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The big three

Some recent amendments to FRS 102 will loom large for preparers and auditors. Jeremy Williams considers three of the most important.

In December 2017, Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland were issued by the Financial Reporting Council (FRC) after it had completed its triennial review 2017.These triennial amendments address several practical problems raised by accounts preparers since the standard was introduced. The amendments run to 194 pages and many changes are either for textual consistency or to comply with revised Irish company law. However, a small number are more substantial in their effects for both preparers and auditors. This article considers three of the most important changes affecting investment property, business combinations and loans.

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