FRS102 Has Arrived - What's Your Move?

The wait is over – mandatory from 1 January 2015.

The long-awaited new accounting standard for the UK and Ireland was finally published by the Financial Reporting Council in March 2013 and for charities which are within its scope, will be mandatory for accounting periods starting on or after 1 January 2015 (the standard can be used now provided that using it does not cause a conflict with the SORP). FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,' will apply to all companies and public benefit entities other than those which either have to or choose to apply EU-adopted IFRS, those entities which choose to apply the reduced disclosure framework for IFRS preparers under FRS 101 and those which qualify as small and choose to apply the Financial Reporting Standard for Smaller Entities (FRSSE). As we have reported in the newsletter several times over the past couple of years, this new standard is based on IFRS and there are some significant changes