FRC delays updates to FRS 102 | KPMG | QM

FRC delays updates to FRS 102

FRC delays updates to FRS 102

The FRC have announced that they will delay proposing changes to the FRS 102.

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Announcement, speaker

On the 30 June 2017, the Financial Reporting Council ('FRC') announced, that after consultation, they will delay proposing changes to Financial Reporting Standard 102 ('FRS 102') that are designed to keep FRS 102 in line with International Financial Reporting Standards ('IFRS').

The FRC undertook a consultation on this matter in September 2016 and found broad support for keeping FRS 102 in line with IFRS, but that respondents felt more time for new IFRS to be implemented should be allowed before amendments to FRS 102 are made. This includes major upcoming changes to IFRS such as IFRS 9 (Financial Instruments), IFRS 16 (Leases) and IFRS 15 (Revenue).

No target date for adopting these IFRS changes into FRS 102 has been set. Read more.

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