The Financial Reporting Council (“FRC”) has made major revisions to sections of FRS 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as part of their “Periodic Review 2024”. Most of the amendments are effective for accounting periods beginning on or after 1 January 2026, with early application permitted provided that all amendments are applied together.
This factsheet provides a high level overview for UK finance teams, advisers, and other stakeholders of the most significant changes. This factsheet is designed to support preliminary impact assessment, initial application planning, and early discussions with stakeholders.
