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FRS 102- The New Financial Reporting Standard

FRS 102 has been published by the Financial Reporting Council here in the UK. It is based on the IFRS for SME’s, and will replace all other SSAP’s, FRS’s and UITF abstracts. It will apply on a mandatory basis to all medium and large entities in the UK.

FRS 102 will become compulsory for those entities it applies to from accounting periods beginning on or after 1 January 2015.

From 1 January 2016, the accounting treatments prescribed by FRS 102 will be the ones used by small entities too.

The sooner entities arrive at their strategy for financial reporting in the future, the more confidence users will derive from their accounts.

Some of the key changes include:

Other areas of change when moving from current GAAP to FRS 102 include: