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FRS 102: first-time adopters and transition – tips and advice

In part two of our exclusive FRS 102 series, Helen Lloyd FCA reviews the key transition issues for first-time adopters of new UK GAAP under section 35, with tips on how to identify and produce the first set of financial statements and the transition balance sheet

Section 35 Transition to this FRS, applies to a first-time adopter of FRS 102 Financial Reporting Standard applicable in the UK and Ireland, which is an entity preparing its first set of financial statements that conform to the FRS.

These are defined as ‘the first financial statements in which the entity makes an explicit and unreserved statement in those financial statements of compliance with this FRS’.

For most UK preparers, it will be straightforward to identify the first set of FRS 102 financial statements, which will be for their first year beginning after 31 December 2014 (assuming that early adoption will be relatively rare).

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