FRS 102 has been issued and is effective from 1 January 2015
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.
The three standards are as follows:
FRS 100 sets out the application of financial reporting requirements in the UK and Republic of Ireland, ie which accounting framework to use;
The mandatory effective date for the new framework of reporting is for financial years beginning on or after 1 January 2015. Early adoption is available for accounting periods ending on or after 31 December 2012.
ACCA will shortly be producing a Technical Factsheet on the FRS 100-102 suite of standards.
You can find more on FRS 102, FRS 100 and 101 and SORPS by using the 'Related Links'.