2021

UKEB publishes its draft comment letter on the IASB’s RFI on its Post-implementation Review of IFRS 9

20 Dec, 2021

The UK Endorsement Board (UKEB) has published its draft comment letter in response to the International Accounting Standard Board’s (IASB's) Request for Information (RFI) on its Post-implementation Review of IFRS 9 'Financial Instruments - Classification and Measurement'.

In September 2021, the IASB issued a RFI seeking comments from stakeholders to identify whether the classification and measurement requirements in IFRS 9 Financial Instruments provide information that is useful to users of financial statements; whether there are requirements that are difficult to implement and may prevent the consistent implementation of the standard; and whether unexpected costs have arisen in connection with applying or enforcing the standard.

In its draft comment letter, the UKEB:

  • observes that the IFRS 9 classification and measurement requirements generally work as intended and represent an improvement to the previous rule-based requirements in IAS 39 Financial Instruments: Recognition and Measurement.
  • Focuses on three areas where it considers improvement and potentially standard-setting activity are required.  Two of the areas relate to the application of the contractual cash flow characteristics assessment for financial assets (financial instruments with sustainability-linked features and contractually linked instruments and non-recourse finance), while another relates to the effective interest rate methodology.
  • suggests that the IASB addresses the issue considered in the recent IFRS Interpretations Committee tentative agenda decision Cash Received via Electronic Transfer as Settlement for a Financial asset as part of this Post-implementation Review.

Comments on the draft comment letter are requested by 10 January 2022.

The press release, the draft comment letter and the invitation to comment are available on the UKEB website.

UKEB publishes its draft comment letter on the IASB’s proposed reduced disclosure IFRS

19 Dec, 2021

The UK Endorsement Board (UKEB) has published its draft comment letter in response to the International Accounting Standard Board’s (IASB's) Exposure Draft ED/2021/7 'Subsidiaries without Public Accountability: Disclosures'.

In July 2021, the IASB published the Exposure Draft Subsidiaries without Public Accountability: Disclosures that introduced proposals which would allow eligible subsidiaries that are small and medium-sized entities (SMEs) to apply International Financial Reporting Standards (IFRSs) but with reduced disclosure requirements.

In its draft comment letter, the UKEB:

  • supports the IASB’s efforts to develop an IFRS Standard that would permit eligible subsidiaries to apply recognition and measurement requirements in IFRS, but with a reduced set of disclosure requirements.
  • whilst broadly agreeing with the scope of the proposals, recommends that the IASB extends the scope so that an ultimate parent of a group, that does not itself have public accountability, may also take advantage of the reduced-disclosure framework when preparing its individual financial statements.
  • suggests that the IASB reviews its ‘bottom-up approach’ and considers aligning it more closely with the ‘top-down approach’ that the UK experience has demonstrated as being cost effective for preparers and which provides decision-useful information for users. 
  • identifies that further reductions in disclosure requirements could be made with respect to IFRS 7 Financial Instruments: Disclosures and IFRS 13 Fair Value Measurement.
  • indicates that it expects the ED to be attractive to UK groups with overseas subsidiaries, where the group prepares consolidated financial statements in accordance with IFRS but that UK groups with only UK subsidiaries are likely to continue to apply FRS 101 Reduced Disclosure Framework.

Comments on the draft comment letter are requested by 31 January 2022.

The press release, the draft comment letter and the invitation to comment are available on the UKEB website.

FCA confirms final rules and guidance for climate-related financial disclosures for listed companies and certain regulated firms

19 Dec, 2021

The Financial Conduct Authority (FCA) has published new climate-related disclosure rules for listed companies and certain regulated firms.

