By the end of a turbulent 2016, most if not all UK companies had completed their first accounts under the new UK GAAP, FRS 102. Many will be about to complete their second. Does this mean that FRS 102 is already business as usual, with companies aware of all the areas that make FRS 102 different from old UK GAAP or are there still areas of challenge?

A key interest for shareholders is the ability to receive a return on their investment in a company. A lot has been made of the effect of historically low interest rates on pension deficits and the consequences on distributable profits – an issue that has been linked to the introduction of FRS 102.