How To Cater For FRS 102 In IRIS Course 1 User
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The move across to FRS 102 is being cited as one of the most significant changes in financial reporting in a generation. Practitioners will undoubtedly have concerns about the impact that a move across to a new financial reporting regime will have on their clients’ financial statements and the additional time and costs that will be incurred in dealing with the transition.
The spring release of IRIS means that IRIS Accounts Production is fully compliant with the reporting requirements and allows the transition to be completed as swiftly as possible. There are, however, certain responsibilities on the part of the user that will be needed in order that IRIS can deal with the transition correctly and provide the relevant disclosure information. Mistakes can be costly and it is vital that a sound understanding of the steps involved is obtained before dealing with clients’ transitions to the new reporting regimes.
This course will give a brief overview of the key areas of the new regime, such as identifying the date of transition, the date the accounting standards apply, and also the steps involved in dealing with a transition within IRIS Accounts Production.
The course also shows users where to access the various data screens, how to generate duplicate comparative year posting screens to undertake the prior year adjustments, and how to enter the transitional information for disclosure within the first FRS 102 financial statements.
IRIS Accounts Production