Accounting and Auditing: 4 minute update
Watch this month's Accounting & Auditing: 4 Minute update video from James Barbour, ICAS Director of Technical Policy, covering key changes to UK GAAP and international financial reporting updates.
This month's video includes information on:
UK Financial Reporting
FRC changes to the New UK GAAP
The fully revised FRS 102 was published by the FRC In September.
This takes account of the changes that have been made since August 2014, and incorporates Section 1A for small entities (potential presentation and disclosure exemptions but “true and fair” view applies)
The full policy can be downloaded from the FRC website.
IASB, in conjunction with ICAS, are jointly hosting an event on 1 December 2015 in London to discuss the future of international financial reporting. Book your place now
IFRS 16 Leases was signed off at the October meeting of IASB and should have an effective date of January 2019, to avoid adding to the problems for preparers trying to implement the revenue and financial instruments standards in January 2018.
IASB is preparing an exposure draft of the amendment to IFRS 4 which will allow insurers either to defer implementing IFRS 9 until they adopt the new insurance standard, or to transfer from Profit or Loss to Other Comprehensive Income fair value changes of financial instruments linked to insurance contracts.
EU Audit Legislation
All consultations have been issued i.e. by the FCA, PRA, FRC and BIS.
The main ones are those from the FRC and BIS.
Generally, BIS and FRC are not seeking to gold plate the EU Audit Legislation requirements.
If you have any question on the content of this video - please feel free to contact James Barbour, Director of Technical Policy.