October 2012 - An update on the Future of UK financial reporting and the reduced disclosure framework for listed groups
- The IFRS reduced disclosure framework for qualifying entities is intended to be available in time for December 2012 year ends.
- The replacement for UK GAAP is expected early in 2013, to be effective for accounting periods beginning on or after 1 January 2015, with early adoption permitted.
- The FRC has published an Exposure Draft of limited scope amendments to the proposed accounting standard draft FRS 102.
- Legislation came into force on 1 October 2012 allowing companies to change their accounting framework without the need for a change of relevant circumstances.
- These developments have wide reaching implications for all UK reporters who will need to start thinking about how the change will impact their financial statements and the wider business considerations of change, including tax, banking arrangements, systems and performance management.