On-going Projects

FRED 67 Draft amendments to FRS 102 - Triennial review 2017 - Incremental improvements and clarifications

The FRC issued FRED 67 Draft amendments to FRS 102 - Triennial review 2017 - Incremental improverments and clarifications on 23 March 2017.

The proposals in this FRED have arisen as a result of the triennial review of FRS102, and after taking into account of stakeholder feedback on the implementation of FRS 102.

The comment period closes on 30 June 2017.

Consultation Document Triennial review of UK and Ireland accounting standards - Approach to changes in IFRS

The FRC issued the Consultation Document Triennial review of UK and Ireland accounting standards - Approach to changes in IFRS on 27 September 2016.  It sets out initial proposals for updating FRS 102 for changes in IFRS.  When amendments to FRS 102 are proposed, they will be intended to be proportionate and practical solutions for the entities within the scope of FRS 102.

The comment period ends on 31 December 2016.

Implementation issues

The Accounting Council and its UK GAAP Technical Advisory Group will review any issues arising relating to the implementation of FRS 102, as they arise.  Decisions will be taken on a case-by-case basis about the best way to address issues such as editorial points, areas where FRS 102 is silent and areas where divergence in accounting practice seems to be emerging.