Understanding FRS102 - Clarity, Compliance and Confidence.
A Practical Guide by The CFO HQ and FinQuery. Watch below.

Unpack technical requirements, spot common pitfalls, strengthen your reporting confidence.

Developing a well-structured transition roadmap at the outset is essential to anticipate challenges and align stakeholders effectively. We recommend:

Start Early with a High-level Impact Assessment

Begin with a high-level impact assessment across your organization

Begin with a structured high-level impact assessment to quantify FRS 102’s technical and commercial impact. This clarifies implications across revenue, leases, disclosures, and measurement bases, allowing early alignment with auditors and executive stakeholders on material judgement areas.

Identify and engage key stakeholders early (finance, legal, ops, audit etc)

Successful transitions depend on early, active engagement across finance, commercial, legal, IT, and external auditors. This mitigates interpretational disputes, ensures timely data access, and embeds the change within wider governance and reporting structures.

Develop a structured project plan with clear roles and responsibilities

Establish a disciplined, phased plan with clear ownership, resourcing, and governance controls. A well-governed roadmap ensures consistency across entities, aligns group reporting objectives, and supports real-time issue escalation and resolution with internal and external stakeholders.

Address systems, process, data, and resource gaps up front, as early as possible

Leverage the transition to embed stronger reporting, documentation, and controls. Pinpoint deficiencies in data structures, accounting systems, and reporting processes early to future-proof compliance, support audit readiness, and reduce exposure to reporting risks.

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Understanding FRS102 - Clarity, Compliance and Confidence. A Practical Guide by The CFO HQ and FinQuery. Watch below.