An introduction to frs102 for housing september 2014 key areas of impact we set out below the key areas and issues we have identified as being relevant for the sector we also provide a high level consideration of actions to include in a transition plan and the potential impact on the financial statements and resources. Housing associations have warned that new international accountancy standards could cut the value of their estates by over 1bn and cost 150m in red tape putting plans for thousands of new . Statement of recommended practice sorp 2014 accounting by registered social housing providers sets out how housing associations should apply the new financial reporting standard 102 frs 102 which has replaced the previous accounting requirements under uk gaap. Risks for housing associations in the face of benefit reforms need to be flagged by auditorsthe financial reporting council frc recently published practice note 14 revised the audit of housing associations in the united kingdom for consultation. The financial reporting council frc has issued guidance for auditors on the audit of housing associations in the light of the landscape in which the social housing sector now operates reductions in grant funding welfare reform and the impact on availability of funding following the financial crisis have led many associations to diversify
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