News October 2020 Amendments to UK and Ireland accounting standards

Amendments to UK and Ireland accounting standards

19 October 2020
Today the FRC has issued three sets of amendments to UK and Ireland accounting and reporting standards.  The amendments address some topical issues, and maintain a necessary alignment with international standards.
The amendments are:
  • Amendment to FRS 101 – Effective date of IFRS 17 – which changes the effective date of an amendment to the definition of a qualifying entity, effectively allowing relevant insurers to continue to apply FRS 101 for a further two years.  The revised effective date for the new definition of a qualifying entity is accounting periods beginning on or after 1 January 2023.
  • Amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions – which sets clear requirements for recognising changes in operating lease payments arising from COVID-19-related rent concessions on a systematic basis over the periods the change in lease payments is intended to compensate.  These amendments are effective for accounting periods beginning on or after 1 January 2020, with early application permitted.
  • Amendments to FRS 104 – Going concern – which clarifies and enhances requirements relating to the going concern basis of accounting in respect of interim financial reports.  These amendments are effective for interim periods beginning on or after 1 January 2021, with early application permitted.
The amendments are accompanied by Impact Assessments and Feedback Statements: 
Impact Assessment - Amendment to FRS 101 - Effective date of IFRS 17 (PDF)
Impact Assessment and Feedback Statement - Amendments to FRS 102 and FRS 105 - COVID-19-related rent concessions (PDF)
Impact Assessment and Feedback Statement - Amendments to FRS 104 - Going concern (PDF)

 

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