FRS 102: will rule changes to financial statements hit profitability?

13 Jun 2014

With less than seven months until the introduction of the new UK GAAP - FRS 102 - our resident expert Helen Lloyd FCA considers the impact of the rule changes on presentation of financial statements and how this will affect the bottomline for companies

Over the past year, we have examined in detail a number of aspects of FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, and followed this up with a look at some more pervasive application difficulties.

Stepping back, though, it is also worth considering the problems that could arise even when a set of accounts is perfectly compliant with the new standard. How will the many stakeholders in a company’s financial statements view the sorts of changes that will arise from applying FRS 102 for the first time?

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