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FRS 102 Triennial review 2017 amendments – What are the changes?

Following its Triennial review, the UK’s FRC issued amendments to UK GAAP standards, effective from 1 January 2019. Although many of the amendments aim to clarify rather than change accounting treatments, there are significant changes to some areas. In this FRS 102 Update, written by the Financial Reporting Faculty, we answer some of the frequently asked questions on the changes to the standards. Published June 2018.

1. What are the Triennial review 2017 amendments?

The Triennial review amendments were issued in December 2017 and are primarily changes to FRS 102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland. There are also consequential amendments to the other UK accounting standards, including some significant changes to FRS 105 The Financial Reporting Standard applicable to the Micro-Entities Regime.