Industry response

Our response to the FRC's invitation to comment on the future development of FRS 102

Building societies are grateful to the Financial Reporting Council for allowing them to stay with an accounting framework that is based on a single simplified standard.  They acknowledge that this new accounting framework is helping to bring consistency in accounting treatments across the sector. 

The Building Societies Association welcomes the move by the Financial Reporting Council to seek views on the new UK and Ireland accounting standards, particularly FRS 102, to inform its first triennial review. 

Knowing that changes to the standard will be carried out only within a triennial review brings certainty to our sector.  Building societies can plan with the assurance that FRS 102 is constant, and not subject to regular change.

Click here for the full response.