The Financial Reporting Council (FRC) has issued comprehensive improvements to the financial reporting standards applicable in the UK and Republic of Ireland. The
amendments are designed to enhance the quality of financial reporting and help support the access to capital and growth of the businesses applying them.
The changes follow extensive stakeholder engagement and consultation on the proposals.
The most significant changes apply to leases and revenue recognition to align with recent changes to international financial reporting standards.
The amendments to the standards will in most cases be effective for accounting periods beginning on or after 1 January 2026. During 2024, the FRC intends to publish new editions of the standards and updated staff factsheets with guidance on key aspects of the new requirements.
The FRC will also be hosting
a webinar to discuss the new standards at 11am on 15 May 2024.
For further details please click
here.