If the On Update event handler does not set its Handled parameter to true, the application's On Action Update event occurs next.If the On Action Update event does not update the action, the action object's On Update event occurs.If the On Update event handler sets its Handled parameter to true, the action is considered updated, and processing stops there.
The FRC has previously said that FRS 103 would be reviewed once the IASB had completed IFRS 17.
The FRC still intends to review FRS 103 at a suitable time, but consistently with the approach to other major new IFRS, this is likely to take place once more IFRS implementation experience is available. In addition to the triennial review and any projects to update FRS 102 for major changes in IFRS, the FRC will continue to assess emerging issues as they arise to determine whether action needs to be taken, and if so, in what form and when.
The statement also sets out the FRC’s revised approach.
The Consultation Document was issued in September 2016 and asked for views on whether FRS 102 should be kept up to date with IFRS as IFRS changes, particularly in relation to major new standards that have been issued, and provided an outline timetable for possible changes in relation to financial instruments, revenue and leases.
If multiple update events do stack up on top of one another, this will also increase save file size.
If enough instances of the event are stacked up in this way, it can cause significant increases in the size of any save file created.
Therefore, the FRC will not be issuing a triennial review phase 2 exposure draft later this year.
IFRS 17 has been issued since this consultation took place.
These events are synchronous, so it is important for the actions to be quick or done asynchronously, so the event can return while the action does its work.
Today the Financial Reporting Council (FRC) published a feedback statement summarising respondents’ comments to its Consultation Document on updating FRS 102 for changes in IFRS.
NC children's book illustrator Katie Kath launched a true gem with us this past Saturday: a long-unavailable Dr. How and where kids around the world live can vary a lot, but no matter what, kids are kids.