How to create a set of FRS 102 Accounts

Introduction

This topic explains how to create a set of accounts applying FRS 102 accounting standards to both the current and comparative year.

FRS 102 will be adopted by entities that previously applied UK GAAP. This replaces existing UK GAAP for periods starting on or after 1st January 2015 and is mandatory.

Users will also have the option to apply the Revised LLPs/Charities SORP for FRS 102.

For further details regarding FRS 102 please visit the following website: https://www.frc.org.uk/

 

Click the links below to jump to a particular section:

Step 1 – Entering the date the accounting standards apply

Step 2 – Creating a FRS 102 Posting Entry

Step 3 – Data screens

Step 4 – Generating a set of Accounts

 


 

Step 1 – Entering the date the accounting standards apply

  1. From the Accounts Production quick launch toolbar click View Client . Alternatively from the main toolbar click Client | View

The following screen displays.

  1. Click A/P Dates.

 

The following screen displays.

  1. In the FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland) field enter the date the accounting standards apply, for example, 01/01/2015.

  2. The date entered will determine the first year of adoption. This must be identified for the appropriate disclosures to be included within the accounts.

  1. Click OK.

 

The following screen displays.

  1. Click Save and Close.

 

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Step 2 – Creating a FRS 102 Posting Entry

  1. From the Accounts Production main toolbar click Posting | New

The following screen displays.

  1. Click Add.

 

The following screen displays.

  1. Complete the New year-end date field, for example, 31/12/2015 and click OK.

  2. Highlight the date entered in step 3, for example, 31/12/2015 and click OK.

 

The following screen displays.

  1. Complete the Description field.

  2. From the Accounting Standard field, confirm FRS 102 is selected.

  1. From the drop-down menu next to Terminology click on one of the following options:

Companies Act – if this option is selected, the financial statements will Companies Act terminology, that is, Turnover, Stocks.

FRS - if this option is selected, the financial statements will use FRS terminology, that is, Revenue, Inventories.

  1. Click OK.

 

The following screen displays.

  1. Click Yes for IRIS to automatically create the FRS duplicate posting entry for the comparative year and copy in the trial balance from your existing UK GAAP posting entry.

 

The following screen displays.

  1. Click OK.

 

The following screen displays.

In order to create the comparative post file you will be required to select a document type for the imported trial balance.

You may wish to create a new document type to clearly categories these imported entries.

  1. Highlight the desired Document type and click Select.

 

The comparative year posting screen displays.

  1. Make any necessary adjustments and click Close when complete.

  2. Once adjustments have been made select Posting | Select to open the current years posting entry, for example, 31/12/2015.


The following screen displays.

  1. Enter a session identifier then click the magnifying glass next to the Document type field.

 

The following screen displays.

  1. Highlight the relevant Document type.

  2. Click Select.

  3. Click OK.

 

The following screen displays.

This is where you make all your postings.

  1. In the Amount field, enter the amount.

  2. Click the magnifying glass next to the Account field. Alternatively, manually enter the account code and then go to step 22.

 

The following screen displays.

  1. From the list, click on the relevant account code.

  2. Click Add Posting.

 

The Posting screen displays.

  1. If further postings are required repeat steps 19-22. If no further postings are required, click Close to exit the posting screen.

  2. Click Yes.

 

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Step 3 - Data screens

  1. From the quick launch toolbar click Data Screens. Alternatively from the main toolbar select Edit | Data screens

When opening the data screens for the comparative period the data screen will display as follows:

 

 

When opening the data screens for the first year of FRS 102, the data screen will display as follows:

 

New FRS data screen

 

FRS First Year Adoption ONLY

Both of these reports may require corresponding notes which should be entered in the appropriate First Year Adoption data screen provided.

 


For further information on each data screen select option.


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Step 4 – Generating a set of Accounts

  1. From the Accounts Production Quick Launch toolbar, click Annual Report or Interactive Report. Alternatively from the main toolbar click Reports | Annual

  2. Click one of the following options:

Standard – to generate a set of accounts to the Printer, PDF, Word Processor, Screen or upload to IRIS OpenSpace.

Interactive – to generate an interactive report.

When generating a set of accounts, where the first year of adoption of FRS 102 is identified, the following screen displays.

  1. Ensure the relevant Report/Document is entered.

  2. Ensure the correct Posting entry fields are selected.

  3. Click OK.

 

 

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