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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.
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UK GAAP changes: prepare for implementation

Watch experts in practice and speakers from the Financial Reporting Council discuss the key changes to FRS 102 and FRS 105 at the Corporate Reporting Faculty’s recent event. Plus tips on how to prepare for new revenue and lease accounting requirements.
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Exclusive
Article

Periodic Review 2024: what’s new for preparers

The Periodic Review 2024 amendments are the most significant changes to UK GAAP since the introduction of FRS 102 and FRS 105. As preparers start to familiarise themselves with the amendments, the FRC’s Stephen Maloney highlights how stakeholder feedback helped shape the key changes.
Read more
Resources

FRS 102 Periodic Review 2024 Amendments

This factsheet provides an overview of amendments to FRS 102 introduced by the Periodic Review 2024. It offers practical tips and guidance to help entities prepare for the changes.
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Exclusive
Article

Five-step revenue recognition model: what you need to know

The Financial Reporting Council has issued its latest round of periodic review amendments to UK GAAP. Among the changes is the introduction of a comprehensive five-step model for revenue recognition. Georgina Chalk looks at the five steps in closer detail.
Read more
Exclusive
Article

Bringing leases on balance sheet: what you need to know

As part of the Periodic Review 2024, the Financial Reporting Council has issued major amendments to Section 20 Leases of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The amendments will see lessees capture most leases on their balance sheet. Fahad Asgar looks at some of the detail.
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Periodic Review 2024 amendments

UK and Ireland accounting standards are subject to periodic reviews that take place at least every five years. The Financial Reporting Council (FRC) sought feedback on its draft amendments published in Financial Reporting Exposure Draft (FRED) 82 and issued finalised 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.
FRC publishes September 2024 editions of accounting standards
  • Link
  • 08 Oct 2024
The FRC has issued new editions of UK and Ireland financial reporting standards that encompasses all amendments issued to date, including the Periodic Review 2024 amendments.
FRC issues an updated suite of FRS 102 factsheets
  • Link
  • 02 Dec 2024
In November 2024, the FRC issued an updated suite of FRS 102 factsheets, principally to reflect the changes made to FRS 102 by Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024.

ICAEW resources

Exclusive FRS 102 Periodic Review 2024 Amendments
  • Helpsheets and support
  • 07 Mar 2025
  • PDF (541kb)
This factsheet provides an overview of amendments to FRS 102 introduced by the Periodic Review 2024. It offers practical tips and guidance to help entities prepare for the changes.
Exclusive UK GAAP changes: prepare for implementation
  • Webinar
  • 07 Oct 2024
Watch experts in practice and speakers from the Financial Reporting Council discuss the key changes to FRS 102 and FRS 105 at the Corporate Reporting Faculty’s recent event. Plus tips on how to prepare for new revenue and lease accounting requirements.
Exclusive UK GAAP update 2024
  • Webinar
  • 04 Jul 2024
This webinar covers current topical issues and the latest developments in UK GAAP, focusing on matters relevant to the preparation of accounts for 2024 year-ends.
Exclusive Small and micro entities: topical reporting issues
  • Webinar
  • 22 Jul 2024
Specifically aimed at the preparation of accounts under Section 1A Small Entities of FRS 102, and FRS 105, this webinar covers topical reporting issues relevant to late 2023 and early 2024 year-ends.
Explore helpsheets
ICAEW’s Technical Advisory Services helpsheets on implementation of the changes to FRS 102 reflect the practical guidance, frequently asked questions and highlight important issues for members to consider.
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.

Insights and articles

Regulation: FRS 102
  • Article
  • 12 Nov 2024
Amendments to financial reporting standard FRS 102 will change how revenue is recognised and leases are accounted for. Grant Thornton’s Patrick O’Brien and Pinkesh Patel explain the impact on M&A valuations.
Exclusive Periodic Review 2024: what’s new for preparers
  • Article
  • 06 Sep 2024
The Periodic Review 2024 amendments are the most significant changes to UK GAAP since the introduction of FRS 102 and FRS 105. As preparers start to familiarise themselves with the amendments, the FRC’s Stephen Maloney highlights how stakeholder feedback helped shape the key changes.
Exclusive Bringing leases on balance sheet: what you need to know
  • Article
  • 03 Jul 2024
As part of the Periodic Review 2024, the Financial Reporting Council has issued major amendments to Section 20 Leases of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The amendments will see lessees capture most leases on their balance sheet. Fahad Asgar looks at some of the detail.
Exclusive Five-step revenue recognition model: what you need to know
  • Article
  • 03 Jul 2024
The Financial Reporting Council has issued its latest round of periodic review amendments to UK GAAP. Among the changes is the introduction of a comprehensive five-step model for revenue recognition. Georgina Chalk looks at the five steps in closer detail.

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.

UK GAAP hub

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