We have now passed the 30 September deadline for the filing of the first wave of December year-end financial statements prepared under FRS 102, the new UK GAAP.

In my experience, the challenge of transition has been quite varied. For some companies, the changes have had small to minimal impact, others have had to deal with quite challenging technical considerations or had to dig back through their archives to get documentation to re-analyse historical transactions through a new lens. So for some this has been a lot of work, others might be wondering what the fuss was about.