Since 2005 Public Limited Companies have been reporting under the International Financial Reporting Standards.
So far this has not affected unlisted Companies. However since Budget day 2013, this will all change. With effect from 01. January 2015 all non plc Companies will have to follow a reporting Standard called FRS 102 (Financial Reporting Standard).
The idea is that internationally all will follow the same reporting procedure.
What will it mean to the Client ? – as yet not too much but over the next 18 months or so we will be making changes to ensure that all of our clients records will be compliant and that the changeover will be smooth and trouble free.
There will be more on this subject in coming months so please have a look at our website for updates and other news.
Roy Smart FCCA