In the UK, we’re certainly have our fair share of legislation governing business standards and processes.  As a business leader, it’s imperative to keep on top of these changes, to ensure that your organisation is both compliant and competitive.

Very few business people know that financial reporting in the UK is about to have arguably the biggest overhaul ever.  A new code is shortly to come into effect, and it is likely to have a profound impact.

FRS102 is a new set of standards which will fundamentally change reporting requirements in the UK.  In some cases, this could mean that a company currently reporting a profit may actually report a loss under the new rules.  Companies will need to set up and follow new systems and procedures.  These changes are many months away, but experts are saying that steps need to be taken now to ensure that businesses have everything in place for the changeover.  And we all know how time flies in business …