The future of UK GAAP arrives

Earlier today, the FRC issued FRS 102, the accounting standard designed to replace virtually all previous standards for non-small entities in the UK and Ireland. The new FRS joins FRSs 100 and 101 to complete the future framework (apart from FRS 103 on life assurance, that is - this is still awaited). Whilst the new FRS will only be mandatory for accounting periods beginning on or after 1 January 2015, early adoption is possible.

Alongside the standard itself, the FRC has published an impact assessment of the new suite of FRSs and a feedback statement on the earlier drafts FREDs 46-48.

Whilst we had a pretty good idea of the main changes arising in the FRS ahead of time, Mercia's lecturing team will of course spend many hours poring over the standard to uncover the potential issues clients will face and any further changes made since the earlier drafts. In particular, the transitional provisions will need close attention to ensure that key matters affecting implementation are fully understood. Time to get that coffee brewing!

You can download the new standard and related publications here.