5 key facts about FRS 101 and 102

International Financial Reporting Standards (IFRS) are designed to be a common global ‘language’ for business. They are progressively replacing the many different national accounting standards and this guide outlines IFRS and what it could mean for you.

The guide includes:

• What are FRS 101 and 102?
• Why are these standards being introduced?
• Who will be affected?
• When does the change-over to FRS 101 and FRS 102 take place?
• How will these changes affect the software that accountants use in preparing accounts and returns?