The Financial Reporting Council (FRC) has announced that it is delaying publication of the proposed new financial reporting standard once again.

In December, the FRC said that FRS 102, which is applicable to all organisations in the UK and Republic of Ireland, would be published in mid-February 2013, moving it back from January.

And now it has been delayed again, with the FRC not able to confirm this morning when it now expects it to be published.

“The Accountancy Council advised the board, and the board is taking more time to consider,” an FRC spokesman told civilsociety.co.uk.

He added that he expected the board would consider it at the next meeting on 5 March. “The board is just taking some more time,” he said.

It is understood that this further delay will not affect the overall timetable, or the 1 January 2015 date for new international-style accounting rules to be in place.

Publication of FRS 102, the replacement for UK GAAP, had originally been planned for October 2012, before being moved to early 2013.

In October, the FRC consulted with the voluntary sector on changes to the reporting standard that would govern how charities treat their defined benefit pension liability in their accounts when they are part of a multi-employer scheme.

 

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