Why is the First Year Adoption folder always present within the data screens?

The First Year Adoption Folder is present within the data screen as it can occur in any year and for various reasons, some of which have been listed below: 1. For accounting periods commencing on or after 1st January 2015, Limited Company accounts are required to convert from using UK General Accepted Accounting Practice (UK GAAP) accounting standards to Financial Reporting Standards 102 (FRS 102). 2. Limited Companies producing accounts under International Financial Reporting Standards (IFRS) can change to adopt FRS 102. 3. Limited Companies producing accounts under FRS 102 can change to adopt FRS 101 or vice versa. NOTE: A company can only change accounting standards once within 5 years however the First Year Adoption data screen will always be present always in case it is a transitional year. “IRIS strongly recommend attending our series of FRS seminars – please click on the following link for further details: New FRS 101 & 102 training courses