FRC issues updated suite of factsheets for FRS 102
News types: Codes and Standards Announcements
Published: 27 November 2024
The Financial Reporting Council has today issued an updated suite of factsheets on aspects of FRS 102. The updated factsheets follow the Periodic Review 2024 amendments to FRS 102 and other FRSs*, and provide additional guidance to support stakeholder reporting in accordance with specific aspects of the new requirements.
Three new factsheets have been published which relate to the significant changes to FRS 102, including new versions of Section 20 'Leases' and Section 23 'Revenue from Contracts with Customers'. The changes to FRS 102 were set out as part of the Periodic Review 2024 amendments published in March 2024. Alongside this, updates have also been made to five of the existing eight staff factsheets
These factsheets will help preparers as they continue to consider the impact of the Periodic Review 2024 amendments on their financial statements. Most of these amendments will become effective for accounting periods beginning on or after 1 January 2026.
The updated staff factsheets include:
- Factsheet 3 – Statement of cash flows
- Factsheet 4 – Financial instruments
- Factsheet 5 – Property: Fair value measurement
- Factsheet 6 – Business combinations
- Factsheet 7 – Transition to FRS 102
- Factsheet 9 – Initial application of the Periodic Review 2024 amendments
- Factsheet 10 – Revenue from Contracts with Customers
- Factsheet 11 – Lease accounting for lessees
Factsheets 1 and 2 have been withdrawn as they related specifically to the Triennial Review 2017 amendments.