Financial Reporting Standard 102

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The new Financial Reporting Standard (FRS 102) was approved in March 2013 and replaces all existing UK financial reporting standards, reducing the length from over 3,000 pages to 250 pages. It is based on the International Financial Reporting Standard (IFRS) for Small and Medium sized entities. A new Further and Higher Education Statement of Recommended Practice (SORP) has been developed to provide guidance and clarification on sector specific issues and to enhance comparability across the sector. The SORP is out for final consultation until 17 November with final publication expected in early 2014.

FRS 102 and the new SORP are applicable to Universities for financial years commencing on 1st August 2015. The comparative year’s results will also need to be presented under FRS 102 and the new SORP, so in fact conversion is required in less than a year, from 1st August 2014. Thus institutions need to ensure they are fully prepared for the changes and that governing bodies and stakeholders are aware of the implications of the changes - some of which are potentially significant.


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