12 October 2023 
Joni Rhodes, BUFDG Project Manager
The Financial Reporting Council (FRC) has published an update on its periodic review of Statement of Recommended Practice (SORP) FRS 102.
FRED 82 was published in December 2022 and open for public comment until 30 April 2023. Proposed amendments to FRS 102 affected revenue recognition, lease accounting, and a number of other incremental improvements and clarifications.
The final amendment to FRS 102 was expected in late 2023, with a 1 January 2025 effective from date.
The FRC have advised that they now expect to issue the final amendments to FRS 102 (and other FRSs) in the first half of 2024, with an effective date not before 1 January 2026.
For most this will result in adoption for the 2026/27 financial year.
For more information visit the FRC website.
