The new FRS 101 (FRED 47) will allow financial statements to be prepared for subsidiaries and parent companies using recognition and measurement as set out in EU-adopted IFRS, but with reduced disclosures.
The long-awaited FRS 102 has been issued, completing the FRS 100, 101 and 102 suite. FRS 102 applies to the financial statements of entities that are not applying EU-adopted IFRS, FRS 101 or the FRSSE. It is effective from 1 January 2015, but may be adopted early for accounting periods ending on or after 31 December 2012.
ACCA, June 2010. This policy paper outlines the reasons why ACCA believes that replacing UK GAAP with a system of standards based on IFRS is the right course. It outlines which entities should apply IFRS in full and which should use the IFRS for SMEs.