The short answer to the above question is probably NO!
Many clients think the accounts look a little different but they don’t really care about that.
Accounting rules dictate your accounting profit which is the basis for taxable profit. The changes in accounting rules can have an impact on your company’s tax bill.
In addition to the above, these changes can have a bearing on reserves which in turn can impact on the level of dividends shareholders can draw from the company.
Whilst the changes are implemented for all companies, they will impinge on some more than others.
If you would like to discuss the impact of FRS102 further, please contact your client manager.