Many entities preparing their first FRS 102 accounts (Financial Reporting Standard applicable in the UK and Republic of Ireland) are going to need a lot of help from their auditors this year.

Regardless of how often the law, accounting and auditing standards repeat the fact that directors are responsible for the financial statements, smaller firms admit that some of their clients are not going to have a clue. Those companies will need spoon-feeding, at least for the first year.

Some clients will have drawn up a to-do list so that they can understand the issue, and talk to the bank, but they will need some help. And, of course, some entities will just be getting on with it.