2170692 - Implementation of FRS 102 - UK

According to legal requirements, the FRS 102 financial reporting standard applicable in the UK and Republic of Ireland came into effect on January 1, 2015. Therefore, FRS 102 is effective for accounting periods commencing on or after January 1, 2015. With FRS 102, the titles of the required financial statements are specified, however, other titles can still be used and companies can retain existing terminology, for example, to keep the title “Balance Sheet” instead of changing it to "Statement of Financial Position".

For FRS 102, the following applies in your SAP Business ByDesign solution:

• The balance sheet, income statement, and cash flow statement provide the basis for preparing the financial statements, in accordance with FRS 102. Existing templates have not been updated.
• There are no specific reports provided for the Statement of Comprehensive Income and Statement of Income and Retained Earnings due to the nature of the underlying transactions. This information can instead be prepared from data already provided by your solution. 

KBA , SRD-FIN-GL , General Ledger , Product Enhancement