The new rules, which were consulted on in June 2021, follow the introduction of climate-related disclosure rules for most prominent listed commercial companies in December 2020 and are aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

The FCA, in Policy Statement (PS) 21/23, is extending the application of its climate-related disclosure requirements for commercial companies with a UK premium listing to issuers of standard listed shares and Global Depositary Receipts representing equity shares (excluding standard-listed investment entities and shell companies).  Under the new rule, LR 14.3.27R, which will apply for accounting periods beginning on or after 1 January 2022, in scope companies will need to include a statement in their annual financial report setting out:

  • whether they have made disclosures consistent with the TCFD’s recommendations and recommended disclosures in their annual financial report.
  • where they have not made disclosures consistent with some or all of the TCFD’s recommendations and/or recommended disclosures, an explanation of why, and a description of any steps they are taking or plan to take to be able to make consistent disclosures in the future and the timeframe within which they expect to be able to make those disclosures.
  • where they have included some, or all, of their disclosures against the TCFD’s recommendations and/or recommended disclosures in a document other than their annual financial report, an explanation of why.
  • where in their annual financial report (or other relevant document) the various disclosures can be found.

The FCA is also including guidance provisions to support in-scope companies in making their disclosures, as set out in LR 14.3.28G to LR 14.3.31G. These are aligned with guidance provisions LR 9.8.6BG – LR 9.8.6EG for premium listed commercial companies. 

Following its publication in October 2021, the FCA are incorporating references to the TCFD’s new guidance on metrics, targets and transition plans and updated implementation annex in both its existing and new guidance provisions – for both premium and standard listed issuers in scope of its rules.  The changes to the guidance provisions relating to the existing disclosure rule for premium listed commercial companies (LR 9.8.6R(8)) to reference the TCFD’s updated and new guidance materials will apply for accounting periods beginning on or after 1 January 2022. As a result, they will not apply for disclosures made in 2022 for premium listed commercial companies’ current reporting periods (though the FCA has stated that these can be voluntarily adopted sooner.

In PS21/24, the FCA confirms that it is introducing a new ESG Sourcebook to its Handbook containing rules and guidance for asset managers, Life insurers and FCA-regulated pension providers to make disclosures consistent with the TCFD's recommendations.  In scope companies will need to make disclosures on an annual basis at:

  • Entity-level: an annual TCFD entity report published in a prominent place on the main website of the company's business setting out how they take climate-related matters into account in managing or administering investments on behalf of clients and consumers
  • Product-level: disclosures (including a core set of climate-related metrics) on the company's products and portfolios made publicly in a prominent place on the main website of the company's business and included or cross-referenced in an appropriate client communication, or made upon request to certain eligible institutional clients.

The guidance, which accompanies the new rules, is intended to help companies determine whether their disclosures are consistent with the TCFD’s recommendations and recommended disclosures, and/or the FCA's requirements.  The new rules will apply from 1 January 2022 for the largest in-scope companies and one year later for smaller firms above the £5 billion exemption threshold.  

Click for (all links to FCA website):

CCAB issues revised SORP for Limited Liability Partnerships

19 Dec, 2021

The Consultative Committee of Accountancy Bodies (CCAB) has published a revised Statement of Recommended Practice (SORP) which sets out a framework for accounting by Limited Liability Partnerships (LLPs) (“LLP SORP”).

The Financial Reporting Council (FRC) has approved the CCAB as the recognised SORP-making body for issuing a recognised SORP for LLPs incorporated in Great Britain under the Limited Liability Partnerships Act 2000. The members of the CCAB are; The Institute of Chartered Accountants in England and Wales (ICAEW), The Institute of Chartered Accountants of Scotland (ICAS), The Institute of Chartered Accountants in Ireland (ICAI), The Association of Chartered Certified Accountants (ACCA) and The Chartered Institute of Public Finance and Accountancy (CIPFA).  

SORPS issued by CCAB apply to LLPs preparing accounts under UK GAAP to present a ‘true and fair view’.  CCAB has stated that “the underlying purpose of the SORP is to deal with issues that are specific to LLPs and ensure that, as far as possible, LLPs present financial statements that are comparable with those of other entities”. 

