FRS102 - Is your practice ready?
The FRS100 suite of accounting standards, and in particular FRS102, is one of the biggest and most challenging changes in accountancy for decades.
Implementation of FRS102, which runs to some 350 pages and replaces all extant FRSs, SSAPs and UITF Abstracts with the exception of the FRSSE, is fast approaching and those involved in preparing and auditing accounts should already be looking at how it will affect what they do.
For accountants in practice in particular, early consideration of the issues and planning the additional work that will inevitably be required is essential. ICAS already provides eligible practices with free access to the General Practices Procedures Manual and, through this partnership with SWAT, we can now also offer a free checklist to get you thinking about whether your firm is ready for the transition to FRS102.
FRS 102 Checklist
The checklist covers a number of critical areas to be considered, such as preparing your practice for the work; reviewing your client base; accounting matters; audit and independence issues; and special considerations for small companies, and can be down loaded here