FRS 102: Dealing with the numbers on transition

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Steven Collings
Audit and Technical Partner
Leavitt Walmsley Associates Ltd
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FRS 102 is getting closer to mandatory implementation, with accounting periods commencing on or after 1 January 2015, writes Steve Collings.  

Professional bodies are advising member firms to start gathering data this year to aid the transition process, as there will be changes to figures that have already been finalised some time prior to the implementation of FRS 102.

The previous two articles have focused on the theoretical aspects concerning FRS 102 as well as the additional disclosures that are required to be made in the first financial statements of a company reporting under FRS 102.  

This article will consider the accounting policy alignments for...

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  • The transition across
  • Step one: The date of transition
  • Step two: Align the accounting policies at the date of transition
  • Step three: Deal with the accounting policy changes in the 2014 year-end accounts
  • Step four: Disclosure requirements
  • Step five: Apply FRS 102 going forward

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