Hands up… Who has read FRS 102? 384 pages of scintillating reading, or not?
But, practitioners will need to come to terms with the recent move away from the UK GAAP and the transition to the new financial reporting standards that now apply.
For most practitioners, FRS 102 will be required reading as it will have an impact on accounts drawn up for smaller entities. Although software companies will do their best to auto-format accounts to meet changes in standards, practitioners and their staff will need to understand and appreciate the number of significant changes that now apply in place of UK GAAP.
The Informanagement InforLearning training software now includes tutorials on this topic as well as tax issues. By the end February 2016 there will be ten tutorials added that cover the major areas of interest as set out in FRS 102.