FRS 102 - New Accounting Standard for year ends commencing on or after 1 January 2015
On 14 March 2013, the Financial Reporting Council (FRC) published FRS 102 – the Financial Reporting Standard applicable in the UK and Ireland. The adoption of FRS 102 will affect all businesses.
This FRS aims to provide entities with succinct financial reporting requirements. The requirements in this FRS are based on the International Accounting Standards Board’s (IASB) International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) issued in 2009.
It means that there will be several changes to the way a business’s accounts are prepared and there are a lot of issues that business owners must consider in advance of the 1 January, specifically you may need to change some or all of your accounting policies.
FRS 102 also requires comparative amounts shown in accounts and this will involve careful consideration before finalising your next set of accounts.
The standard can be downloaded from:
www.frc.org.uk
For more information on the FRS 102 or to discuss the implications, please contact us at ☎☎ 020 89310165 ☎☎
On 14 March 2013, the Financial Reporting Council (FRC) published FRS 102 – the Financial Reporting Standard applicable in the UK and Ireland. The adoption of FRS 102 will affect all businesses.
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| Source : https://www.frc.org.uk |
It means that there will be several changes to the way a business’s accounts are prepared and there are a lot of issues that business owners must consider in advance of the 1 January, specifically you may need to change some or all of your accounting policies.
FRS 102 also requires comparative amounts shown in accounts and this will involve careful consideration before finalising your next set of accounts.
The standard can be downloaded from:
www.frc.org.uk
For more information on the FRS 102 or to discuss the implications, please contact us at ☎☎ 020 89310165 ☎☎
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