November 2012 - IFRS reduced disclosure framework now available
FRS 101, the IFRS reduced disclosure framework for qualifying entities, has been published and is now available for 31 December 2012 year ends.
FRS 102, the new UK GAAP standard, is expected to be published early in 2013. Legislation came into force on 1 October 2012 allowing companies that are not required to apply IFRSs by the ‘IAS Regulation’ more flexibility to change their accounting framework from IFRSs to either FRS 101 or FRS 102.
These developments have far-reaching implications for nearly 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, distributable profits, banking arrangements, systems and performance management. Done right, and at the right time, these changes could streamline group accounting and tax processes for the long term.