Accounting Update

As you may know one of theFinancial Reporting Standards, FRS 102, is replacing the UK Generally Accepted Accounting Practice by the adoption of a single financial reporting standard for Smaller Companies and replacing the previous Financial Reporting Standard for Smaller Entities.

The FRS 102 provides a comprehensive single financial reporting standard which covers a broad range of entities and includes significant disclosure exemptions for qualifying companies.

It is worth noting that it may be advantageous for a company to adopt FRS 102 where such a company holds a property and requires a one-off revaluation of the property as this is possible without the need to apply a revaluation policy going forward.