SORP update - FRS 102 released

27 March 2024      Joni Rhodes, BUFDG Project Manager

The FRC has issued amendments to FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs. 

The amendments are designed to enhance the quality of UK financial reporting and were expected in the first half of 2024, and are accompanied by an impact assessment setting out the expected benefits and costs. 

The FRC's release begins the development of the new Statement of Recommended Practice for Further & Higher Education (FEHE SORP). Members of BUFDG's Financial Reporting Group have formed a Technical Working Group, and will be supported by KPMG’s Accounting Advisory Services team to coordinate the development of the new SORP, which will have an effective from date of 1 January 2026 and mean adoption for the 2026/27 financial year for most. Updates will be given throughout the project, and there will be opportunities for BUFDG members to feed into this process including a consultation period in early 2025. If you have any comments or questions at this time, please contact Joni in the first instance.  

More information:

Separately, the FRC has issued a minor update to its Staff Factsheet 8 Climate-related matters.

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