In this month’s roundup of developments in accounting and financial reporting, FRC confimrs ni IFRS changes to FRS 102, IFRS chief calls for clarity on cashflow and income, FRC to revise PN 12 money laundering guidance
FRC confirms no IFRS changes to FRS 102
The Financial Reporting Council (FRC) has no plans to amend new UK GAAP in the immediate future to take into account a raft of International Financial Reporting Standards (IFRS)covering revenue recognition, leases and insurance contracts.
The UK standard setter said it needs to undertake more evidence-gathering before updating FRS 102 to reflect the introduction of three new IFRS.
Melanie McLaren, board director and head of codes and conduct at the FRC, said: ‘We’ve not got a firm timetable for any review of the current standard in terms of new IFRS.
‘We need to let the new IFRS settle and give companies time to go through the implementation process before we can start considering how this will affect UK GAAP.’
