CHS Group has successfully moved to the FRS 102 accounting requirements using component accounting software from Real Asset Management.
Under SORP 2010, CHS saw its asset register increase from around 2,000 property records to over 26,000 componentised assets. Eager to upgrade from its previous spreadsheet-based system when component accounting was first introduced, CHS Group recognised that the sheer volume of data resulting from the componentisation of its assets would be too difficult and arduous to manage.
James Khan, management accountant, CHS Group, said, “We needed a specialist asset management solution which would enable a smooth transition to component accounting while also having the flexibility to deal with future regulatory changes. The RAM system came highly recommended by many other housing providers and has stood us in good stead in not only meeting SORP regulations but also the recent FRS 102 requirements.
“Accounting tasks relating to the depreciation and reconciliation of our housing assets are now performed much more efficiently. We can now conduct more thorough analysis and slice and dice the data as required, enabling us to forecast and forward plan more accurately.”
CHS is using RAM’s software in conjunction with its existing Great Plains finance system for greater efficiencies, particularly for month-end reporting. The asset management software reports and collates information in a consistent format which is then automatically imported into the finance system, providing CHS’s finance team with better visibility and control.
CHS has now made the move to FRS 102. Khan said, “RAM has enabled us to cope with the recent FRS 102 changes with a minimum of disruption. A RAM implementation manager worked with us on-site and performed a data conversion which enabled us to become FRS 102 compliant within days.”
