2. Implementing FRS 102

3. ‘A Practitioner’s Perspective’
Implementing FRS 102
‘A Practitioner’s Perspective’

4. New UK GAAP
…..for periods beginning on or after
1 January 2015 ……
three new Financial Reporting Standards FRS 100, 101 and 102 ……
…..are now in force, bringing with them a number of new options for all UK entities and groups.  

5. Implementation……
Decision made to pilot delivery using new formats from August 2014 for as many of the NC/HNC/HND units as possible
New layouts and terminology affecting most of the units (to a greater or lesser extent)

6. Implementation…… New layouts used for: Sole Trader Partnerships
Limited Companies
Statement of Cash Flows

7. Implementation…… Some lesser impacts within: Cost Accounting
Management Accounting Using Information Technology

8. Implementation…… Overall impacts are not significant: Terminology
Formats/Style

9. Implementation……
Overall impacts are not significant:
Sole Trader

14. Implementation……
Overall impacts are not significant:
Partnerships

17. Implementation……
Overall impacts are not significant:
Limited Company

22. Implementation…… Overall impacts are not significant:
Statement of Cash Flows

24. Implementation……
Overall impacts are not significant:
Ratio analysis

26. Implementation……
Overall impacts are not significant:
Budgets (MAUIT)

29. Implementation…… Overall impacts are not significant:
Marginal vs Absorption (MAUIT)

31. Students’ comments……
“….it’s not really made much difference changing from the old to the new….”
“….don’t know the difference as I have not been taught any different…”
“……….Oot with the old………”

32. Students’ comments……
“….much prefer the new way of working, easy to remember wording and layouts ….”
“….Prefer new system, easier to remember as new names explain more clearly what they are…”
“….i preferred the old layouts as I had an understanding of it from what I was taught in school……”

33. Students’ comments……
“….getting used to it now..… the new layouts are more satisfactory ….”
“….It’s okay…….preferred the old method though.…”

34. On balance…… It’s been well received by students
Most don’t know any difference
‘Interim evidence’ suggests students coping well i.e. pass rates/achievement have increased..!!!

35. Reflections….
An opportunity to present a more consistent framework of layouts across the whole syllabus
Terminology consistent
Less variation in styles within exemplars
Students transfer knowledge and skills across units

36. Reflections…. Initial workload to convert may be time-consuming
No further changes will be anticipated
Reflects current practice
CPD requires this anyway….!!

37. Reflections…. Sufficient support materials provided by SQA e.g.
Sample layouts available
Worked examples available
Updated exemplars available