Many Bristol businesses are not prepared for the most significant changes to UK financial reporting in recent years, according to a survey by Smith & Williamson, the accountancy and investment management group with an office in the city.
The survey of finance directors and chief financial officers reveals that only one of the 22 businesses polled was ready for the new financial reporting standard FRS 102, with almost 45% admitting they had not even begun to consider it.
Many businesses were unaware of the implications while others were struggling to implement the changes, with less than 10% of those canvassed having the necessary skills in-house, according to the research. 
Alarmingly, none of the respondents said they had managed to fully explain the potential impact on the business to their external stakeholders and 71% had not yet attempted to do so.
Smith & Williamson partner and head of assurance and business services at its Bristol office, Carl Deane, pictured, said: “FRS 102 is the new, single accounting standard that replaces UK GAAP for accounting periods beginning on or after January 1, 2015.
“Given the potential impact which FRS 102 will have on the preparation of accounts, it is surprising that so many companies appear to be ill prepared.
“Although this new accounting standard has been expected for almost two years, its arrival seems to have put organisations on the back foot.”
Smith & Williamson is working with an increasing number of companies to assess the impact of the new reporting standard and assist with implementing the changes.
The firm is running a FRS 102 workshop in Bristol on May 7 to provide guidance, case studies and insights to help businesses implement the changes and comply with the new rules. To find out more or reserve a place, email rebecca.walford@smith.williamson.co.uk
