It’s time to bridge the GAAP, warns IRIS Software

3 minutes length
Posted: 22nd October 2014

It’s time to bridge the GAAP, warns IRIS Software

With just three months until UK GAAP is dramatically altered, IRIS Software is warning accountants to act quickly or risk failing their clients.

UK GAAP is being brought into alignment with the International Financial Reporting Standards (IFRS) and has been designed as a global language for businesses to simplify and modernise financial reporting. This comes into effect for accounting periods commencing on or after 1 January 2015, when FRS 101 and FRS 102 compliance will be a legal requirement.

Phill Robinson, CEO of IRIS Software Group, is urging accountants in the UK to take action sooner rather than later.

“Accountants have only a couple of months until compliance is required and many are putting off the review of their clients’ accounts in preparation. The previous experiences of publically listed companies should act as a warning to businesses and their accountants that early planning is vital.

“Publically listed organisations had to comply with IFRS regulations in 2005 and many seriously underestimated the task, resulting in significant time and resources being spent at the last minute to ensure compliance. Early preparation is key as failure to comply with financial regulations could be disastrous for small businesses, while the reputation of accountancy firms would be damaged as a result.”

In response to market changes in the financial sector, IRIS Software is today launching the IRIS Accountancy Suite Version 11.6, which offers full UK GAAP compliance, for the new standards.

Phill Robinson says,

“The latest update will not only enable accountants to satisfy their clients’ compliance requirements, but also drive their business to greater profit and growth while delivering added value through significantly better service.

“Training sessions are also available to ensure UK accountants are up to date with all the upcoming changes and are able to focus on adding value to their clients rather than time-consuming admin tasks.”

 

About IRIS Accountancy Suite Version 11.6

IRIS Accountancy Suite is built around a single centralised database; the principle of capturing information once, making that information available to every module in the suite and every member of the practice. Universal access to information ensures that IRIS users achieve the greatest time savings and, in addition to satisfying their clients’ compliance requirements, can leverage the data to drive their business to greater profit and growth while delivering significantly better service to their clients.

The latest release of IRIS Accountancy Suite v11.6 enables users to keep ahead of the latest legislative changes, including the major overhaul of UK accounting standards, whilst delivering a number of productivity and efficiency gains.

The latest update includes:

IRIS Accounts Production offers full compliance to FRS 101 and FRS 102 final accounts preparation and creation in addition to: 

  • IRIS Interactive Reports which allow users to edit their final accounts from the onscreen preview. Saving significant time in the final review process, it removes the need to navigate between screens and search for specific items

New toolbar in IRIS Company Formations:

  • Time saving toolbar which has been added on the IRIS Company Formations main screen with quick links to the main Company Formations features

IRIS Business Tax:

  • The latest CT600 v3 forms have been added and data entry screens updated, allowing creation and printing of latest draft HMRC forms

IRIS Personal Tax e-Checklist improvements including: 2015 tax year e-Checklists creation

 IRIS AutoMail Any IRIS AutoMail letter can now be generated in PDF format instead of Microsoft Word, providing accountants with greater security:

  • PDF letters generated in IRIS AutoMail can be uploaded to IRIS OpenSpace as part of the standard workflow and suite integration