The new UK GAAP: Latest developments

Audit and Technical Partner
Leavitt Walmsley Associates Ltd
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The Accounting Council of the Financial Reporting Council (FRC) has held two meetings in the month of July relating to the new Financial Reporting Standard applicable in the UK and Republic of Ireland (draft FRS 102) which is expected to be issued as a final standard towards the end of 2012.

Steve Collings provides a brief summary of those meetings.

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  • Amendment of IFRS for SMEs and the development of FRS 102
  • Accounting for biological assets
  • Consolidation issues
  • ESOPs and EBTs
  • Pension schemes
  • Performance-related conditions and restrictions
  • Going concern
  • Insurance accounting
  • FRS 101 ‘Reduced disclosure framework’
  • Interim reports
  • Financial statement formats
  • Group disclosures
  • Grants and donations
  • Pension liabilities
  • Taxation

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