The new UK GAAP: October update

On 3 October 2012, the UK’s Financial Reporting Council (FRC) issued an exposure draft containing some limited amendments to the proposed draft FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland together with their anticipated timings for the implementation of the new standards, explains Steve Collings.

In their press release, the FRC announced that they intend to finalise the draft FRS 102 in early 2013 and for it to become effective for accounting periods commencing on or after 1 January 2015.  Ideally the standard needs to be finalised as early as possible in January by the FRC as leaving it too late into 2013 will undoubtedly delay the implementation date as many firms across the country will need sufficient time to plan for the impending change and notify clients about the change in the financial reporting framework.

The FRC have confirmed that they intend to finalise FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework later this year and if this is finalised, subsidiaries and parent entities will be able to take advantage of the reduced disclosure framework for 31 December 2012 year-ends, should they wish to do so.

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