FRS 102: The challenge for practitioners

The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) due to take effect in January 2015 is beginning to attract anxious glances from technical accountants.

At her company’s annual conference last week, CCH head of content for audit and accounting Julia Penny picked up several of the points raised by fellow lecturer Steve Collings the previous week at Accountex.

“We think FRS 102 will revolutionise the way firms work with clients,” Penny warned. “It should be an opportunity to go out and engage with clients, to talk about UK GAAP and where they’ll fit into that.”

The issue forcing the pace of the transition is...

Further material on FRS 102 is available both on AccountingWEB and the recently opened CCH hub, newukgaap.co.uk.

Continued...

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Comments

Lets be realistic

The White Suit | | Permalink

Down here at the micro and small end of general practice most of the agencies our clients deal with neither know nor care what accounts look like as long as they get some and can tick the received box. I fear left to their own devices the clients, generally, would file anything as long as it stops the fines and penalties. There is not much evidence that the “government” thinks otherwise last time I looked at the online templates that Companies House and HMRC provided they were not exactly shining examples of correctness. I say last time as in this electronic world things get changed back and forth so often, it seems at a whim, they may be perfect now. Perhaps it is time to admit defeat and go down the American route of not filing any financial information on public record, or at least that is what my American clients tell me. All they care about is the tax return which does not require accounts. It would save us old fashioned qualified professionals the heartache of doing a thankless task in truth largely to protect ourselves from attack by our own regulators. I write this as one who used to take great pride in doing a good set of accounts.