Periodic review of UK and Ireland accounting standards – project update

News types: Codes and Standards Announcements, Consultation Announcement, Generic Announcement, Policies and Responsibilities, Statements

Published: 29 September 2023

The Financial Reporting Council (FRC) has today published a project update on its periodic review of FRS 102 and other FRSs.

FRED 82, which was published in December 2022 and open for public comment until 30 April 2023, proposed significant amendments to FRS 102 and FRS 105 affecting revenue recognition, lease accounting, and a number of other incremental improvements and clarifications. The FRC has undertaken significant engagement with stakeholders and is currently taking into account the helpful responses and feedback received across all aspects of the proposals.

The FRC currently expects to issue the final amendments to FRS 102 and other FRSs in the first half of 2024, with an effective date not before 1 January 2026.