Video:

 

A four-phased approach for FRS 102

Author: John Morris, James Kirk (yBC.tv)

Categories: Business Strategy, Financial Reporting
Tags: FRS 102

We’ve developed a really client friendly simple way of looking at FRS 102 and how to implement it.  It’s a simple four phased approach.

We start off phase one, which is assessing the options.  So we look at what the potential impact of FRS 102 is for your organisation, we do a readiness assessment, an impact assessment, look at some of the accounting options and the tax treatment.

And we look at whether your organisation from a resource point of view is ready to implement and execute the changes.  So phase one is all about understanding.

Phase two is designing the solution.  So this is when we work with our clients to put the programme of activity together, the project management, the governance, the resource requirements, the training, the communication with the variety of stakeholders within your organisation.

So this is all about having the plan and the model and the framework to implement FRS 102, which leads us on to phase three, which is all about implementing the changes.  So this is working with you, bringing the resource to make sure that everything that has been designed and that we said we need to do actually happens, working with your organisation, with the people in your organisation to implement every aspect of the FRS 102 requirements.

And then finally phase four is around assuring the outcomes.  So this is to give you independent and objective assurance that what is being done is accurate and correct, reporting to the board and reporting to other stakeholders about what has been done, providing that assurance around the outcomes of FRS 102.

 
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