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FRS 102: Triennial Review 2017 amendments

On 14 December 2017, the Financial Reporting Council (FRC) issued Amendments to FRS 102 - Triennial Review 2017 which makes FRS 102 easier to use as well as providing some useful clarifications.

The amendments are effective for accounting periods beginning on or after 1 January 2019. Early adoption is permitted and could be desirable, in circumstances that are explained below.

Amendments to FRED 67

The FRC did not diverge significantly from the proposals in FRED 67 but did provide some additional helpful clarifications and additions, as follows:

FRED 67 proposed introducing certain disclosures, guidance and examples that were not included in the final amendments:

Could early adoption be an attractive option?

As the simplifications are designed to make FRS 102 easier to use, early adoption may be desirable. However, the costs and benefits need to be evaluated for your specific circumstances. It will be a matter of judgment as to whether to adopt the amendments early or not.

Advantages of early adoption

Does early adoption require all the amendments to FRS 102 to be applied at the same time?

Generally, yes. However, the following changes can be applied early separately (both from each other and the rest of the amendments):

If you have any queries or concerns about the amendments or you would like to discuss your options for early adopting the amendments, the transitional arrangements or the associated disclosure requirements, please contact Danielle Stewart OBE or speak to your usual RSM contact.

authors:danielle-stewart-obe