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FRS 102 launch event

To mark the publication, in March 2013, of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland the Financial Reporting Faculty and the FRC held a launch event on 15 May 2013.

FRS 102 replaces the majority of current accounting standards with one succinct standard. It will be applicable to entities that are neither required to prepare group accounts in accordance with EU-adopted IFRS, nor apply the FRSSE. Its effective date will be 1 January 2015, with early application permitted from 31 December 2012.

This event discussed the background to the development of FRS 102 (described by some as the dawn of a new era), and looked at what happens next.

As well as panel discussions involving senior representatives of the FRC and other leading experts, delegates heard about:

  • the benefits of new UK GAAP;
  • how FRS 102 will impact public benefit entities and their SORPs; and
  • related international developments.

Preparing to move to the new UK GAAP?

The Financial Reporting Faculty’s Autumn roadshow will provide an overview of the new regime, including a detailed look at the practical implications of moving to FRS 102. Find out more about the roadshow at icaew.com/frfroadshow2013

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