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