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Planned Support & Guidance

Planned Support & Guidance. Jennifer Guest , Project Director 19 May 2014. Financial Reporting Council. Support for the New Taxonomies. FRS 102 Amended at three yearly intervals FRS 101 Amended yearly

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Planned Support & Guidance

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  1. Planned Support & Guidance Jennifer Guest, Project Director 19 May 2014 Financial Reporting Council

  2. Support for the New Taxonomies • FRS 102 Amended at three yearly intervals • FRS 101 Amended yearly • However, the following amendments to the standards are being completed before the standards become applicable: • FRED 51 draft Amendments to FRS 102 – Hedge Accounting • FRED 53 proposed amendments to FRS 101 • FRED 54 draft Amendment to FRS 102 - Basic financial instruments • Amendments to the taxonomies will be considered in due course Financial Reporting Council

  3. Support for the New Taxonomies • Need to continue to liaise with HMRC & Companies House • Envisage some technical queries in the autumn of 2014 • Consultation question asks: Would it be helpful to have the taxonomies supported by ‘consistency checks’ and, to what extent are those seen as necessary rather than desirable? • We encourage you to respond Financial Reporting Council

  4. Support for the New Taxonomies & Extensions • FRS 103 Insurance Contracts applicable from 1January 2015 • The Financial Reporting Standard for Smaller Entities (FRSSE) amended to bring in line with new regulations • Plan to withdraw the FRSSE in 2015 and incorporate a section for these entities into FRS102 • Extension taxonomies need to be worked on in sequence to the standards Financial Reporting Council

  5. Future Extensions? • Standards of Recommended Practice (SORPs) • SORPs being updated for the new standards • Sectors have specialist requirements • FRC to liaise with SORP making bodies to gauge interest in extensions • Customized validation rules will be completed • Resources presently being discussed by the Governance Committee for support for the amended taxonomies and possible future extensions Financial Reporting Council

  6. Implementation of the taxonomies • Consultation will close on 8 July • Re-deliberations will take place • Amended accounts taxonomies will be finalised and released September 2014 with Guidance documents for preparers and developers • Stable platform • Implementation guidance & support • Dealing with issues when they arise • Technical Task Force and Governance Committee will continue to oversee Financial Reporting Council

  7. Timetable Addressing implementation issues as they arise Financial Reporting Council

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