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

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Presentation transcript:

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 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 Basic financial instruments Amendments to the taxonomies will be considered in due course Financial Reporting Council

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

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

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

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

Timetable 8 May 2014 Accounts Taxonomies consultation issued 8 July 2014 Close of consultation and period of re-deliberation September 2014 New Accounts Taxonomies are finalised and released with guidance documents Autumn 2014 Software developers produce packages 1 January 2015 Application of new standards Financial Reporting Council Addressing implementation issues as they arise