If you are still delaying the move to FRS 102 accounting standards, effective for accounting periods starting 1 January 2015, Andrew Davies FCA, partner and accounting lead at EY, outlines the key differences to spur you on to transition with an essential checklist for preparers
It’s noticeable that, as December year end audits have been drawing to a close, there has been a flurry of activity recently in respect of GAAP conversion ahead of the UK’s adoption of FRS 101, Reduced Disclosure Framework, and FRS 102, Financial Reporting Standard applicable in the UK and Ireland.
There is little time left for delay and many companies are now moving their conversion projects forward in earnest – whether that’s starting from scratch or building on work that was put to one side as the more immediate demands of year end were addressed.
In a recent EY webcast, with over 1,100 registrations, it was interesting to get a flavour of where UK and Irish businesses are in the process. Essentially, it confirmed our day- to-day experience that the majority have made a decision about which framework to choose (only 20% of participants remained undecided), but there is a wide disparity in where businesses are in the conversion process: approximately 19% have not started, 14% are nearly finished and by far the majority are somewhere in between those two points.
