The long-awaited FRS 102 has been issued, completing the FRS 100, 101 and 102 suite. FRS 102 applies to the financial statements of entities that are not applying EU-adopted IFRS, FRS 101 or the FRSSE. It is effective from 1 January 2015, but may be adopted early for accounting periods ending on or after 31 December 2012.
The three standards are as follows:
- FRS 100 sets out the application of financial reporting requirements in the UK and Republic of Ireland, i.e. which accounting framework to use;
- FRS 101 or ‘IFRS with reduced disclosures’ outlines the reduced disclosure framework available for use by ‘qualifying entities’ choosing to report under full IFRS.
- FRS 102 is the Financial Reporting Standard (FRS) applicable in the UK and Republic of Ireland (known as new UK and Irish GAAP), including the reduced disclosures available for ‘qualifying entities’ reporting under this FRS. This FRS is based upon the IASB’s IFRS for SME’s but has been significantly amended.
The mandatory effective date for the new framework of reporting is for financial years beginning on or after 1 January 2015. Early adoption is available for accounting periods ending on or after 31 December 2012.
ACCA will shortly be producing a Technical Factsheet on the FRS 100-102 suite of standards.