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FRSSE 2015 and accounting software

FRSSE 2015 and accounting software

We have been using FRSSE 2008 for our clients.  For clients with accounts covering the calendar year 2015 (and onwards), we have to use FRSSE 2015; we use the Iris suite of products. 

Iris won't have the update (including FRSSE 2015) in place until April 2016.  They suggest that we save the accounts as a word processing document and then edit said accounts accordingly to change FRSSE 2008 references to FRSSE 2015.  This seems a strange approach for a so-called leading software producer.

Two issues - as I understand it, accounts cannot be filed electronically to Companies House as those accounts cannot be pulled from Iris (due to the subsequent required editing).  Of course accounts can be posted but the extra delays could be important if clients are keen to see their accounts on public record ASAP.  Secondly, the accounts (edited version) cannot be saved in iXBRL format for onward submission to HMRC.  Thus the CT600 cannot be filed until April - not good if clients are awaiting a Corp tax refund.

I assume others are experiencing similar issues...how are you dealing with these?

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06th Mar 2016 10:46

Spooky

Thanks you so much Paul.  I prepared a set of December accounts on Friday, ready for the client's board meeting later this month, and was scratching my head (and Iris's KB) before deciding to leave it till Monday to contact them.

Seeing as we'll have to do it next year anyway, I'm assuming the alternative is to go with the small entities section of FRS102?  Iris has FRS102 reporting in place but I've not checked whether this caters for small entities, I'm hoping so.

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06th Mar 2016 12:50

Iris
Does already have frsse2015 templates. Create the relevant year led posting using frs102 and then select the frsse options within days screens.

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06th Mar 2016 16:18

Iris FRSSE 2015

I have done several FRSSE 2015 accounts on Iris. As already stated you need to convert your client to the IRIS FRS 102  templates which is a mercifully quick procedure.

What IRIS does not have until ApriI is an option for FRS 102 section 1A reduced disclosure, which you will need if you opt to skip FRSSE 2015, given it's limited lifespan.

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07th Mar 2016 11:11

Or ...

Carry on with FRSSE 2008 without converting to FRS102 and on the Data Screens, put in an Alternative accounting policy as a replacement for the Accounting Convention using the same wording as the standard, but substituting 'January 2015' for 'April 2008'.

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08th Mar 2016 20:19

Thanks for the responses.

Good to know that Iris does have a solution...shame they couldn't share that with me!

 

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By RedFive
09th Mar 2016 09:03

Companies House issue

I use TaxCalc which has FRSSE 2015 and small entities 102, however when selecting this they advise you can't submit accounts electronically to Companies House, and there is no date as yet of when they will accept them!

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