FRED 82 Draft amendments to The Financial Reporting Standard applicable in the UK and Republic of Ireland
Published: 13 December 2022
Response deadline: 30 April 2023
| Title | FRED 82 Draft amendments to The Financial Reporting Standard applicable in the UK and Republic of Ireland |
|---|---|
| Format | pdf, 3.1 MB |
Overview
FRED 82 proposes a number of changes resulting from the second periodic review of FRS 102 and other Financial Reporting Standards. The proposals include: a new model of revenue recognition in FRS 102 and FRS 105; a new model of lease accounting in FRS 102; and various other incremental improvements and clarifications. The FRED is accompanied by a consultation stage impact assessment.
In developing FRED 82, the FRC has considered changes to IFRS Accounting Standards, the IASB’s proposed changes in developing the third edition of the IFRS for SMEs Accounting Standard, stakeholder feedback in response to the FRC’s 2021 request for views, and other developments in corporate reporting.
As a result of the amendments set out in FRED 82, FRS 102 will reflect up-to-date IFRS-based solutions, providing high-quality and clear financial reporting to users. This will include more transparent reporting of lease obligations, as well as a clear five-step model for determining the recognition of revenue from all contracts with customers. The proposals have been designed to be proportionate to the size and complexity of the entities applying the standards.
The proposed effective date of the amendments set out in the FRED is 1 January 2025. Comments are invited in writing on all aspects of the draft amendments, including the consultation stage impact assessment, by 30 April 2023. For ease of handling, we prefer comments to be sent by email. Information on how to submit comments and the FRC’s policy in relation to responses is set out on page 345 of FRED 82.
Supporting documents
| Name | FRED 82 – at a glance |
|---|---|
| Publication date | 15 December 2022 |
| Notes | This document shows the proposals at a glance |
| Format | PDF, 280.2 KB |
| Name | FRED 82 – impact assessment Q&A |
| Publication date | 15 December 2022 |
| Notes | This document sets out questions and answers relating to the consultation stage impact assessment |
| Format | PDF, 56.1 KB |
| Name | FRED 82 – FRS 102 Staff Draft |
| Publication date | 19 December 2022 |
| Notes | A Staff Draft of FRS 102 has been prepared to show the proposed amendments in context (available in the UK and Republic of Ireland only) |
| Format | PDF, 5.5 MB |
| Name | FRED 82 – launch webinar slides |
| Publication date | 31 January 2023 |
| Notes | On 19 January 2023, the FRC hosted a webinar where we gave an overview of the proposals and provided further context. (Watch the webinar below) |
| Format | PDF, 1.0 MB |
| Name | FRED 82 – launch webinar Q&A |
| Publication date | 14 February 2023 |
| Notes | This document sets out audience questions received during the webinar on 19 January 2023, and informal responses from FRC staff. |
| Format | PDF, 160.5 KB |
Podcast
Periodic Review of UK and Ireland financial reporting standards Periodic Review of UK and Ireland financial reporting standards – publication of FRED 82
Published: 15 December 2022
Director of Stakeholder Engagement and Corporate Affairs, Kate O'Neill, sits down to talk about our latest consultation on FRS 102 with our Director of Accounting and Reporting Policy, Jenny Carter and Senior Project Director, Stephen Maloney.
Webinar
On 19 January 2023, the FRC hosted a webinar where we gave an overview of the proposals and provided further context.
If you missed the webinar, you can watch it below.
Roundtables
To support the review, the FRC held a series of roundtables to discuss the lease accounting, revenue accounting, and general proposals in more depth with stakeholders to help inform responses to the consultation.
Outcome
Finalised as part of Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 issued in March 2024.
| Name | Financial reporting standards: Periodic Review 2024 – Key changes |
|---|---|
| Publication date | 27 March 2024 |
| Type | Information sheet |
| Format | PDF, 31.2 KB |
| Name | Feedback Statement – Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 |
| Publication date | 27 March 2024 |
| Type | Feedback paper |
| Format | PDF, 31.2 KB |
| Name | Impact Assessment – Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 |
| Publication date | 27 March 2024 |
| Type | Impact Assessment |
| Format | PDF, 31.2 KB |