FRS 102 has caused plenty of waves for bigger firms using accounting software lately. Now it's the turn of smaller practices to take on board the changes.
Accounts preparation software, like your broadband connection, is expected to always function. You may never give a second thought to the complex calculations and algorithms that are taking place - except when it is not working as expected.
For many years this software has been seen as a vital element of the profession's toolkit. Accountants have become more efficient through the use of technology as their work has become more complex. Up to know, the software was easily able to keep up to date with the incremental changes to standards and legislation. That all changed with the introduction of new UK GAAP, in particular FRS 102 and FRS 105, and changes to company law for small entities. The changes bring improvements and introduce new requirements that need to be addressed. This has meant a monumental task for many software vendors of maintaining existing standards and functionality while at the same time developing for new standards.
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