Thames Valley Housing Association has reported that it has made a smooth transition to the FRS 102 financial requirement with a component accounting solution from Real Asset Management.
Thames Valley Housing Association has been using Real Asset Management’s component accounting software since 2007 to control and manage its £565 million asset base. The system was implemented initially to manage its property records, but the introduction of component accounting under SORP regulations saw the housing provider’s register grow to 113,000 individual assets. The software enabled TVHA to meet the SORP deadline and has most recently facilitated a successful transition to FRS 102.
Jason Schofield, component accountant, Thames Valley Housing Association, said, “Having a flexible software tool to split out the costs of each unit at a component level has been invaluable. Calculations such as depreciation and determining costs on disposals are made so easy and having the facility to upload data files in large batches, hundreds of lines at a time, makes our period-end process very efficient.
“The system allows for exceptionally detailed analysis. This has been vital in enabling us to measure and report on our assets in compliance with the requirements of the new accounting and statutory frameworks and to ensure an efficient and speedy adoption of component accounting and FRS 102.”
As with all housing providers facing the task of becoming FRS 102 compliant, TVHA had to overcome a number of challenges last year, such as assessing the most suitable basis for measuring its asset and grant treatment, working out prior-year adjustments and undertaking data cleansing and recalculation work.