‘Let’s get cracking’ – was a clear message from this year’s show, as the long awaited update on FRS 102 was published and released to delegates. There were no new surprises in the report but we understand that a lot of companies were waiting to hear the outcome before putting the wheels in motion to prepare for year-end and manage the transition to the new financial reporting standards coming into effect in March/April 2015.
So if you didn’t see us at the show and haven’t already spoken to us about FRS 102, now is the time to do so!
FRS 102 is based on the international financial reporting standards for SMEs but has been amended for the UK market and will change the way accounts are currently prepared under UK GAAP. The standards have prompted an overhaul of the format of financial statements and the disclosures required.
Our team of experts is working with over 30 housing associations in Scotland and is on hand to offer guidance and advice - based on long-standing experience of best practice – as well as share their understanding of the common pitfalls in making the transition towards new accounting methods.
If you were unable to attend the Scottish Federation of Housing Association Show or would like to learn more about FRS 102, please email us at firstname.lastname@example.org or give one of our friendly team a call on +44 (0)1689 892 137.