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Home / Magazine Articles / Shropshire Rural Housing hits FRS 102 with Real Asset Management

Shropshire Rural Housing hits FRS 102 with Real Asset Management

Real Asset Management has recently helped Shropshire Rural Housing Association with its transition to the FRS 102 auditing and reporting requirement. The housing provider had originally been using RAM’s component accounting software since the introduction of component accounting under SORP 2010.

Rachael Fullwood, financial accountant, Shropshire Rural Housing Association, said, “The time saved by appointing RAM to complete the conversion was extremely valuable. It would have taken several weeks for me to personally model the conversion in Excel and enter the data manually into the system.

“Having recently undergone the conversion of the data held within RAM’s system for the move to FRS 102, we can now report both before and after results. Most importantly, we can clearly identify the impact on our accounts, enabling us to show our lenders the direct effect on the covenants applied to loan facilities.”

RAM began by reconciling the data and produced reports proving that the figures before and after the conversion had remained unchanged for SRHA’s existing assets. Supporting reports were also provided to demonstrate that no change had taken place when the new FRS 102 Property Grant was excluded from the database, as well as confirmation that the grant was written out successfully as part of the conversion.

RAM took SRHA through the entire reconciliation process, showing that the Net Book Values (NBV) generated by the system were correct and that they met with SRHA’s expectations. It also reconciled the Gross Book Value (GBV) back to SRHA’s opening position for December 2012 for non-grant components and produced the GBV closing position for December 2014, deducting acquisitions and disposals between January 2013 and December 2014.

See More On:

  • Vendor: Real Asset Management
  • Housing Association: Shropshire Rural Housing
  • Topic: Finance Management
  • Publication Date: 048 - November 2015
  • Type: News

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