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...