Updates have been made to the LLP SORP for:  

  • Changes to the definitions included in the SORP relating to divisions of profit with further consequential amendments throughout the SORP to ensure consistency of terminology.
  • Additional guidance to help determine when an LLP has an unconditional right to avoid delivering cash or other assets to members.
  • Changes to the ordering of the SORP to ensure that the guidance on the division of profits is presented together, reduce duplication, and improve the overall flow of the document.
  • Additional guidance which sets out the basis for alternative classifications of cash flows relating to profit distributions.
  • A requirement for LLPs to disclose their accounting policy for classifying distributions of profits in the cash flow statement and that cash flows be classified consistently from period to period.

The updated SORP is effective for periods commencing on or after 1 January 2022 with early adoption permitted.

Click for (all links to CCAB website):

HM Treasury issues new financial reporting manual (FReM)

18 Dec, 2021

HM Treasury has issued a revised version of the government financial reporting manual (FReM) 2022-23.

The Government Financial Reporting Manual (FReM) is the technical accounting guide to the preparation of financial statements. It complements guidance on the handling of public funds published separately by the relevant authorities in England and Wales, Scotland and Northern Ireland. The FReM is prepared following consultation with the Financial Reporting Advisory Board (FRAB) and is issued by the relevant authorities who are:

  • HM Treasury
  • the Welsh Government
  • the Scottish Government
  • the Executive Committee of the Northern Ireland Assembly
  • the Department of Health and Social Care
  • CIPFA/LASAAC

The FReM applies directly to all entities, and to funds, flows of income and expenditure and any other accounts that are prepared on an accruals basis and consolidated within Whole of Government Accounts (with the exception of the accounts of any reportable activities that are not covered by an Accounts Direction). It does not apply to Local Government, those Public Corporations that are not Trading Funds, and NHS Trusts, NHS Foundation Trusts and Clinical Commissioning Groups.

The FReM is separated into five sections:

  • Part A: Purposes, principles and best practice
  • Part B: Form and content of government annual reports and accounts
  • Part C: Application of accounting standards for government annual reports and accounts
  • Part D: Further guidance for government annual reports and accounts
  • Part E: Additional guidance

Changes made to the FReM include changes in guidance for the adoption of IFRS 16 Leases in the public sector.

The latest version of the FReM is available on the HM Treasury website.

Updated IASB work plan — Analysis (December 2021)

17 Dec, 2021

Following the IASB's December 2021 meeting, we have analysed the IASB work plan to see what changes have resulted from the meetings and other developments since the work plan was last revised in November 2021.

Below is an analysis of all changes made to the work plan since our last analysis on 23 November 2021.

Stan­dard-set­ting projects

  • Rate-reg­u­lated ac­tiv­i­ties  Project is now in the IFRS Standard phase, no expected timeline is given.

Main­te­nance projects

  • Availability of a Refund (Amendments to IFRIC 14) — Decision on the direction of the project is expected in February 2022.
  • Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17) — Removed from work plan since the issuance of final amendments.
  • Lease Liability in a Sale and Leaseback — Project is now in the IFRS amendment phase, no expected timeline is given.
  • Supplier Finance Arrangements — Feedback on the exposure draft is expected in H1 2022.

Research projects

  • Business Combinations under Common Control — Discussion on feedback from discussion paper is now expected in January 2022 (pre­vi­ously December 2021).
  • Dynamic Risk Management — Decision of the direction of the project is expected in Q2 2022 (previously Q1 2022).
  • Goodwill and Impairment — Decision of the direction of the project is expected in H2 2022 (previously Q2 2022).
  • Pension Benefits that Depend on Asset Returns — Project summary is now expected in Q2 2022 (previously H1 2022).

Other projects

  • IFRS Taxonomy Update — 2021 Tech­nol­ogy Update Feedback on proposed update is expected in Q1 2022.
  • IFRS Taxonomy Update — Amendments to IAS 1, IAS 8 and IFRS Practice Statement 2 — IFRS Taxonomy Update is now expected in February 2022 (previously December 2021).
  • IFRS Taxonomy Update — Initial Application of IFRS 17 and IFRS 9 — Comparative Information — Feedback on proposed update is expected in February 2022.
  • Third Agenda Consultation — Feedback statement is expected in H2 2022.

The above is a faithful com­par­i­son of the IASB work plan at 23 November 2021 and 17 December 2021. For access to the current IASB work plan at any time, please click here.

