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FRS 102 Periodic Review 2024: What is changing
This publication provides a detailed look at the key changes to FRS 102 as a result of the Periodic Review 2024.
On 27 March 2024, the Financial Reporting Council issued ‘Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs — Periodic Review 2024’ (the amendments). The amendments introduce some significant changes to FRS 102, generally to provide closer alignment between FRS 102 and IFRS Accounting Standards (IFRS). The most significant changes have been made to Section 20 Leases and Section 23 Revenue from contracts with customers, to align those requirements more closely to IFRS 15 and IFRS 16, respectively.
This publication outlines:
- The key changes to FRS 102 arising from the amendments.
- For the areas of most significant change — leasing and revenue — details of the key differences between the current edition of FRS 102 and FRS 102 following the amendments. For those two areas, a high-level summary of the remaining differences between the revised FRS 102 and IFRS is also included.