ukGAAP Alert - Revised proposals for the future of UK financial reporting and a reduced disclosure framework for listed groups
- Three Exposure Drafts:
- draft FRS 100 – setting out the accounting framework;
- draft FRS 101- proposing a reduced disclosure regimes for members of a group preparing accounts under full IFRSs; and
- draft FRS 102 - a single Financial Reporting Standard applicable in the UK and Republic of Ireland to replace current UK accounting standards. It sets out a reduced disclosure framework for qualifying entities adopting FRS 102.
- Reference to ‘public accountability’ eliminated so that there is no mandatory extension in scope of full IFRSs.
- Guidance for public benefit entities to be incorporated in the FRS and revised SORPs likely to be issued.
- FRSSE to be retained.
- The new regime is expected to come into force by 2015, but early adopting is possible in 2013.
- Wide-reaching implications for UK reporters as it will affect not only the financial statements, but also business areas such as tax, banking arrangements, systems and performance management.
- Open for comment until 30 April 2012.