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UK GAAP simplification

14 December 2017

The FRC has completed its latest review of FRS 102 and has confirmed the simplification of the measurement of directors’ loans to small entities, following the interim relief granted earlier this year.

The other principle amendments to FRS 102 are:

* Require fewer intangible assets to be separated from goodwill in a business combination.
* Permit investment property rented to another group entity to be measured by reference to cost, rather than fair value.
* Expand the circumstances in which a financial instrument may be measures at amortised cost, rather than fair value.
* Simplify the definition of a financial institution.

Amendments have also been made to provide relief from recognising tax payable when a trading subsidiary expects to make a distribution of a gift aid payment to its charitable parent, and to incorporate the new small entities and micro-entities regimes in the Republic of Ireland.

In general these amendments are effective for accounting periods beginning on or after 1 January 2019.

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