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Need to know — The long-awaited standard that will replace current UK GAAP

Published on: 15 Mar 2013

Background

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – the long-awaited standard that will replace current UK GAAP is published.

Mandatory for accounting periods beginning on or after 1 January 2015, although early adoption is possible.

Almost all companies and groups should consider their options as to which financial reporting framework to follow in the future – full IFRSs, FRS 101, FRS 102 or the FRSSE. Listed groups will still need IFRS consolidated financial statements.

Existing accounting, in particular around financial instruments, is likely to change.

It will not only affect financial statements – the potential impacts on tax, banking arrangements, distributable profits, financial reporting systems and performance-related remuneration schemes will all need careful consideration.

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