Blog Article

FRS – Why so quiet?

By Steven Cox

Author

By Steven Cox

Chief Evangelist

Steve is Chief Evangelist of IRIS; a technologist and chartered accountant (FCCA) who looks at how technology can simplify the modern working environment.

He joined IRIS in 2002, who’s career at IRIS has spanned many areas of the business including Customer Support, Engineering and Product Management. His most recent previous roles at IRIS include Senior Product Director and Interim CTO.

Steve has over 18 years of experience in technology and accounting which he uses to work closely with customers, software companies, accounting/governing bodies and the government to champion the digital transformation of UK Education organisations, SMEs and Accountants.

In Steve’s current role as Chief Evangelist, he has looked across the globe at how technology and legislation is changing the roles and requirements professionals in the workplace and looking to the future to predict how their roles will further evolve.

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Updated 7th July 2022 | 1 min read Published 29th October 2014

Why so quiet?

The new UK GAAP is coming. 41 working days away to be exact. There's no stopping it!

So why are so many software providers conspicuously quiet on the subject? Are they just hoping their customers will join them and put their heads in the sand?

That's not the IRIS philosophy. We have a history of early compliance:

We fully supported the original IFRS compliance for publicly listed companies in 2005
When iXBRL was introduced in 2010 we provided automatic tagging of the required iXBRL taxonomy for both UK GAAP and IFRS - ahead of the 2011 legislative mandate
We’ve also provided an automated report - showing the comparison between the two standards, simplifying the transition
We now support accountants working with non-listed companies and smaller businesses to make the transition to FRS 101 and FRS 102 as easy as possible ahead of the mandate

Early compliance is a lot of work. We know.

The difference is we don’t pass on the additional stress to our customers. New, complicated legislation happens. And when it does, our customers know that we’ll be ahead of the game so they can be too.

For accountants not using IRIS, I'd strongly suggest you speak to your supplier today and find out what they are doing to ensure you and your practice are ready for all the changes that are coming.

Or get in touch and we'll be happy to help