Current Projects

Published: 18 September 2023

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Introduction

Current projects by the Accounting and Reporting Policy Team.

Implementation issues

The FRC will review any issues arising relating to the implementation of FRS 102 as they arise, consulting members of its Advisory Panel as appropriate. Decisions will be taken on a case-by-case basis about the best way to address issues such as editorial points, areas where FRS 102 is silent and areas where divergence in accounting practice seems to be emerging.

FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review

The FRC issued a request for views to inform the periodic review of FRS 102 on 23 March 2021, with a closing date of 31 October 2021. On 4 April 2022, the FRC issued an update on the progress of its periodic review and announced a series of roundtables taking place in May and June 2022 to seek stakeholder views on specific topics.

The FRC issued FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review on 15 December 2022. The comment period closed on 30 April 2023. On 29 September 2023, the FRC issued a second update on the progress of its periodic review. It currently expects to issue the final amendments in the first half of 2024, with an effective date not before 1 January 2026.

FRED 84 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Supplier finance arrangements

The FRC issued FRED 84 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Supplier finance arrangements on 28 September 2023.

The comment period closes on 31 December 2023. The FRC expects to finalise the proposed amendments in the first half of 2024, alongside the amendments arising from the current periodic review of FRS 102 and other FRSs.

FRED 85 Draft amendments to FRS 101 Reduced Disclosure Framework – 2023/24 cycle

The FRC has issued FRED 85 Draft amendments to FRS 101 Reduced Disclosure Framework – 2023/24 cycle on 5 December 2023. The comment period closes on 4 March 2024.