FRS – How long is a piece of string?
We know that the time our customers spend on accounts preparation varies greatly.
One set of accounts could be fairly straightforward (an hour or two?) the next could be far more complicated and take several hours or even days!
Either way, we have confidently predicted that the alignment of UK GAAP with IFRS means the time you’ll typically be spending on accounts will increase 5 times.
It’s a bit more than a couple of late nights.
How many hours are we talking about here?
- If you’re spending 3 hours each on 4 sets of accounts; you’ll need 60 hours soon
- If you’re spending 3 hours each on 15 sets of accounts; that will be 225 hours please
- If you’re spending 3 hours each on 30 sets of accounts; it’s looking more like 450 hours…
You get the picture.
Just this week, it was reported:
“… the new UK GAAP are adding to accountants’ stress levels as they look forward to 2015*”
IRIS customers can start their preparation today. Minimising the effect of those hundreds of additional hours by getting a head start.
IRIS Accountancy Suite v11.6 is a market-leading solution which includes compliance with FRS 101 and 102. We’re the only supplier to offer this functionality.
For accountants not using IRIS, I'd strongly suggest you speak to your supplier today.