Periodic review of FRS 102


In March 2021 the Financial Reporting Council (FRC) issued a request for views to inform its periodic review of FRS 102 (and other UK and Ireland accounting standards). The last periodic review of the standard was in December 2017 as part of the triennial review of the standard.

Part of the process involves seeking views from stakeholders on those areas that might be considered as part of the review.  In addition to stakeholder feedback the review will consider recent developments in financial reporting (such as changes in IFRS) and relevant developments in the wider reporting framework.  Any changes to accounting standards that are proposed as a result of the periodic review will be subject to public consultation at a later date, not expected to be before 2022.  The effective date for any amendments is currently expected to be 1 January 2024. 

Comments closed on 31 October 2021.  An update on the status of the review was provided in April 2022.

Status of the project

In December 2022 the FRC issued Financial Reporting Exposure Draft (FRED) 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review which proposes changes to FRS 102 and other UK and Republic of Ireland financial reporting standards as a result of the second triennial review of the standard.  The proposed effective date of the amendments is accounting periods beginning on or after 1 January 2025 with early application permitted provided all amendments are applied at the same time.  Transitional provisions are also proposed. 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.