FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland becomes mandatory for accounting periods commencing on or after 1 January 2015. Accountancy firms are being encouraged by many of the professional bodies to start planning for this change now and start gathering data to enable the transition process to be completed as smoothly as possible, explains Steve Collings.
This article is the first article of two that considers the process for transition. The second will contain an illustrative set of financial statements prepared under old UK GAAP and converted to new UK GAAP so practitioners can see for themselves how the process works in real life...
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- Section 35: Transition to FRS 102
- First annual financial statements
- Process on transition
- Reclassification of investment property revaluation reserve
- Mandatory exceptions
- Optional exemptions from full retrospective application
- Disclosures at transition