FRS - Why so quiet?
Why so quiet?
The new UK GAAP is coming. 41 working days away to be exact. There's no stopping it!
So why are so many software providers conspicuously quiet on the subject? Are they just hoping their customers will join them and put their heads in the sand?
That's not the IRIS philosophy. We have a history of early compliance:
- We fully supported the original IFRS compliance for publicly listed companies in 2005
- When iXBRL was introduced in 2010 we provided automatic tagging of the required iXBRL taxonomy for both UK GAAP and IFRS - ahead of the 2011 legislative mandate
- We’ve also provided an automated report - showing the comparison between the two standards, simplifying the transition
- We now support accountants working with non-listed companies and smaller businesses to make the transition to FRS 101 and FRS 102 as easy as possible ahead of the mandate
Early compliance is a lot of work. We know.
The difference is we don’t pass on the additional stress to our customers. New, complicated legislation happens. And when it does, our customers know that we’ll be ahead of the game so they can be too.
For accountants not using IRIS, I'd strongly suggest you speak to your supplier today and find out what they are doing to ensure you and your practice are ready for all the changes that are coming.