FRS 102 is now set to be published week commencing 11 March after a further delay following the last FRC board meeting, reports small business accountants Harris & Co
Delays to the publication of the long-anticipated FRS 102 – the replacement for UK GAAP – will be subject to consultation at the next board meeting on 5 March.
Publication had originally been expected in October 2012, then the date was shifted into early 2013. Industry insiders had expected to see the new standard by mid-February this year.
A limited scope exposure draft was released in October 2012. It proposed a number of amendments to FRED 48 - the draft FRS 102 - in relation to accounting by employers taking part in defined benefit multi-employer pension plans. Additional guidance is also proposed for grantors of service concessions.
It set out two limited scope amendments relating to multi-employer defined benefit pension plans and grantors of service concession arrangements.
The FRC anticipates FRS 102 will be effective for accounting periods beginning on or after 1 January 2015; early adoption is permitted.