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Q&A: FRS 102 and the new UK GAAP

The transition to the new UK GAAP and FRS 102 prompted an interesting question during the recent roadshows of the Audit & Assurance and Financial Reporting Faculties. This month John Selwood focuses solely on the role auditors might play during this change.

Q: It seems to me that many companies will not be able to cope with all of the changes in FRS 102 without assistance from their external accountant, who will in many cases be their auditor too. Can auditors provide services to help with the transition to the new UK
GAAP?

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A: This is likely to be a very hot topic over the next few years and the more you think about it, the more issues present themselves. The faculty is planning to provide support and guidance for members during the next year. Meanwhile, in answering this question, all I can do is highlight the big issues...

This is an extract from an article in the November 2013 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.

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