So what is FRS 102 we hear you ask?

FRS 102 is the main new UK GAAP standard which forms the basis of accounts preparation in the UK and it replaces all of the current FRSs and SSAPs.

It is a single standard with 35 sections, covering the various different items previously dealt with in numerous separate standards and it is a relatively compact running to ONLY 335 pages.

We highlight here some of the main issues that will affect the way your accounts are reported from now on and how it may change your profits and ultimately the tax you pay!