As the FRED 82 amendments to FRS 102 edge closer to implementation, finance teams across the UK are bracing themselves for one of the most significant shifts in reporting requirements in years. With the transition deadline looming, businesses that fail to prepare are already facing increased audit pressure, rising compliance costs, and operational disruption.
This is the moment to get ahead and stay ahead. A proactive, expert-led Impact Assessment isn’t just helpful. It’s essential.
Below we go through why this matters; what happens if you delay and how our structured approach ensures you step into the new reporting era with total confidence.
WHY AN FRS 102 IMPACT ASSESSMENT MATTERS NOW
The revised standards will reshape the way financial information is recognised, measured, and disclosed. Yet the real challenge isn’t the regulation itself; it’s what happens if you don’t prepare for it early.
A robust Impact Assessment lays the groundwork for a smooth transition, ensuring your audit runs efficiently, your team isn’t overwhelmed, and your financial year isn’t spent firefighting retrospective changes.
THE PROS: WHAT YOU GAIN BY ACTING EARLY
Strengthened Audit Process
Completing the Impact Assessment now means your audit will benefit later. You’ll already have the groundwork, calculations, and methodology ready, drastically reducing the likelihood of late-stage issues, queries, or rework.
Full-Year Clarity & Control
Getting this done before the financial year-end puts you firmly on the front foot. Backdating adjustments is time-consuming, risky, and expensive. Early action gives you a clear path through the entire financial year with no surprises.
Expert Assurance & Accuracy
You gain peace of mind knowing that specialists have reviewed your workings, validated your assumptions, and ensured completeness. Our team has implemented these changes across countless businesses. We know exactly what to look for.
Flexible Support for Busy Finance Teams
Whether you have a fully resourced internal team or a stretched finance function, we scale our support to match. We can perform significant elements of the work for you (within audit restrictions), train your team, or work side-by-side to fill specialist skill gaps.
Tailored Scope to Fit Your Needs
Every business is different. Our flexible levels of engagement ensure you only pay for what you need, whether that’s a light-touch review or a full end-to-end implementation.
THE CONS: WHAT HAPPENS IF YOU DELAY
“We already know this”. Maybe, maybe not
Even if your team works under IFRS or believes they understand the amendments, FRS 102 transition is nuanced. Small misinterpretations lead to costly audit challenges later.
Year-End Pressure & Time Constraints
Trying to complete this after year-end is a nightmare. With auditors arriving and deadlines closing in, rushed work leads to errors, delays, and unnecessary stress.
Existing Templates Aren’t Always Enough
You may already have papers prepared, but often they need enhancing. A sense-check isn’t the same as a full impact analysis, and gaps frequently appear under scrutiny.
Increased Costs & Audit Overruns
This is the biggest risk. Poor preparation leads to:
- Major audit delays
- Rework of journals
- Additional audit fees
- Higher internal time cost
- Pressure on leadership and audit committees
Put simply: not preparing properly now costs significantly more later.
OUR STRUCTURED FIVE-STAGE APPROACH TO FRS 102 TRANSITION
To give you confidence, clarity, and control, we deliver a proven methodology that ensures every area of your organisation is prepared.
Discovery
We work closely with you to understand your business, identify concerns, and review existing processes.
This stage is crucial. It allows us to map out the specific areas of risk, the bespoke challenges your business faces, and the reporting complexities the revised standard creates for your sector. We take the time to understand your systems, your data, and your people, setting the foundation for a tailored, efficient transition.
Impact Assessment
We assess the impact on your financial statements, accounting policies, and business model to anticipate transition adjustments.
This is where the heavy lifting happens.
Our team:
- Identifies all material areas affected by FRED 82
- Quantifies adjustments under the new rules
- Highlights policy changes required
- Maps the effect across your financial year
- Identifies system and process weaknesses
- Flags risks early before they become issues
This is your roadmap. It’s the difference between being prepared and being caught out.
Transition Mechanics
We provide templates and guidance to implement necessary adjustments, validate calculations, and ensure compliance.
We turn theory into actions.
This includes:
- Clear journal templates
- Worked examples specific to your business
- Guidance notes for your finance team
- Calculation validation
- Compliance checklists
- Documentation ready for audit review
Everything is designed to make the transition seamless, supported, and audit ready.
Accounts
Receive templates for required disclosures and expert support in drafting financial statements.
With new recognition and measurement rules come new disclosure requirements.
We ensure you have:
- Complete disclosure templates
- Clear narrative accounting policy wording
- Draft financial statement sections ready for auditor review
- Streamlined documentation for your file
This is where preparation saves the most time, avoiding back-and-forth with auditors later.
Scope Options for Every Business
Choose the level of service that suits your needs. We offer flexible packages with clear pricing for every stage of support, so you can choose exactly what works best for you.
Whether you want:
- A light-touch review
- A full technical partnership
- Training for your team
- A complete done-with-you or done-for-you solution
…we flex to your needs.
Your business is unique. Your support should be too.
WHY BUSINESSES CHOOSE US FOR FRS 102 TRANSITION
We’ve already helped organisations across sectors prepare for these changes, from complex groups to agile scale-ups. Our real-world experience means we know exactly what auditors look for, where businesses go wrong, and how to make the transition painless.
With us, you get:
- Technical accuracy backed by experience
- A team that works at your pace
- Clear deliverables and transparent pricing
- Support that reduces internal workloads
- Confidence that your next audit runs smoothly
When deadlines are tight and standards are shifting, experience matters.
GET AHEAD OF THE DEADLINE, START YOUR IMPACT ASSESSMENT TODAY
The FRED 82 changes aren’t optional, but the stress, cost, and disruption can be. Acting now protects your business later. We’re already implementing these changes for businesses across the UK, and we’re ready to help you prepare, plan, and transition with confidence. To find out more get in touch with our team today.
