Some of the most challenging areas of new UK GAAP are those where FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, uses familiar terms with new meanings, or where the accounting is broadly similar to the known version, but with subtle differences: wholesale changes can often be easier to spot and process.

This month's topic – the accounting for associates and joint ventures – contains both of these potential traps, so clear thinking will be needed on transition to ensure that the path followed is faithful to FRS 102.