Thursday, 22nd November, 2012
: The Financial Reporting Council
(‘FRC’) in the UK has today issued two new Standards: FRS 100 ‘Application of Financial Reporting Requirements’ and FRS 101 ‘Reduced Disclosure Framework’. These Standards, along with FRS 102 when issued, form the basis of the revised accounting framework for UK and Irish GAAP.
Pursuant to its statutory function of cooperating in the development of accounting standards, IAASA has observer status at the meetings of the Accounting Council of the FRC (formerly known as the ASB).
Further information about the new Standards can be found here