What is FRS 102?
FRS 102 is the UK and Republic of Ireland Financial Reporting Standard. This standard came into effect on 1st January 2015 and replaces previous standards including UK GAAP.
The introduction of FRS 102 has had a major impact on the financial statements of any entity that previously prepared accounts under UK GAAP including the format of financial statements, the disclosures required and the recognition criteria for various assets and liabilities.
As this is your first audit under FRS 102, we will provide a review of the implications of changing to the new accounting standards and restate your previous year’s accounts so you have a comparison year.
Do you still have questions? Get in touch with our audit team to find out more about how they can help you.