FRS102 will affect us all, even small companies will be subject to a version of FRS102.
Its not just a reporting standard it will affect your tax position too, for example
Intangible Assets and Goodwill
Under FRS102 these assets will have a maximum life of 5 years where as UK GAAP allowed them to have an infinite useful life.
There are various FRS102 changes that can effect these but one specific one is deferred tax which will be calculated on investment properties.
Leases incentives will be spread over the entire life of the lease rather than to first break clause.
Some assets such as Websites and software development could be reclassified as Intangible
Have you assessed the changes for your business?
FRS 102 is effective for periods beginning on or after 1 January 2015.
Reblogged this on 3resource and commented:
A few very high level pointers to be aware of with New UK GAAP (FRS102), from our network: