Route 102 – One man’s year-long journey……Day 77

  • By Jeremy Williams
  • 28 July 2015 00:00

To mark this momentous year for UK GAAP, I'm embarking on a mission to work my way through FRS 102, reading a portion on each working day of 2015 and writing a short blog entry on my thoughts and musings (be they few or many).

DAY 77 (28 Jul)

For those of you who have missed my blog for the last fortnight - well, I can dream, can't I? - I have returned from two weeks' sunny (and not so sunny) holiday on the glorious beaches of South Wales. And you know what's happened while I've been away? FRS 102 has gone and changed.

Of course, this was not a surprise in the least. A July release for the updated FRS, with a new section 1A for small companies and various minor tweaks elsewhere, was widely expected. But for someone crawling their way through the FRS in a blog, adding a new section at the start is just not fair. I'll have to go back to 1A at a later point before I can consider the standard well and truly covered.

Of equal excitement is the release of FRS 105 - the new micro-entity standard. While this doesn't properly fit in a blog on 102, it's worth at least a mention here - it could well become a very important standard in the coming years as more tiny companies see the virtue in avoiding FRS 102.

So as soon as I have remembered how to operate a telephone and wade through my emails, I'll be back on track with section 17...

P.S. If you missed the last instalment click here

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