Transition Time.

After more than six years of consultation, 1 January 2015
marked the largest change in the UK accounting profession for decades. Many of us felt saddened to see the old statements of standard accounting practice (SSAPs) and financial reporting standards (FRSs) that we knew and loved become but a distant memory. However, in its place FRS 102 promises a simplified reporting regime with more up-todate and relevant accounting requirements that are less complex and onerous for SMEs. One of the most significant changes, which will apply to most businesses, is in respect of accounting for leases.