Some of the most practical issues surrounding FRS 102 are those concerning investment properties and the significantly different accounting treatments under FRS 102 and SSAP 19.

Asset under Management (AUM), portfolio liquidity and investor liquidity are critical yardsticks to measure the fund’s performance. Regulators require fund managers to disclose these information in their regulatory report in order to ensure more transparency in the market and to check market abuse.

Insurance and reinsurance undertakings across the European Economic Area (EEA) are gearing up for the implementation of Pillar 3 of the Solvency II Directive first published in 2009 (2009/138/EC) and amended later. Originally slated to start in January 2014, Pillar 3 disclosure mandates are now ready to go live in January 2016.

Financial Reporting Council (FRC) has issued three new accounting standards collectively known as Financial Reporting Standards (FRS) which will replace the existing UK GAAP. Synopses of the three FRS standards are given below:

After four years of successful implementation of iXBRL, HMRC has shared its experience on high quality analysis. The iXBRL has been proven advantageous to HMRC and has provided an improved reporting and analysis capability for tax authorities.

The FRS 102, published recently by the Financial Reporting Council (FRC) is a replacement of the UK GAAP system that is used by enterprises in the UK and Ireland for filing their annual statements to the revenue bodies and regulatory authorities.