The UK’s Financial Reporting Council have published FRED 84 Draft Amendments to FRS 102 – Supplier finance arrangements. The exposure draft proposes to introduce new disclosure requirements to provide users of financial statements with additional information about an entity’s use of supplier finance arrangements and the effect of such arrangements on the entity’s financial position and cash flows. The proposals are based on amendments issued by the IASB in May 2023.
Comments on FRED 84 are requested by
31 December 2023. The FRC expects to finalise the proposed amendments in the first half of 2024, alongside the amendments arising from the current periodic review of FRS 102 and other FRSs.
The FRC have also issued a
project update on its periodic review of UK and Ireland accounting standards which proposed significant amendments to FRS 102 and FRS 105 affecting revenue recognition, lease accounting, and a number of other incremental improvements and clarifications. The FRC currently expects to issue the final amendments to FRS 102 and other FRSs in the first half of 2024, with an effective date not before 1 January 2026. For details please click
here.