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In March 2013 the Financial Reporting Council (FRC) published Financial Reporting Standard (FRS) 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, for accounting periods beginning on or after 1 January 2015. FRS 102 is a single accounting standard which replaces all current UK standards, which make up the UK GAAP. The new FRS 102 is broadly based on International Financial Reporting Standards (IFRS) for small & medium sized entities.
FRS 102 will be mandatory for all non-small companies that are not already applying full IFRS.
The impact of FRS 102 varies significantly from company to company and decisions now could have an impact on accounting treatment and disclosure in the future. We can give you the support and advice you need to make the right decisions, including:
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