Welcome to our new hub containing a suite of resources covering IFRS 16, which sets out the principles that both lessees and lessors apply to provide relevant information about leases. This hub contains a range of articles and extracts from various sources, including a new IFRS 16 Leases report published by the Financial Reporting Faculty exploring the IASB's new leases standard.
Following the triggering of Article 50, the implications of the June 2016 UK referendum remain at the forefront of political debate in the UK. The impact that Brexit will have on the UK’s financial reporting infrastructure and the related international ramifications have, however, not yet attracted sufficient attention.
FRS 101 Reduced Disclosure Framework sets out disclosure exemptions available to UK qualifying subsidiaries and parent companies which otherwise apply the recognition, measurement and disclosure requirements of EU-adopted IFRS. It was published on 22 November 2012 alongside FRS 100 Application of Financial Reporting Requirements which sets out a new financial reporting regime for the UK entities effective 1 January 2015.
The Financial Reporting Faculty's webinars cover a range of updates on IFRS, UK GAAP and policy issues. If you missed the webinar you can still listen to the recording and download the slides. the new UK regime is effective for accounting periods beginning on or after 1 January 2015.