In 2012 and 2013 the FRC revised financial reporting standards in the UK and Republic of Ireland. The revisions fundamentally reformed financial reporting, replacing almost all extant standard with three Financial Reporting Standards:
FRS 100 Application of Financial Reporting Requirements
FRS 101 Reduced Disclosure Framework
FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland
Impact Assessment: FRS 100, FRS 101, FRS 102
Feedback Statement: FRED 46, FRED 47, FRED 48
In addition the FRSSE
continues to be available for small entities.
The Accounting Council is developing an exposure draft of FRS 103 Insurance Contracts. See Developments by Month
2013 for more details.
For details of the exposure drafts and other previous consultations leading to the developments of the new UK accounting standards see here
If you would like to discuss any matters relating to UK accounting standards please contact:
Jenny Carter, Lead Project Director: firstname.lastname@example.org
Joanna Spencer, Public Benefit Entities: email@example.com
Mei Ashelford, Project Manager: firstname.lastname@example.org