Which version of the standard?
| Annual period | Effective version of the standard | Notes on amendments and early adoption |
|---|---|---|
| Starts on or after 1 January 2023 | FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (September 2024) |
This edition incorporates the Periodic Review 2024 amendments, which are not mandatory at time of publishing. |
| Starts 1 January 2021 – 31 December 2022 | FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (January 2022) |
Amendments to FRS 101: Reduced Disclosure Framework – 2018/19 Cycle is only relevant to those entities that have contracts within the scope of IFRS 17 Insurance Contracts. It is mandatory for periods starting on or after 1 January 2023 but should be adopted earlier if the Reduced Disclosure Framework 2018/19 amendments to FRS 101 are applied early. Amendments to FRS 102 – Covid-19-related rent concessions beyond 30 June 2021is short-term in nature and only applies to rent concessions that do not extent beyond 30 June 2022. |
Recent amendments
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Amendments to FRS 102 and other FRSs – Periodic Review 2024
Mandatory date: Annual periods beginning on or after 1 January 2026. Earlier application is permitted.
The most significant changes in Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 apply to leases and revenue recognition to align with recent changes to international financial reporting standards. Other incremental improvements and updates have been made to other sections of FRS 102, as well as other FRSs.
Summary
FRS 102 applies to financial statements that are intended to give a true and fair view of a reporting entity’s financial position and profit or loss for a period. It applies not only to companies but also to public benefit and other types of entity.
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ICAEW factsheets and guides
For more factsheets on specific sections of the standard, please see our pages on FRS 102 topics.
Annual factsheets
The Corporate Reporting Faculty's annual UK GAAP factsheets provide a more detailed discussion of recent UK GAAP amendments.
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