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 69 (24 Jun)
Alas, I cannot claim to have studied at any of the Russell Group universities, let alone Oxford (my distance-learning degree from the University of Hawaii has really opened doors, let me tell you), though I did have the pleasure of dining at All Souls College a couple of years ago (with, as I recall, an 80-year port to top it off). I occasionally look back on my missed opportunity with regret, particularly when I meet some bright young thing who has recently read 'PPE' (Philosophy, Politics and Economics). What a magical title! I'm sure if I had managed to follow this route, I'd not only understand the Grexit crisis but could, on demand, summon up some witty aphorisms from Socrates or Parmenides that described it perfectly. How that would have completed my life.
In case you're truly baffled by where this is all going, we move today to section 17 in FRS 102, and the new name for 'tangible fixed assets' - Property, Plant and Equipment. Or PPE for short. So it's not just a fancy Oxford degree any more...
Tomorrow, we'll start in detail, but the good news (for those who shrink from change) is that, in lots of ways, PPE is treated under FRS 102 in much the same way as tangible fixed assets were under FRS 15. That's not to say that we should skip over this section. As Socrates once said, 'The unexamined accounting standard is not worth adopting'. Or was it Plato?
P.S. If you missed the last instalment click here