On 27 March 2024, the Financial Reporting Council (FRC) issued its final amendments to UK and Ireland accounting standards arising from the periodic review. The amendments primarily affect FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, but there are consequential amendments to other standards in the suite of UK and Ireland GAAP.
The FRC estimates that some 3.4 million businesses will be affected by the changes, which are designed to enhance the quality of financial reporting in the UK and Republic of Ireland.
The new requirements become mandatory for accounting periods commencing on or after 1 January 2026. Early adoption is permissible, provided that all the periodic review amendments are applied at the same time.
