There is a major change to accounting standards coming soon. The change should not be underestimated, could be a steep learning curve for accountants, and planning for it should start now. No, this is not a blog post on iXBRL from 2010, but the change that is coming is equally as significant.
In recent times, International Financial Reporting Standards (IFRS) have been developed to provide a common accounting framework and ‘language’ for businesses across the world. Slowly but surely the IFRS framework is replacing many of the different national accounting standards around the world.
For practices in the UK, we are seeing a slight variation on this theme. From 2015, the current UK GAAP (Generally Accepted Accounting Principles) accounting standards we all know and love are set to be replaced by a new framework developed by the FRC. The FRS 101 and 102 standards are based on IFRS, but with some changes to allow for Companies Act 2006 legislation and a few other localisation amendments.
As you no doubt know, IFRS has been mandatory for all publicly owned limited companies and subsidiaries since 2005. The good news is that FRS 101 will allow parent and subsidiary members of groups currently applying full IFRS to report using a reduced set of disclosures moving forward. So, this should mean less time spent on preparing such accounts.
All other medium to large sized companies (FRSSE companies are excluded but changes are planned here too) will need to comply with FRS 102 from January 2015. This is a significant change not to be underestimated and your planning and preparation should start now. The changes will have an impact on all accountants and consideration will be needed on how you can ensure that your clients meet the new requirements for company disclosure.
IRIS has an unbeatable track record of being prepared for new legislation and statutory requirements well ahead of the deadline. We delivered IFRS compliance for publicly listed companies ahead of time in the lead up to the initial transition in 2005, we made iXBRL a straightforward process and delivered a solution some 6 months ahead of schedule, and we are now focused on delivering FRS 101 and 102 updates to support accountants in practice and industry.
To help you prepare for FRS 101 and 102 we have put together a free guide: "5 key facts about FRS 101 and 102". This guide looks at the following topics:
• What are FRS 101 and 102?
• Why are these standards being introduced?
• Who will be affected?
• When does the changeover to FRS 101 and 102 take place?
• How will these changes affect the software that accountants use in preparing accounts and returns?
Download the free guide now (Link to whitepaper)
IRIS World 2013 kicks off tomorrow with our first conference in Twickenham, with events in Coventry, Manchester and Falkirk following throughout the rest of October. We have had over 1,300 registrations already but if you haven’t registered for your place yet don’t worry, there’s still time!
IRIS World is free to attend and will give you lots of helpful information and ideas on how to enhance your accountancy practice, as well as focused sessions looking at specific areas of your business.
As well as our keynote tax speakers we will also be giving the latest updates on cloud computing for accountants, practice excellence and compliance. We will also be providing invaluable hints and tips on the latest features in your software and how to make the most of them and announcements on new solutions to improve your efficiency, increase your profitability and grow your practice.
If that wasn’t enough to persuade you to register we have some exciting guest speakers including Mike Warburton and Sean Mitchell from Grant Thornton UK LLP, and Richard Messik from RFM Associates. We also have a range of exhibitors attending including representatives from OCRex, Companies House, AVN and NEST.
The following are the dates and locations for IRIS World 2013:
- London – 2nd October
- Coventry – 9th October
- Manchester – 15th October
- Falkirk – 23rd October
Don’t miss out, register for your free place today. For more information visit the IRIS World page.
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