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