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FRC publishes three editorial amendments to FRS 102

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20 Mar 2014

The Financial Reporting Council (FRC) has issued three editorial amendments in relation to FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

The areas of FRS 102 affected are:  

  • Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’.  The FRC has issued editorial amendments regarding presentation requirements for financial instruments when an entity chooses to apply the recognition and measurement provisions of International Accounting Standard (IAS) 39 ‘Financial Instruments: Recognition and Measurement’ or International Financial Reporting Standard (IFRS) 9 ‘Financial Instruments’ and/or IAS 39.  The editorial amendments relate to paragraph 11.2 of Section 11 and paragraph 12.2 of Section 12.
  • Section 35 ‘Transition to this FRS’.  The FRC has issued an editorial amendment regarding transitional exemptions in relation to accounting for service concession arrangements.  The editorial amendment relates to paragraph 35.10(i) of Section 35. 

In November 2013, the FRC issued three clarification statements in relation to Section 12 ‘Other Financial Instruments Issues’, Section 29 ‘Income Tax’ and Section 1 ‘Scope’.  

The full document of all editorial amendments and clarification statements to FRS 102 (as of March 2014) can be found on the FRC website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.