FRS 101 and FRS 102 – The biggest change in financial reporting for years
The title of my latest blog may seem a little dramatic, but I believe it to be accurate. The reality is that the financial reporting changes mandated by FRS101 and 102 are coming… and coming soon.
Following my presentation on this topic at IRIS World 2013, I have continued my own education and research. This has included attending external courses where I still too often hear that these changes are "years away" and "nothing to think about yet".
My belief is that there is so much to be aware of in this area, many changes to consider for your clients, and a wide range of changes to prepare for. Whilst not an exhaustive list, areas where changes are likely to impact include:
- Financial instruments
- Investment properties
- Deferred Tax
- Goodwill and intangible assets
These changes , and others, will have an impact on financial statements, and could well impact reported profit and retained profit. So its important that business owners, managers and shareholders are aware of the changes well in advance!
I am already working with the rest of the IRIS team on delivering the required software updates to ensure your transition to FRS 101 and 102 is smooth. I also realise that IRIS should be doing as much as possible to support accountants in successfully managing the forthcoming changes.
That’s why I am so pleased that Steve Collings recently delivered a webinar on FRS102. This webinar can still be accessed for free for all accountants, whether you are an IRIS customer or not, as we believe it's important to offer support to all.
Why not watch a recording of the webinar to find out more?