
FRS 102 bears more than a passing resemblance to the International Financial Reporting Standard for SMEs, as issued by the International Accounting Standards Board in 2009, although it has been amended to be more compliant with the Companies Act and EU directives, and incorporate some old UK GAAP options.
The new standard impacts a huge swathe of businesses, as it applies to the vast majority of large and medium-sized UK businesses and organizations, including charities, retirement benefit plans, and financial institutions. Effective of January this year, ‘small entities’ was broadened to encompass small companies and LLPs not excluded from the small companies / LLPs regime. In addition, FRS 102 applies to all entities that are neither required nor elect to apply EU-adopted IFRSs.
Encouraging early adoption, this regulatory change has been a significant one.. Bigger still is the official documentation that practitioners have had to acquaint themselves with, at around 350 pages – but on the plus side, it is only a tenth the length of the old GAAP documentation!
1. Select the appropriate client.
2. Navigate to the ‘tax return options’ link.
3. Pick the desired year from the dropdown menu and click ‘Go.’
4. Proceed to the ‘view calculation’ link.
5. Click on ‘view and print your calculation.’
6. Finally, select ‘print your full calculation.’ Currently, printing is available for up to 2 years, extending to 3 years from April 2015 and 4 years from April 2016.
1. Choose the relevant client.
2. Access the ‘view account’ link.
3. Navigate to ‘tax years.’
4. Select the desired year from the dropdown menu and click ‘Go.’
5. Click on ‘Print your Tax Year Overview.’
Note: Allow 72 hours after submitting your return before printing documents.
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