FRS 102: Some issues to consider

Some differences may arise between "old GAAP" and the new accounting standard FRS 102.

Items to be considered may include (and this list is not exhaustive) :

Review of terms of loans to assess their accounting treatment
Accounting for intercompany and directors loans
Accounting for Forward Contracts
Accounting for Business Combinations
Accounting for associates and joint ventures
Accounting for Deferred Tax
Accounting for Investment Properties
Presentation of Financial Statements
Review and assessment of existing policies to see if compatible with FRS102
Treatment of Impairment Losses
Treatment of Grants
Accounting for Holiday Pay
Disclosure of government assistance
Correction of errors - "fundamental" versus "material" errors
Disclosure of key judgements and sources of estimation uncertainty
Change in operating lease disclosure
Accounting for inventory write downs and reversals
Component Accounting
Accounting for Goodwill
Statement of Compliance
Consideration of 18 optional exemptions that a first time adopter of FRS102 may use
Disclosures for first time presentation under FRS102