The Reporting Cycle

The September/October 2016 edition of Financial Accountant launched a research project jointly undertaken by the University of Worcester and the IFA entitled Identifying the potential impacts of the new UK GAAP accounting standards FRS 102 and FRS 105 on small businesses and accountancy firms: a qualitative study. The project aimed to investigate how the accountancy profession had been affected by the transition to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105: The Financial Reporting Standard applicable to the Micro-Entities Regime. This is the first in a series of articles that present the findings of this research and provides support to IFA members in understanding the key changes, providing an overview of what is yet to come and explaining how to account for the more technically challenging areas of FRS 102 and FRS 105.