Financial reporting: A year of change

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Steven Collings
Audit and Technical Partner
Leavitt Walmsley Associates Ltd
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The past year has certainly been an interesting year in terms of financial reporting, but 2014 will be another profound year of transition, says Steve Collings.

Back in March we had the new UK GAAP published which is going to affect many companies in the UK and Republic of Ireland. In addition, the cash basis for accounting for unincorporated businesses beneath the VAT threshold came into effect.

But perhaps the most significant change of the year has been the transition to FRS 102.

FRS 102 is mandatory for accounting periods starting on or after 1 January 2015 and earlier adoption is permissible. Over the last 12 months I have...

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