Route 102 – One man’s year-long journey……Day 35

  • By Mercia Group
  • 9 March 2015 00:00

To mark this momentous year for UK GAAP, I'm embarking on a mission to work my way through FRS 102, reading a portion on each working day of 2015 and writing a short blog entry on my thoughts and musings (be they few or many).

Day 35 (9 Mar)

A quick post today to mark the passing from one financial instrument section to another. We leave behind section 11 for the mysterious depths of section 12 - 'other' instruments which are derivative in nature, including options, forwards, interest swaps and the like. For many of us, this is the first foray into accounting for such in-progress contracts since this was avoidable under old GAAP. Tomorrow we'll begin with the default, fair value approach for such instruments. See you then!

P.S. If you missed the last instalment please click here.

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