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ARTICLE · 13 APRIL 2023

FRS102 – 2nd Triennial Review

Hillier Hopkins
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The Financial Reporting Council (FRC) published a Financial Reporting Exposure Draft (FRED 82) on 15 December 2022, which proposes a number of changes to FRS 102...

United KingdomFinance and Banking
Gary Wong
Gary Wong

The Financial Reporting Council (FRC) published a Financial Reporting Exposure Draft (FRED 82) on 15 December 2022, which proposes a number of changes to FRS 102, following the second periodic review of the regulation and other financial reporting standards.

Summary of potential changes

These proposals include:

  • a new model of revenue recognition (for FRS 102 and FRS 105)
  • a new model of lease accounting (for FRS 102 only)
  • various other incremental improvements and clarifications.

The aim of this second periodic review was to produce amendments to FRS 102 to better align the Standard to IFRS, incorporating the IASB's latest proposed changes to the international financial reporting requirements. Indeed, for those who already prepare their financial statements under IFRS, the above changes will already be familiar to them.

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