FRS 102 checklist: First-time adoption

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Professional bodies have advised member firms whose clients will be affected by the transition to FRS 102 to start gathering data this year to aid the mandatory transition for accounting periods commencing on or after 1 January 2015, explains Steve Collings.  

The last FRS 102 article on AccountingWEB focused on the theoretical aspects to transition with another article due shortly on dealing with the numerical aspects. To help accountants contemplating this checklist summarises some of the main data they will need to prepare.

1. Fixed assets

Do you have any clients that have subjected any of their assets to the revaluation model?

If so, consider...

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  • 2. Investment properties
  • 3. Stock
  • 4. Leasing
  • 5. Employee benefits
  • 6. Deferred tax
  • 7. Additional disclosures
  • 8. Statement of cash flows
  • 9. Do you have clients with a defined benefit pension plan?
  • 10. Professional body resources
  • Conclusion

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About Steven Collings


Steve Collings, FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd where Steve trained and qualified.


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30th Nov 2015 15:10

The effects of key differences old and new UK GAAP


 What is the expected effect of these key differences on accounting quality??

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