FRC issues new standard for Insurance Contracts
Posted by mostafa on 20 March, 2014
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The Financial Reporting Council (FRC) has today issued Financial Reporting Standard ‘FRS 103 Insurance Contracts’ which is applicable for accounting periods beginning on or after 1 January 2015. Early application is permitted, provided the entity also applies FRS 102 from the same date and discloses this fact that it has applied FRS 103 early.