Financial Reporting Update – all change ahead

On 15 June, Claire McElduff and Gerard Gildernew delivered an Accounting Standards / Financial Reporting update to the Certified Public Accountants Association. Delegates at the event at the Maldron Hotel at Belfast International Airport were given an overview of the key changes in nancial reporting which affect all accountants in practice and in business.

Speaking at the event, Claire said “the changes being introduced in FRS 102 are wide ranging and affect all us accountants in practice and in business. Changes in recognition and measurement of assets and liabilities will affect all financial statements from here on in”. Highlighting the key requirements under FRS 102 Section 1A, Claire continued “Section 1A of FRS 102 will apply to many businesses in Northern Ireland; it effectively replaces the FRSSE and is effective for small businesses for accounting periods starting on or after 1 January 2016. It includes all the requirements of FRS 102 and is a part of that standard – it is not standalone” she said.

Delegates also learned of FRS 105, the new reporting standard available for Micro-Entities. This standard offers businesses with turnover of less than £632,000, balance sheet total under £316K and less than 10 employees, a much simpler form of financial reporting. It will be interesting to see how many businesses apply FRS 105 in practice.

Aidan Moss, CPAA Northern Ireland Branch Chair congratulated Gildernew & Co. on the quality of the seminar. “This was a very informative presentation which provided our members with a solid understanding of how the new accounting standards will affect us and our clients. Claire and Gerard have clearly an in depth knowledge of the practical implications of what is new to all of us”.

If you would like to hear more about how FRS 102 and FRS 105 affect you and your clients, contact: Claire on 028 8772 4697 or at claire.mcelduff@gildernewandco.com