FRS 102: Tips on first-time adoption

Kashflow logo
0

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.

First-time adoption

When first adopting FRS 102...

Further reading

Please Login or Register to read the full article

The full article is available to registered AccountingWEB.co.uk members only. To read the rest of this article you’ll need to login or register. Registration is FREE and allows you to view all content, ask questions, comment and much more.

Steven Collings
Audit and Technical Partner
Leavitt Walmsley Associates Ltd
Share this content
Tags

Replies

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.