The FRC have decided that further work is needed before proposals to amend FRS 102 for major changes to IFRS are consulted upon. Therefore, its triennial review (phase 2) exposure draft, initially scheduled to be issued later this year, will be deferred.
This will allow more time for the FRC to consider any proposals to reflect the principles of the expected loss model of IFRS 9, IFRS 15 (revenue recognition) and IFRS 16 (leasing) in FRS 102. It does not affect other proposed amendments to FRS 102 that were suggested through the phase 1 exposure draft, issued earlier this year.
Earlier this month the FRC also issued Amendments to FRS 101: Reduced Disclosure Framework - 2016/17 Cycle.