FRS102: Key points for leadership teams to consider

Author: Julie Mutton, James Kirk (

Categories: Business Strategy, Governance
Tags: FRS 102
I think first of all they need to work through the standard and identify all those areas that are going to impact their accounts, the profit and loss account or the balance sheet.  They need to analyse each section of the FRS to pick out which are going to be relevant to them. Then I think they need to do a test run on their balance sheet or P&L asset stands at the moment and really present and say, “Well what would this look like?”  And then identify where they’re going to have to start communicating with shareholders. There's going to need to be training within the finance team to be able to actually apply this. And there needs to be communication with all stakeholders, whether that’s bankers where you’ve got loan covenants that are relevant or shareholders looking to maximise the value of their investment.
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