Results of EFRAG field tests on IASB’s project on disclosure requirements in IFRSs

17 Dec, 2021

Over the past few months, EFRAG, in coordination with the IASB, has conducted field tests on the IASB’s Exposure Draft ED/2021/3 ‘Disclosure Requirements in IFRS Standards — A Pilot Approach’.

The objectives of the field testing, which involved a total of 22 preparers, were to:

  • understand the possible impact in practice, including benefits; 
  • identify potential implementation and application concerns; 
  • estimate the cost and effort required to implement and apply the proposals on a recurring basis; and
  • determine whether there is a need for additional guidance.

EFRAG has now published a report outlining the results of this field testing.

Report on the autumn 2021 IFASS meeting

17 Dec, 2021

A report has been issued summarising the discussions at the meeting of the International Forum of Accounting Standard Setters (IFASS) held by remote participation on 29 and 30 September 2021.

As reported earlier, among the topics discussed at the meeting were the NZ climate reporting standard and intangibles. In addition, Andreas Barckow delivered his first mesage to IFASS members in his new role as IASB Chair.

The full list of topics discussed at the meeting was:

  • Message from IASB Chair and responses to questions from IFASS members
  • Climate reporting
    • Presentation by New Zealand
  • Regulatory assets and regulatory liabilities
    • Presentations by Canada, EFRAG, Hong Kong, India, and Norway
  • IPSASB – Project update
  • International financial reporting for non-profit organisations – IFR4NPO project update
  • Presentations of research
    • Equity method of accounting (Japan)
    • Accounting estimation and estimates (Korea)
  • Issues surrounding separate financial statements
    • Presentations by Brazil, India, Italy, and Korea
  • Intangibles
    • Presentation of EFRAG discussion paper and research undertaken by Australia

The next meeting is to be held on 7-8 March 2022; it will also be held by remote participation.

Please click for the full report from the meeting.

Closing Out 2021

16 Dec, 2021

Welcome to our one-stop guide covering the issues relevant to the preparation of December 2021 annual reports.

Uncertainty continues to be a significant factor in industries and economies around the world, whether generated by the effects of climate change, the ongoing COVID-19 pandemic, or other factors. This uncertainty can affect corporate reporting in a number of ways, generating focus from investors and regulatory scrutiny from the Financial Reporting Council (FRC), and influencing developments in reporting requirements. The FRC’s Annual Review of Corporate Reporting 2020/21 and ESMA’s Common Enforcement Priorities provide guidance on appropriate reporting and meeting investor expectations and highlight areas of regulatory scrutiny that reporters of all sizes should focus on in the coming reporting season. 

The FRC notes improvements in the reporting of the effects of climate change, but highlights that there is still significant scope for enhanced disclosure.  For periods commencing on or after 1 January 2021, premium-listed commercial companies are required by the Listing Rules to include a statement in their annual financial report which sets out whether their disclosures are consistent with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, and to explain if they are not. The FRC, ESMA and the Financial Conduct Authority have all stated that they will be reviewing compliance with this new requirement in the 2021/22 reporting season.  Going forwards these requirements will be extended to include standard listed companies, asset managers, life insurers and FCA-regulated pension providers for periods commencing on or after 1 January 2022.

The FRC continues to raise queries relating to regular focus areas, in particular the use of ‘non-GAAP’, or alternative performance measures (APMs), disclosures about judgements and estimates, and the statement of cash flows.  There also continues to be focus on more recent IFRS Standards, with queries raised around the application of IFRS 15 Revenue from Contracts with Customers, IFRS 16 Leases, and IFRS 9 Financial Instruments.  Companies’ narrative reporting disclosures can also expect to be challenged with improvements expected in Streamlined Energy and Carbon Reporting (SECR) and Section 172 reporting.   Additionally whilst corporate reporting in the face of the ongoing effects of the COVID-19 pandemic has not declined, both the FRC and ESMA stress the need for continued high quality reporting with a focus on the disclosure of judgements and estimation uncertainties particularly regarding matters such as going concern, liquidity and impairment of assets.

