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Periodic review of UK GAAP

The Financial Reporting Council (FRC) has issued the 2024 periodic review amendments to UK GAAP, with an effective date for most changes of accounting periods beginning on or after 1 January 2026. Find out more about the proposed changes and how entities might be affected.
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Insights

New revenue recognition model for FRS 102 and FRS 105

The FRC has issued its latest amendments to UK GAAP, introducing a five-step model for revenue recognition and on-balance sheet recognition for most leases by lessees to FRS 102.
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Insights

ICAEW submits final views on FRED 82

ICAEW is broadly supportive of the draft amendments to UK GAAP standards set out in FRED 82, but raises issues that the Financial Reporting Council (FRC) should consider before finalising changes to FRS 102 and other FRSs.
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Webinar

UK GAAP: periodic review proposals

This webinar provides an overview of the FRC’s draft amendments to UK GAAP, with a focus on the proposed revisions to lease accounting and revenue recognition. It also explores the merits of the proposals and their practical implications for UK GAAP reporters.
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Resources

Periodic review of UK GAAP – FAQs

The Financial Reporting Faculty explains the purpose of the FRC’s periodic review of UK GAAP and provides an overview of the proposed changes to FRS 102 and other standards.
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FRC consultation

UK and Ireland accounting standards are subject to periodic reviews that take place at least every five years. The FRC has progressed its latest review and is seeking feedback on its draft amendments published in Financial Reporting Exposure Draft (FRED) 82. 
Periodic review of UK and Ireland accounting standards – project update
  • Website
  • 29 Sep 2023
In its project update, the FRC sets out that finalised amendments to FRS 102 and other standards are expected to be issued in H1 2024, with an effective date not before 1 January 2026.
FRC periodic review
  • Website
  • 15 Dec 2022
Draft amendments to FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland, and other financial reporting standards, published on 15 December 2022 as part of the periodic review.
FRC podcast
  • Website
  • 15 Dec 2022
FRC podast on the publication of FRED 82 and proposed amendments, with a public consultation on the periodic review open until 30 April 2023.

Insights and articles

By All Accounts
  • Hub page
  • 06 Apr 2023
A collection of topical articles and opinion pieces from the Corporate Reporting Faculty, including on the proposed amendments to UK GAAP.
FRED 82: ICAEW’s initial views
  • Article
  • 04 Apr 2023
ICAEW is broadly supportive of the Financial Reporting Council’s (FRC) draft amendments to UK GAAP but highlights areas that need further consideration, including the approach to lease accounting requirements and the proposed effective date.
FRC seeks views on periodic review of UK GAAP
  • Article
  • 15 Dec 2022
The Financial Reporting Council (FRC) has published draft amendments to UK GAAP standards for comment. The consultation is open until the end of April 2023.

Insights podcast

This podcast from 6 April 2023 discusses the responsible use of generative artificial intelligence tools such as ChatGPT; the impact of rising corporation tax and changing R&D credits; and how to get involved in the FRED 82 consultation on UK GAAP.
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2021 Request for views

ICAEW submits views on the upcoming periodic review of FRS 102
  • Article
  • 15 Nov 2021
ICAEW responds to the FRC’s request for views to inform the periodic review of FRS 102.
ICAEW REP 108/21 FRC request for views to inform the periodic review of FRS 102
  • Representation
  • 12 Nov 2021
  • PDF (232kb)
A response dated 12 November 2021 to a consultation published by FRC in March 2021.
FRC seeks views on FRS 102 review
  • Article
  • 15 Apr 2021
The Financial Reporting Council is seeking views from ICAEW members as part of a new periodic review of FRS 102.

Helpsheets and resources

Exclusive UK GAAP: periodic review proposals
  • Webinar
  • 25 Jan 2023
This webinar provides an overview of the FRC’s draft amendments to UK GAAP with a focus on the proposed revisions to lease accounting and revenue recognition. It also explores the merits of the proposals and their practical implications for UK GAAP reporters.
Periodic review of UK GAAP – FAQs
  • Helpsheets and support
  • 23 Jan 2023
The Financial Reporting Faculty explains the purpose of the FRC’s periodic review of UK GAAP and provides an overview of the proposed changes to FRS 102 and other standards.
Exclusive 2022 UK GAAP Accounts
  • Helpsheets and support
  • 09 Aug 2023
  • PDF (327kb)
This updated factsheet highlights new and modified requirements and includes practical tips on the implications of the changes.
UK GAAP Access to a wide range of online resources on UK GAAP accounting standards.

Corporate reporting content

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Financial reporting

A range of practical resources on UK GAAP, IFRS and UK regulations.

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Non-financial reporting

Overviews of reporting requirements, plus a range of resources and guidance.

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