FRC issues FRS 102
The ability to pick and choose the accounting framework on subsidiary-by-subsidiary basis will be important in allowing companies to mitigate the impact of such effects – choosing the right accounting framework for each company. Changing the basis of accounting for company financial statements may have wide-ranging effects, including impacts of taxation, distributable reserves and debt covenants.
The FRSs will be effective from 1 January 2015, but may be adopted early for accounting periods ending on or after 31 December 2012.