Adoption of FRS 102 (including Section 1A)

Brief overview of the new regime to understand where the new UK Accounting Standards and EU-adopted IFRS fit in

Significant changes in accounting treatment from old UK GAAP to FRS 102

First time adoption

• Requirements for certain items on first time adoption
• Suggestions for an effective plan of action and impact analysis to ensure your first set of accounts under the new FRSs runs smoothly
• Optional exemptions and mandatory exceptions at transition date – relief provided from retrospective application for certain items

Disclosure

• The financial statements required by FRS 102 and 102 s1A and how they differ from old UK GAAP requirements
• Additional disclosure on first time adoption including reconciliations of equity and restated profit or loss account
• Presentation and disclosure requirements specific to FRS 102 s1A

Reduced disclosures offered by FRS 102 and FRS 102 Section 1A

• Criteria to qualify
• Summary of disclosure exemptions provided