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. Default policies and disclosures are available within the Compliance Database which can then be tailored to suit the specific requirements of each entity.