FRC issues revised editions of UK and Ireland accounting standards
We highlight what you need to know about the Financial Reporting Council’s (FRC) revised editions of UK and Ireland financial reporting standards.
These editions encompass all of the amendments issued to date, including the Periodic review 2024 amendments. For further details on the key changes following the Periodic review 2024, the FRC previously produced a summary podcast, webinar recording and overview document for stakeholders.
The documents issued as part of this update are:
- Overview of the financial reporting framework
- FRS 100 'Application of financial reporting requirements'
- FRS 101 'Reduced disclosure framework'
- FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'
- FRS 103 'Insurance contracts'
- Implementation guidance to accompany FRS 103 'Insurance contracts'
- FRS 104 'Interim reporting'
- FRS 105 'The Financial Reporting Standard applicable to the micro-entities regime'
The revised edition of the 'Overview of the financial reporting framework' reflects developments in accounting standards, legislation and regulation. The 'Foreword to accounting standards' is unchanged.
The editions issued in September 2024 incorporate the following amendments made since the last editions were issued:
- Amendments to basis for conclusions FRS 101 'Reduced disclosure framework' – 2021/22 cycle issued in May 2022.
- Amendments to basis for conclusions FRS 101 'Reduced disclosure framework' – 2022/23 cycle issued in May 2023.
- Amendments to FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and FRS 101 'Reduced disclosure framework' – International tax reform – Pillar Two model rules issued in July 2023.
- Amendments to FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and other FRSs – Periodic review 2024 issued in March 2024.
- Amendments to FRS 101 'Reduced disclosure framework' – 2023/24 cycle issued in August 2024.
- 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' – Irish company size thresholds, which reflect changes in Irish company law and were issued in August 2024.
- Editorial corrections.
Some previously issued amendments aren't mandatory until future reporting periods. Earlier editions, and separate details of each amendment, continue to be available on the FRC’s website. Editorial corrections aren't intended to change requirements but may improve readability or update external references.
In addition to the September 2024 editions of UK and Ireland accounting standards, the FRC will also be publishing updated staff factsheets to support preparers implementing the Periodic review amendments.
For more information on this topic, listen to our webinar with the FRC, ‘Periodic review amendments to UK GAAP: What do these mean for me?’.
