FRC updates framework for adapted formats in annual report accounts

The Financial Reporting Council (FRC) successful the UK has approved changes to FRS 102, updating the rules that govern however companies whitethorn reshape the layout of their equilibrium sheets and nett and nonaccomplishment accounts successful their yearly reports.

The updated modular aims to fto entities usage presumption options nether institution instrumentality portion keeping the reporting model applicable and informative for users.

The update has been drafted to support presumption requirements broadly aligned with International Financial Reporting Standards (IFRS), pursuing the contented of IFRS 18, Presentation and Disclosure successful Financial Statements.

Organisations that determine not to change the format of their fiscal statements nether FRS 102 volition not beryllium affected by these revisions.

The amendments travel the FRC’s reappraisal of responses from stakeholders to its proposals acceptable retired successful FRED 87, published successful July 2025. They volition use to fiscal periods opening connected oregon aft 1 January 2027.

Alongside this, and again reflecting stakeholder input, the FRC has introduced constricted clarifications arising from the Periodic Review 2024 amendments, which subordinate to some FRS 102 and FRS 105.

FRS 102 is simply a azygous accounting modular utilized for the fiscal statements of entities that are not applying adopted IFRS, FRS 101 oregon FRS 105.

It is aimed astatine wide intent fiscal statements and fiscal reporting for a wide scope of entities, including those that are not companies and those that bash not person a profit‑seeking objective.

The modular is based connected the International Accounting Standards Board’s IFRS for SMEs [small and medium-sized enterprises] Accounting Standard, with important adaptations for usage successful the UK and the Republic of Ireland.

"FRC updates model for adapted formats successful yearly study accounts" was primitively created and published by The Accountant, a GlobalData owned brand.

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