Stephanie Hurst and Alycia Spitzmueller provide a step-by-step approach to the adoption of the new accounting framework
So you’ve chosen a new accounting framework: FRS 101 or 102. Now it’s time to develop a plan for how to get there. Mandatory adoption is for accounting periods beginning on or after 1 January 2015; however early adoption is permitted so no matter the transition date now is the time to get started. For the purposes of this article we refer to ‘old GAAP’ and ‘new GAAP’ so as to enable concepts to apply to entities transitioning from FRS 16 and FRS 19 to FRS 101 or FRS 102 or from IAS 12 to FRS 102.
Entities adopting FRS...
