ICAEW.com works better with JavaScript enabled.

Periodic review of UK GAAP

The Financial Reporting Council (FRC) has issued the 2024 periodic review amendments to UK GAAP, with an effective date for most changes of accounting periods beginning on or after 1 January 2026. Find out more about the changes and how entities might be affected.
Contents
Back to top
Accounting
Virtual meeting
Glasses on a table
Mobile phone
Event

UK GAAP changes

Following the FRC's publication of revised UK and Ireland accounting standards, join us on 12 June 2024 to hear a summary of key changes to FRS 102 and FRS 105.
Book here
Webinar

UK GAAP update 2024

Hosted by the Corporate Reporting Faculty, this live webinar on 4 July 2024 will cover current topical issues and the latest developments in UK GAAP, focusing on matters relevant to the preparation of accounts for 2024 year-ends.
Book here
Insights

New revenue recognition model for FRS 102 and FRS 105

The FRC has issued its latest amendments to UK GAAP, introducing a five-step model for revenue recognition and on-balance sheet recognition for most leases by lessees to FRS 102.
Read more
Resources

Periodic review of UK GAAP – FAQs

The Corporate Reporting Faculty explains the purpose of the FRC’s periodic review of UK GAAP and provides an overview of the changes to FRS 102 and other standards.
Read more

FRC amendments

UK and Ireland accounting standards are subject to periodic reviews that take place at least every five years. The FRC sought feedback on its draft amendments published in Financial Reporting Exposure Draft (FRED) 82 and issued amendments in March 2024. 
FRC issues UK GAAP amendments
  • Website
  • 27 Mar 2024
In March 2024, following extensive stakeholder consultation, the FRC issued amendments to UK GAAP.
Periodic review of UK and Ireland accounting standards – project update
  • Website
  • 29 Sep 2023
In its project update, the FRC sets out that finalised amendments to FRS 102 and other standards are expected to be issued in H1 2024, with an effective date not before 1 January 2026.
FRC periodic review
  • Website
  • 15 Dec 2022
Draft amendments to FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland, and other financial reporting standards, published on 15 December 2022 as part of the periodic review.

Helpsheets and resources

Periodic review of UK GAAP – FAQs
  • Helpsheets and support
  • 23 Jan 2023
The Corporate Reporting Faculty explains the purpose of the FRC’s periodic review of UK GAAP and provides an overview of the changes to FRS 102 and other standards.
Exclusive 2023 UK GAAP Accounts
  • Helpsheets and support
  • 09 Aug 2023
  • PDF (318kb)
This factsheet deals primarily with requirements that are mandatory for accounting periods beginning on or after 1 January 2023.
UK GAAP Access to a wide range of online resources on UK GAAP accounting standards.

Insights and articles

New revenue recognition model for FRS 102 and FRS 105
  • Article
  • 28 Mar 2024
The FRC has issued its latest amendments to UK GAAP, introducing a five-step model for revenue recognition and on-balance sheet recognition for most leases by lessees to FRS 102.
ICAEW submits final views on FRED 82
  • Article
  • 02 May 2023
ICAEW is broadly supportive of the draft amendments to UK GAAP standards set out in FRED 82, but raises issues that the Financial Reporting Council (FRC) should consider before finalising changes to FRS 102 and other FRSs.
Exclusive Small businesses beware – FRS 102 changes may require additional disclosures
  • Article
  • 03 Apr 2023
Simon Kettlewell explains how proposed changes to FRS 102 are likely to affect the millions of UK small businesses that take advantage of the reduced disclosures set out in Section 1A of the standard.

UK GAAP changes: prepare for implementation

Join the Corporate Reporting Faculty on 12 June 2024 to hear a summary of key changes to FRS 102 and FRS 105, following the FRC's publication of revised UK and Ireland accounting standards. Gain insight from experts in practice on how to prepare for new revenue and lease accounting requirements. Attend virtually, or in person.
Book here
Networking events

ICAEW's views

ICAEW REP 030-23 FRED 82 Draft amendments to FRS 102 and other FRSs
  • Representation
  • 27 Apr 2023
  • PDF (332kb)
A representation dated 27 April 2023 to a consultation published by the Financial Reporting Council on 15 December 2023.
ICAEW submits views on the upcoming periodic review of FRS 102
  • Article
  • 15 Nov 2021
ICAEW responds to the FRC’s request for views to inform the periodic review of FRS 102.
ICAEW REP 108/21 FRC request for views to inform the periodic review of FRS 102
  • Representation
  • 12 Nov 2021
  • PDF (232kb)
A response dated 12 November 2021 to a consultation published by the FRC in March 2021.

Corporate reporting content

An illustration of a compass
Financial reporting

A range of practical resources on UK GAAP, IFRS and UK regulations.

View hub
An illustration of an anchor
Non-financial reporting

Overviews of reporting requirements, plus a range of resources and guidance.

View hub
An illustration of a lighthouse with its light on
Join the faculty

Stay ahead of the latest developments in corporate reporting. Open to all. Charges apply for non-ICAEW members.

Join now