For financial statements with years starting on or after 1st January 2015 FRS 102 is mandatory. For each company transitioning to FRS 102 the comparative and pre-comparative figures will provide the transitional adjustments required to explain how transitioning from previous FRSs to FRS 102 affected the entity’s financial position.
Those entities whose financial year start date is 1st January 2015 or 1st January 2016, or after, will no longer be able to report under FRSSE 2008 and FRSSE (January 2015) for small entities respectively. The two aforementioned standards have been disbanded and two new reporting standards for small entities and micro entities have been introduced, FRS 102 Section 1A and FRS 105. Other entities (medium and large) will need to follow FRS 102 in full for years starting on or after 1st January 2015.
Relate Software Accounts Production is fully compliant with FRS 102. A transitional adjustment tool is built into the software to assist users in easily reporting all adjustments. Default policies and disclosures are available within the Compliance Database which can then be tailored to suit the specific requirements of each entity.
Relate Accounts Production iXBRL compliance is delivered through the automated tagging solution embedded in our software. Produce your final set of accounts with our 1 Click iXBRL solution.
The new legislation will usher in the most comprehensive overhaul of Irish company law in over 50 years and we will provide you with a detailed synopsis of the highlights and notable changes that are to be introduced.
ACIS, Corporate Law & Company Secretarial Practice
A concise guide to the practical measures that Accounting Firms need to take from a tax perspective in adhering to FRS102.This will link up and follow on smoothly from the earlier presentation on the Accounting implications of FRS 102 covered by previous speakers.
The Statement of Recommended Practice applies to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and ROI (FRS 102) - effective date January 2015.