FRC publishes amendments to UK GAAP

The Financial Reporting Council (FRC) has today issued amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland arising from the triennial review. Some of the key changes include:

  • Simplified treatment for the measurement of directors’ loans by small companies;
  • Fewer intangible assets to be separated from goodwill in a business combination;
  • Option for investment properties rented to another group entity to be measured at cost or fair value;
  • Expanded the circumstances in which a financial instrument may be measured at amortised cost; and
  • Simplified definition of a financial institution.

Find out more about the amendments here:

https://frc.org.uk/news/december-2017/simplification-of-uk-gaap-benefits-up-to-4-million

The Financial Reporting Faculty will be producing a variety of resources over the coming weeks to assist members with the transition to the revised regime, which is mandatory from 1 January 2019.