A number of recent surveys have shown that UK businesses are significantly underprepared for the major change in financial reporting, FRS 102, the single accounting standard which became mandatory from on or after 1 January 2015. The new rules, which replace UK GAAP, cover accounting periods commencing on or after 1 January 2015 for medium and large sized companies and, for small companies, on or after 1 January 2016. The vast majority of those finance directors and CFOs surveyed feel they do not have the necessary skills in-house to implement the changes.
Are you prepared? Do you understand the new requirements? The preparation of FRS 102 is set to have a significant impact on the way accounts are prepared and the implementation of the changes can be complex. Speak to a specialist member of our Beavis Morgan team who is on hand to guide you through the transition to FRS 102 and help you implement the changes. Contact Matthew Burge or your usual Beavis Morgan Partner.