For accounting periods commencing on or after 1 January 2015 there will be a new single Financial Reporting Standard, FRS 102, which will replace all current UK accounting standards. FRS 102 affects all small- and medium-sized entities which currently prepare accounts under UK GAAP.
For all entities affected, the opening balance sheet will need to be restated to comply with the new standard and this is known as the date of transition. For example, if a company prepares its first accounts under FRS 102 for the year ended 31 December 2015, the date of transition will be 1 January 2014. The impact of FRS 102 will vary from entity to entity and we will be contacting you shortly to provide you with details of changes specific to your company. In the meantime, if you wish to discuss this further, please approach your usual point of contact at Wilder Coe Ltd.