Following the reporting cycles for FRS 102 we reflect on the key themes and challenges coming out of the application of the standard. We also take the opportunity to remind clients of the requirements and principles to bear in mind when writing their strategic reports. 

The introduction of FRS 102 (the Financial Reporting Standard which replaces all current GAAP standards) represents a major re-write of UK GAAP and could substantially affect reported profits and tax liabilities. 

Audit Senior, Gemma Roger, highlights the similarities between becoming a new parent and FRS 102.