE 2015 not cumbersome

eppingaccountant wrote:

Thank you both George and rboggon.  Yes, I was aware of the FRSSE 2015 but I understand that using that on Iris is a bit cumbersome, so I think that early adopting FRS 102 may be the answer as it will save learning two lots of new format as FRSSE 2015 is only effective for one year.  Thank you George, yes I can see the Guide in their Help section.....I will work my way through it....it looks incredibly long!

It is far less painful to use FRSSE2015 in Iris than FRS102.  There is very little difference between FRSSE2008 and FRSSE2015 so we are sticking with FRSSE2015 whilst Iris sort themselves out with Section 1A and other teething issues.

 

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23rd Feb 2016 18:30

FRS 102

No, I'm not suggesting that we can't use Iris for FRSSE 2015 accounts.

My "not an option" point arises out of the fact that we are component auditors for several subsidiary members of a large group and are obliged to prepare the accounts in accordance with the "lead" auditors' requirements to maintain consistency of framework across the group.

 

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