UK GAAP round-up: April 2015

  • By Mercia Group
  • 6 May 2015 00:00

It's been a reasonably interesting month, with clarification statements and a draft revision of FRS 102. One of these clarification statements corrects an errant journal within section 12 that was noted in my Route 102 blog entry a few weeks ago (is it poor form to be secretly pleased when a standards setter gets a journal wrong?).

The draft revision (FRED 61) concerns share-based payments (SBPs) where there is a cash alternative. The effect of the revision is to align FRS 102 more closely with IFRS 2. The former standard treated SBPs with a cash option as cash-settled (and hence as a liability) as a default treatment unless there was evidence to the contrary - this was the opposite of IFRS 2's position. The FRC has decided to revert to the IFRS (and FRS 20) treatment, albeit with some remaining differences where the cash option is decided by the recipient.

We've also had a revised Staff Education Note on transition, updated for minor typographical errors and to align the transitional options with the August 2014 version of the standard.

Finally, as a result of a Freedom of Information request from Mercia's team, the FRC has revealed that it consumed 1,421 Easter eggs, not including Crème Eggs or Mini Eggs, during the Easter weekend.*

* this bit is made up.

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