It’s described as the “accounting equivalent of the Big Bang” – and time is running out for many businesses in the South.
With just three months to go businesses are still struggling to get to grips with the new requirements of FRS 102, warns the South Coast office of Smith & Williamson, the accountancy and investment management group.
The complex transition to adopting the new accounting standard, for accounting periods from January 1, 2015, is likely to be fraught without external support from technical experts.
With that in mind, Smith & Williamson is holding a workshop which will focus on key areas of the milestone change in accounting which will affect most unquoted large and medium-sized companies.
Being held at The Ageas Bowl, near Southampton, the interactive sessions for finance directors take place from 9am to 12.30pm on Wednesday, October 15. To book a place costs £50 plus VAT.
Julie Mutton, assurance and business services partner at the firm’s practice in Southampton, said: “FRS 102 modernises financial reporting and will apply to all companies apart from small and listed entities.
“But many businesses are still failing to appreciate the impact it could have and are not planning accordingly, with just three months to go before the standard comes into effect. FRS 102 was published 18 months ago, so a lack of notice is no defence.
“During the workshop we will highlight key commercial considerations and observations arising from our FRS 102 projects to date.”
These are the three key questions which Smith & Williamson says are currently being asked of finance directors by their boards:
· What will the financial statements look like under the new framework?
· What will be the impact on reported surpluses, balance sheet totals, covenant compliance, taxation and future dividend flows?
· Are any additional resources needed to ensure a smooth transition to FRS 102 from UK GAAP (generally accepted accounting principles) for accounting periods starting on or after January 1, 2015?
