Financial Reporting: A Reporting Revolution - Summer 2013

A NEW LOOK FOR FINANCIAL REPORTING - THE SHAPE OF THINGS TO COME

Following a lengthy consultation process we finally have certainty as to the shape of future accounting in the UK and Republic of Ireland.

In November 2012 the Financial Reporting Council (FRC) issued two financial reporting standards. FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework. These were followed in March this year by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

FRS 100 sets out which financial reporting standards apply to which entities when they intend to produce financial statements that give a true and fair view.