No comparative figures when changing FRS accounting standard in the current year
Article ID
ias-12669
Article Name
No comparative figures when changing FRS accounting standard in the current year
Created Date
22nd December 2017
Product
Problem
Accounts not including comparative figures when changing accounting standard from FRS 105 (in the previous year) to FRS 102 section 1a (for the current year)
Resolution
As the accounting standard for the current year is different from the prior year, another transition needs to be completed following these steps:
1. Client | View | A/P Dates > insert the start date of the current accounting period in the FRS 102 field
(the start date of the previous accounting period in the FRS 105 field should not be deleted)
2. A prompt to create a duplicate file and import the postings to restate the comparatives will come up > click Yes
3. Choose a description for the new posting entry and make sure the correct accounting standard is chose > click OK
4. Continue on the message that the accounts have been finalised
5. Choose document type 11-Journals and click Select
This will be followed by a confirmation that the comparatives have been successfully created.
Go to Posting | Post File Maintenance | Entries to verify that there are two post files for the prior year each under a different accounting standard.
We are sorry you did not find this KB article helpful. Please use the box below to let us know how we can improve it.
