The Financial Reporting Council (FRC) has decided not to issue its triennial review exposure draft, planned for this autumn, on FRS 102 ‘Financial Reporting Standard applicable in the UK and Republic of Ireland’. Responses to the FRC’s consultation on incorporating major IFRS updates into the standard from January 2022 indicated that more time should be given.
The proposed amendments would have incorporated the expected loss model for impairment of financial assets in IFRS 9 ‘Financial Instruments’ and updated lease accounting by lessees in accordance with IFRS 16 ‘Leases’.
The consultation responses supported broad consistency with IFRS, but questioned the proposed timetable and suggested that more IFRS implementation experience is needed before an assessment of how to incorporate requirements based on these standards into FRS 102. No target effective date for any changes has been set and further consultation will follow. See http://bit.ly/2s8HdFt.
The Financial Reporting Council (FRC) has decided not to issue its triennial review exposure draft, planned for this autumn, on FRS 102 ‘Financial Reporting Standard applicable in the UK and Republic of Ireland’. Responses to the FRC’s consultation on incorporating major IFRS updates into the standard from January 2022 indicated that more time should be given.
The proposed amendments would have incorporated the expected loss model for impairment of financial assets in IFRS 9 ‘Financial Instruments’ and updated lease accounting by lessees in accordance with IFRS 16 ‘Leases’.
The consultation responses supported broad consistency with IFRS, but questioned the proposed timetable and suggested that more IFRS implementation experience is needed before an assessment of how to incorporate requirements based on these standards into FRS 102. No target effective date for any changes has been set and further consultation will follow. See http://bit.ly/2s8HdFt.
