Matthew Thompson
4 minutes length
Posted: 30th August 2013

Discover cloud for accountants at IRIS World

There is a major change to accounting standards coming soon. The change should not be underestimated, could be a steep learning curve for accountants, and planning for it should start now. No, this is not a blog post on iXBRL from 2010, but the change that is coming is equally as significant.
 In recent times, International Financial Reporting Standards (IFRS) have been developed to provide a common accounting framework and ‘language’ for businesses across the world. Slowly but surely the IFRS framework is replacing many of the different national accounting standards around the world. 
For practices in the UK, we are seeing a slight variation on this theme. From 2015, the current UK GAAP (Generally Accepted Accounting Principles) accounting standards we all know and love are set to be replaced by a new framework developed by the FRC. The FRS 101 and 102 standards are based on IFRS, but with some changes to allow for Companies Act 2006 legislation and a few other localisation amendments. 
As you no doubt know, IFRS has been mandatory for all publicly owned limited companies and subsidiaries since 2005. The good news is that FRS 101 will allow parent and subsidiary members of groups currently applying full IFRS to report using a reduced set of disclosures moving forward. So, this should mean less time spent on preparing such accounts.
All other medium to large sized companies (FRSSE companies are excluded but changes are planned here too) will need to comply with FRS 102 from January 2015. This is a significant change not to be underestimated and your planning and preparation should start now. The changes will have an impact on all accountants and consideration will be needed on how you can ensure that your clients meet the new requirements for company disclosure.
IRIS has an unbeatable track record of being prepared for new legislation and statutory requirements well ahead of the deadline. We delivered IFRS compliance for publicly listed companies ahead of time in the lead up to the initial transition in 2005, we made iXBRL a straightforward process and delivered a solution some 6 months ahead of schedule, and we are now focused on delivering FRS 101 and 102 updates to support accountants in practice and industry.
To help you prepare for FRS 101 and 102 we have put together a free guide: “5 key facts about FRS 101 and 102”. This guide looks at the following topics:
What are FRS 101 and 102?
Why are these standards being introduced?
Who will be affected?
When does the changeover to FRS 101 and 102 take place?
How will these changes affect the software that accountants use in preparing accounts and returns?
Download the free guide now (Link to whitepaper)

The accountancy market is constantly evolving, with legislative, technological and businesses changes happening more and more frequently. To help you and your practice stay up to date, we are holding our annual IRIS World conference throughout October. One of the key topics to be featured in this year’s IRIS World is cloud computing, and the benefits this new technology can bring to your organisation and your clients.

Even with the best software in the world, there are a whole host of factors that can come into play which are completely out of your control. Sudden weather changes or natural disasters can leave you unable to get to your office. Hardware can be stolen or damaged, leaving vital data in the wrong hands or irretrievable. These scenarios become a distant memory when you move your software away from your business premises, adopting cloud technology will become part of your disaster recovery plans.

Cloud can help you increase your practice efficiency and productivity. Imagine being able to access critical software systems at anywhere and from any location. With a solution that is easily accessible online, you’re no longer restricted to working from the office. You can be just as productive as you would be from behind your desk while you’re at home, with a client or on the road.

Using the cloud can also bring you much closer to your clients, by eliminating the time taken to exchange and approve documents. With cloud solutions you can simply upload your files to a secure online server where your clients can access them instantly, saving the time and expense of printing and posting out paper copies of accounts and tax returns, and avoid the security risks of sending confidential information by email.

We spoke in a previous blog post about how cloud technology is shaking up the audit market by increasing the level of competition in the market. But how exactly can arriving on an audit site with no more than a tablet or laptop allow you to still conduct a full and efficient audit? Our “Transform auditing with the cloud” session at IRIS World will enable you to understand and make the most of this new opportunity.  Additional choices of cloud sessions to attend include: Cloud computing for accountants, Leveraging the benefits of cloud alongside desktop applications and revolutionise the client accountant relationship with cloud bookkeeping.

We have a range of other sessions happening throughout the conference, which you can find out more about by registering your interest for IRIS World. To find out more or to book your free place, visit the IRIS World page.

Register for the free to attend event