FRC publishes full text of revised Financial Reporting Standards
The FRC published the full text of FRS 102 and FRS 105 in September 2024
FRC publishes full text of revised Financial Reporting Standards
In March this year the Financial Reporting Council (FRC) published its revisions to Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and FRS 105 ‘The Financial Reporting Standard applicable to the Micro‑entities Regime’. In September. it published the full text of these standards.
These can be viewed at: FRS 102; and FRS 105.
Both of these standards become effective for accounting periods commencing on or after 1 January 2026, with the exception of the supplier finance provisions which take effect a year earlier i.e. for accounting periods commencing on or after 1 January 2025. We held a webinar in September at which the FRC’s Jenny Carter and Stephen Maloney spoke about how the periodic review amendments to UK GAAP will impact the financial statements of unlisted UK entities, including micro-entities.
The webinar can be viewed at: UK GAAP Periodic Review Revisions.
In addition to the FRS 102 and FRS 105, the FRC also published the following revised documents in September which reflect amendments issued to date:
Overview of the financial reporting framework
- FRS 100 Application of Financial Reporting Requirements
- FRS 101 Reduced Disclosure Framework
- FRS 103 Insurance Contracts
- Implementation Guidance to accompany FRS 103 Insurance Contracts’
- FRS 104 Interim Reporting
The latest documents are available on the FRC website’s accounting standards page.
