I am about to prepare the accounts for a small property investment company for the year ended 31 December 2015.
Initially I believe the company would have to adopt the new FRS102 as this would be the first accounting period on or after 1 January 2015. On further investigation I believe now that small companies do not have to adopt FRS102 until on after 1 January 2016.
Please could someone confirm which date is correct.
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You can early adopt FRS102 S1a (small companies) for accounting periods starting on or after 1st January 2015 if you wish but you must adopt the new standard for accounting periods starting on or after 1st January 2016.
Agree. It's mandatory for periods commencing 1 Jan 2016 or later but you can adopt a year early.
If you don't early adopt, of course, there's a brand new FRSSE 2015, so you'll need to get your head around that. Which is why a lot of folk are early adopting.