On 29 March, we welcomed members of the FRC’s Accounting and Reporting Policy team to Chartered Accountants House in Dublin for some in-person events to mark the periodic review of FRS 102. The FRC were represented by Jenny Carter and Stephen Maloney.
In a summary presentation and roundtable discussions, Jenny and Stephen discussed the recently released FRED 82 and the proposed changes to FRS 102 as part of the second periodic review of the standard. These changes were published by the FRC in December 2022 and are open for public comment until 30 April. While the key changes proposed in FRED 82 involve leasing and revenue recognition, there are many other amendments proposed to various sections of FRS 102 (and other standards, including FRS 105) in the form of incremental improvements and clarifications.
The Institute will be submitting a response to this consultation and we have prepared a members survey to allow members to share their views on FRED 82. This will remain open until 7 April.