This year sees the introduction of the requirement for UK entities listed on the Main Market to prepare their annual financial reports in compliance with the European Single Electronic Format (ESEF). This requirement, effective for periods commencing on or after 1 January 2021, has been introduced by the FCA in order to facilitate accessibility, analysis and comparability of annual financial reports and involves preparing the annual report in an XHTML web browser format.

Turning to the financial statements, amendments to both UK GAAP and IFRS Standards have been relatively minor. However, for those entities with financial instruments, the ‘phase 2’ amendments as a result of IBOR reform to both UK GAAP and IFRS Standards are likely to be significant. Additionally, lessees and lessors that have received temporary rent concessions as a direct consequence of COVID-19 should consider the extension to the reliefs offered under both frameworks.

Looking forwards to 2022, the FRC has confirmed its areas of focus, with thematic reviews planned for TCFD and climate-related reporting, business combinations, earnings per share, deferred taxes, discount rates, and judgements and estimates.

Our Closing Out 2021 publication covers all these topics and more, providing an invaluable guide to the issues affecting today’s corporate reporting landscape.

UK GAAP application for reporting periods ending 31 December 2021

16 Dec, 2021

The table below reflects new and revised UK GAAP financial reporting requirements that need to be considered for financial reporting periods ending on 31 December 2021.

Amendments have been made to FRS 102 in relation to phase 2 of the interest rate benchmark reform and also in relation to accounting for temporary rent concessions for operating leases occurring as a direct consequence of the COVID-19 pandemic extending beyond 30 June 2021 (for which an amendment was also made to FRS 105). Amendments to FRS 101, FRS 102, FRS 104 and FRS 105 have also been made to reflect changes in company law following the UK's exit from the European Union and to FRS 101 as a result of the 2020/21 annual review of the standard.

The table below reflects new and revised UK GAAP financial reporting requirements that need to be considered for financial reporting periods ending on 31 December 2021. For those reporters who want to understand new UK GAAP application for earlier periods please select one of the following:

Pronouncement Effective date Application for quarters ending 31 December 2021?
1st qtrs.* 2nd qtrs.** 3rd qtrs.*** Full yrs****
FRS 100
Amendments to FRS 101 - 2018/19 cycle issued The amendments take effect for accounting periods beginning on or after 1 January 2021. If an entity applies the July 2019 amendments to FRS 101 early, these amendments to FRS 100 shall be applied at the same time.

Mandatory (see #)

Mandatory (see #) Mandatory (see #) Mandatory (see #)
Consequential amendments as a result of Amendment to FRS 101 – Effective date of IFRS 17 The amendments take effect for accounting periods beginning on or after 1 January 2023. If an entity applies the July 2019 amendments to FRS 101 early, these amendments to FRS 100 shall be applied at the same time ~ ~ ~ ~
Amendments to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period

The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’.

Mandatory Mandatory Mandatory Mandatory
FRS 101
Amendments to the Basis for Conclusions FRS 101 Reduced Disclosure Framework

No effective date. No amendments to FRS 101 have been made

N/A (see effective date column) N/A (see effective date column) N/A (see effective date column) N/A (see effective date column)
Amendments to FRS 101 - 2018/19 cycle issued

The amendments take effect for accounting periods beginning on or after 1 January 2021. If an entity applies the recognition, measurement and disclosure requirements of IFRS 17 early, the amendments to FRS 101 are applied at the same time.

Mandatory (see #) Mandatory (see #) Mandatory (see #) Mandatory (see #)
Amendments to FRS 101 - 2019/20 cycle issued

Paragraph 8 of FRS 101 notes that the exemptions are available from when the relevant standard is applied. Therefore there is no need to amend the effective date for these amendments, which will be available for financial statements approved after the amendments have been finalised.

Optional Optional Optional Optional
Changes the effective date of an amendment to the definition of a qualifying entity made in July 2019, 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 ~ ~ ~ ~

The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’.

