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