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)
Are you worried that you may not be getting the most out of your software? As with any business purchase, you want to ensure you are going to get your money’s worth so you can justify the expenditure.
Many of you may have heard the age old saying “you only get out what you put in”. This rings especially true when it comes to looking at accountancy software, or any other type of business software. You can have the best software in the world, but if you don’t fully understand its capabilities, you are not getting the best value for your money.
Accountancy can be very complex, especially with major changes seen in recent years such as iXBRL and IFRS. To keep up with these changes you need to not only have high quality software which can handle these requirements, but you also need to know the intricacies of the software to make sure you are using it to its full potential.
We regularly update our software with new functions and capabilities to make sure we are giving you and your clients the best possible solution. Over the last few years we have introduced a range of new features including client dashboards, payroll integration, IRIS OpenPortal, multi-currency support, client accounts for business tax and more.
To help you get the most out of your software we are holding our IRIS Accountancy Training Crash Course. This week long series of webinars will help you understand the extensive functionality of your software, to ensure you are giving your clients the best possible service.
Some of the topics covered throughout the week include:
• IRIS Accounts Production
• IRIS Business Tax / Fixed Asset Register
• IRIS Personal Tax
• IRIS Practice Management
• IRIS Time and Fees
• IRIS OpenSpace
• IRIS AutoMail
• IRIS Company Secretarial
• IRIS OpenBooks
• IRIS Payroll for Accountants
The course is running from 12th-16th August 2013. To see a full list of what will be covered or to book your place, visit the training store.
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