FRC issues new consolidated January 2022 editions of UK and Ireland accounting standards
FRC issues new consolidated versions of Financial Reporting Standards
The Financial Reporting Council (FRC) has issued new consolidated January 2022 editions of UK and Ireland accounting standards. These editions reflect the amendments made to the respective documents since the previous editions were issued in 2018, as well as changes in Irish company law, resulting in a single up‑to‑date reference point for each standard.
In addition, the FRC has issued revised editions of the Foreword to Accounting Standards and Overview of the financial reporting framework that reflect developments in accounting standards, legislation and regulation.
The documents issued are:
- Foreword to Accounting Standards;
- Overview of the financial reporting framework;
- 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 newly issued version of FRS 102 incorporates the following changes made since the last version of FRS 102 was issued in March 2018:
- Amendments to FRS 102 – Multi-employer defined benefit plans (May 2019)
- Amendments to FRS 102 – Interest rate benchmark reform (December 2019)
- Amendments to FRS 102 – COVID-19-related rent concessions (October 2020)
- Amendments to FRS 102 – Interest rate benchmark reform (Phase 2) (December 2020)
- Amendments to FRS 102 – UK Exit from the European Union (December 2020)
- Amendments to FRS 102 – COVID-19-related rent concessions beyond 30 June 2021 (June 2021)
- Applicable amendments made since March 2018 to the Reduced Disclosure Framework.
The newly issued version of FRS 105 incorporates the following changes made since the last version of FRS 105 was issued in March 2018:
- Amendments to FRS 105 – COVID-19-related rent concessions (October 2020)
- Amendments to FRS 105 – UK Exit from the European Union (December 2020)
- Amendments to FRS 105 – COVID-19-related rent concessions beyond 30 June 2021 (June 2021).