Mandatory Mandatory Mandatory Mandatory

Paragraph 8 of FRS 101 notes that the exemptions are available from when the relevant standard is applied. Therefore there is no need to amend the effective date for these amendments, which will be available for financial statements approved after the amendments have been finalised

% % % %
FRS 102
Amendments to FRS 101 - 2018/19 cycle issued

The amendments take effect for accounting periods beginning on or after 1 January 2021. If an entity applies the July 2019 amendments to FRS 101 early, these amendments to FRS 102 shall be applied at the same time

Mandatory (see #)

Mandatory (see #)

Mandatory (see #)

Mandatory (see #)

Amendments to FRS 101 - 2019/20 cycle issued

Paragraph 8 of FRS 101 notes that the exemptions are available from when the relevant standard is applied. Therefore there is no need to amend the effective date for these amendments, which will be available for financial statements approved after the amendments have been finalised.

Optional

Optional

Optional

Optional

Consequential amendments as a result of Amendment to FRS 101 – Effective date of IFRS 17 The amendments take effect for accounting periods beginning on or after 1 January 2023. If an entity applies the July 2019 amendments to FRS 101 early, these amendments to FRS 102 shall be applied at the same time ~ ~ ~ ~
Amendments to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period

The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’.

Mandatory Mandatory Mandatory Mandatory
‘Amendments to FRS 102 – Interest rate benchmark reform (Phase 2)’.

The amendments are effective for accounting periods beginning on or after 1 January 2021, with early application permitted.

Mandatory

Mandatory

Mandatory Mandatory
Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021

The amendments are effective for accounting periods beginning on or after 1 January 2021, with early application permitted.

Mandatory Mandatory Mandatory Mandatory
FRS 103
Amendments to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’. Mandatory Mandatory Mandatory Mandatory
FRS 104
Amendments to FRS 104 Interim Financial Reporting - Going concern The amendments are effective for interim periods beginning on or after 1 January 2021, with earlier application permitted Mandatory Mandatory Mandatory Mandatory
Amendments to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period

The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’.

Mandatory Mandatory Mandatory Mandatory
FRS 105
Amendments to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period

The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’.

Mandatory

Mandatory

Mandatory

Mandatory

Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021

The amendments are effective for accounting periods beginning on or after 1 January 2021, with early application permitted.

Mandatory

Mandatory

Mandatory

Mandatory

* 1st quarter ending on 31 December 2021 (accounting period began on 1 October 2021).

** 2nd quarter ending 31 December 2021 (accounting period began 1 July 2021).

*** 3rd quarter ending 31 December 2021 (accounting period began 1 April 2021).

**** 4th quarter ending 31 December 2021 (accounting period began 1 January 2021).

# - The amendments to FRS 101 and the consequential amendments to FRS 100 and FRS 102 take effect for accounting periods beginning on or after 1 January 2021. If an entity applies the recognition, measurement and disclosure requirements of IFRS 17 early, the amendments to FRS 101 are applied at the same time.  IFRS 17 has been endorsed for use in the EU, albeit with an optional exemption from applying the annual cohort requirement.  It has not yet endorsed for use in the UK.  If an entity applies the July 2019 amendments to FRS 101 early, the amendments to FRS 100 and FRS 102 are applied at the same time.

~ The amendments to FRS 101 and the consequential amendments to FRS 100 and FRS 102 take effect for accounting periods beginning on or after 1 January 2023. If an entity applies the recognition, measurement and disclosure requirements of IFRS 17 early, the amendments to FRS 101 are applied at the same time. IFRS 17 has been endorsed for use in the EU, albeit with an optional exemption from applying the annual cohort requirement.  It has not yet endorsed for use in the UK.  If an entity applies the July 2019 amendments to FRS 101 early, the amendments to FRS 100 and FRS 102 are applied at the same time.

% - a qualifying entity may take advantage of the exemption introduced by paragraph 8(iA) from when Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) is applied. Similarly, the amendments to paragraph AG1(h) of FRS 101 apply from when Classification of Liabilities as Current or Non-current (Amendments to IAS 1) is applied. These standards are yet to be endorsed for use in either the EU or the UK.

 

 

 

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