When FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland was issued in March 2013 the FRC indicated that it would be reviewed every three years. The intention of this triennial review process was to provide an opportunity to make improvements to FRS 102. The process involved considering a wide range of potential sources of improvements and clarifications including feedback from stakeholders on implementation issues, areas identified by the FRC for review, developments in financial reporting and changes to IFRSs and IFRICs.

Following this stakeholder feedback, the FRC decided that the initial phase of this first triennial review would focus on incremental improvements and clarifications. This is to allow entities to become more familiar with applying FRS 102 before more fundamental changes to the standard emanating from changes to IFRSs are considered.

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