ICAEW event on the FRC’s first triennial review of FRS 102
10 Feb, 2017
The Institute of Chartered Accountants in England and Wales (ICAEW) will be hosting an event to provide a brief overview of the Financial Reporting Council’s (FRC’s) first triennial review of Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
A consultation document setting out the overall approach to the triennial review was published by the FRC in September 2016. The consultation document proposed that limited amendments be made to FRS 102 to be effective from 1 January 2019. It also highlighted that detailed proposals for these amendments would be consulted on towards the end of the first quarter of 2017 in Financial Reporting Exposure Draft (FRED) Triennial review 2017 Phase 1 – Incremental improvements and clarifications.
Additionally, the consultation document proposed more significant amendments be made to FRS 102 to be effective from 1 January 2022. Again it highlighted that detailed proposals for these would be consulted on towards the end of the third quarter of 2017 in FRED Triennial review 2017 Phase 2 – Expected loss model and leases.
As well as providing a brief overview of the FRC’s approach the event will also cover the changes proposed as part of phase 1 of the project as well as provide some thoughts on the merits of the proposals and their practical implications for UK GAAP reporters.
Further details as well as registration details are available on the ICAEW website.
*UPDATE 03/03/2017 - the ICAEW will also be hosting a webinar on 18 May. Further details as well as registration details are available on the ICAEW website*
