FRC defers decision on keeping FRS 102 aligned with IFRSs
30 Jun 2017
In March 2013, the UK’s Financial Reporting Council (FRC) published FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', which replaced UK GAAP with new standards based on IFRS for SMEs with effect for periods beginning on or after 1 January 2015. In September 2016 the FRC launched a consultation asking for views on whether FRS 102 should be kept up to date with IFRSs as IFRSs change, particularly in relation to major new standards that have been issued.
Although respondents’ feedback showed support for a long‑term aim of broad consistency with IFRSs, they questioned the proposed timetable and suggested more IFRS implementation experience is needed before an assessment of whether, and if so, how and when requirements based on the expected loss model of IFRS 9, IFRS 15 and IFRS 16 should be considered for incorporation into FRS 102. In addition, IFRS 17 has been issued since the FRC's consultation took place.
Therefore, the FRC has decided not to issue an exposure draft of proposed updates and also no target effective date for any changes to FRS 102 has been set.
Please click for the press release on the FRC website.
