ARTICLE · 09 APRIL 2012

Taking Account of Change - How Will Changes To Financial Reporting Affect RP's?

Smith & Williamson

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An outline of the forthcoming changes to financial reporting and how these may impact housing associations.

United KingdomAccounting and Audit

An outline of the forthcoming changes to financial reporting and how these may impact housing associations.

On 30 January 2012 the Accounting Standards Board (ASB) published its revised version of future accounting in the UK. The new proposals (covered by financial reporting exposure drafts (FREDs) 46, 47 and 48) are likely to result in three new financial reporting standards (FRSs):

FRS 100 – application of financial reporting requirements
FRS 101 – reduced disclosure Framework
FRS 102 – the financial reporting standard applicable in the UK and Republic of Ireland (the replacement for the previously proposed financial reporting standard for medium-sized entities (FRSME)).

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