The changes to the FRC standards will kick in for accounting periods beginning on or after 1st January 2019. Early adoption will be accepted, but only if both the accounts and the iXBRL tagging amendments are both prepared for the new requirements.
The five key areas of change apply to:
1. Investment property rented to another group entity
2. Classification of financial instruments
3. Directors loans – this change was released earlier this year due to issues around timing for smaller entities
4. Intangible assets acquired in a business combination
5. Definition of a financial institution
The consultation period is still open until 28th August 2018. In this time, the FRC is investigating additional proposed amendments impacting IFRS 9, IFRS 15 and IFRS 16. We’ll keep you posted when these are confirmed for the 2019 taxonomy.
To learn more about the iXBRL taxonomies you can visit the FRC’s website.