Amendments to UK and Ireland accounting standards

News types: Codes and Standards Announcements, Feedback Statement, Policies and Responsibilities, Policy Statements, Statements

Published: 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)