FRS 102 in next two weeks

The Financial Reporting Council has confirmed that it will publish the new UK GAAP, FRS 102, within the next couple of weeks, reports Harris & Co accountancy services.

The decision was taken at a FRC board meeting held in London today.

It is understood the final draft of the new standard will only need a minor tweak and then it will be published online and in print.

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.

The FRC expects that FRS 102 will be effective for accounting periods beginning on or after 1 January 2015; early adoption is permitted.