FRS 102: Tips on first-time adoption
Steve Collings continues his exploration of FRS 102 with detailed advice on some of the challenges accountants will face when moving to the new standard for the first time.
For many practitioners in the UK, the implementation of FRS 102 ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ spells long working days, stress-induced sleepless nights and a feeling that no sooner has self-assessment season ended, the equivalent financial reporting nightmare has started. However, with careful planning this need not be the case.
This article is the third in a series of articles looking at the content of FRS 102 and offering guidance in its implementation. This piece focuses on first-time adoption. FRS 102 becomes mandatory for accounting periods commencing on or after 1 January 2015, however earlier adoption is permitted.
When first adopting FRS 102...