With just three months until UK GAAP is dramatically altered, IRIS Software is warning accountants to act quickly or risk failing their clients.
UK GAAP is being brought into alignment with the International Financial Reporting Standards (IFRS) and has been designed as a global language for businesses to simplify and modernise financial reporting. This comes into effect for accounting periods commencing on or after 1 January 2015, when FRS 101 and FRS 102 compliance will be a legal requirement.
Phill Robinson, CEO of IRIS Software Group, is urging accountants in the UK to take action sooner rather than later. “Accountants have only a couple of months until compliance is required and many are putting off the review of their clients’ accounts in preparation. The previous experiences of publically listed companies should act as a warning to businesses and their accountants that early planning is vital.
“Publically listed organisations had to comply with IFRS regulations in 2005 and many seriously underestimated the task, resulting in significant time and resources being spent at the last minute to ensure compliance. Early preparation is key as failure to comply with financial regulations could be disastrous for small businesses, while the reputation of accountancy firms would be damaged as a result.”
In response to market changes in the financial sector, IRIS Software is today launching the IRIS Accountancy Suite Version 11.6, which offers full UK GAAP compliance, for the new standards.
Phill Robinson says, “The latest update will not only enable accountants to satisfy their clients’ compliance requirements, but also drive their business to greater profit and growth while delivering added value through significantly better service.
“Training sessions are also available to ensure UK accountants are up to date with all the upcoming changes and are able to focus on adding value to their clients rather than time-consuming admin tasks.”