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Proposed changes to FRS 102

In what some may see as an early Christmas present (!), on 15 December the FRC published FRED 82 “Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review“.

A number of changes to FRS 102 are proposed, the most significant of which are a new revenue recognition model (akin to that seen in IFRS 15) and a new lease accounting model (akin to IFRS 16).  The changes are proposed to be effective for accounting periods commencing on or after 1 January 2025.

Full details of the changes  (which runs to 352 pages!), an “At a glance” document and the Impact Assessment Q&A can be found on the FRC’s website here: https://www.frc.org.uk/consultation-list/2022/fred-82

We will be reviewing the content in the New Year and will update firms as necessary.

Happy reading! 

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