The FRC’s new editions of UK and Ireland financial reporting standards include amendments resulting from the Periodic Review 2024, Irish company law changes relating to company size thresholds, and a range of other amendments issued since May 2022.

Amendments introduced to FRS 102 and FRS 101 in relation to implementation of the OECD’s Pillar Two model rules are also included in the update, as well as  amendments to the basis for conclusions of FRS 101 following the 2021/22 and 2022/23 annual reviews.

The various amendments included in the September 2024 editions of the UK GAAP standards have different effective dates and so the standards include some requirements which are not yet mandatory.

Get ready for implementation

ICAEW’s Corporate Reporting Faculty offers a range of resources to support preparers’ implementation of the new standards.

Members can hear about the Periodic Review amendments from the FRC and experts in practice at the UK GAAP changes: prepare for implementation event taking place on 7 October. The event will include a summary of the key changes to the standards, with a focus on the practical implementation of new accounting requirements for leases and revenue.

Recordings of recent webinars on UK GAAP accounting can be found on the faculty’s events page. These include the UK GAAP update 2024 and Small and micro entities: topical reporting issues.

The new 2024 UK GAAP Accounts factsheet provides a summary of recent changes, including new disclosure requirements for supplier finance arrangements, and clarifies which amendments apply for which accounting period.

Additionally, the periodic review hub contains a range of information and guidance on the new standards. This includes answers to frequently asked questions about the periodic review, plus links to articles on new lease accounting and revenue recognition models from the faculty’s online magazine, By All Accounts.

Stay up to date

As the effective date for implementation of the periodic review amendments approaches, the Corporate Reporting Faculty will be launching further resources, including a factsheet on the periodic review amendments and webinars on specific topics.

ICAEW members can join the faculty to receive notifications of the latest faculty resources as they become available, plus opportunities to join exclusive events and networking opportunities, at no extra cost. Corporate Reporting Faculty membership is available to non-ICAEW members at a charge. To find out more visit icaew.com/joincrf.