Amendments to accounting standards

The FRC has issued three sets of amendments to UK and Ireland accounting

and reporting standards. The amendments address some topical issues, and

maintain a necessary alignment with international standards.

The amendments are:

• Amendment to FRS 101 – Effective date of IFRS 17 – which changes the

effective date of an amendment to the definition of a qualifying entity,

effectively allowing relevant insurers to continue to apply FRS 101 for

a further two years.

• Amendments to FRS 102 and FRS 105 – Covid-19-related rent concessions

– which sets clear requirements for recognising changes in operating

lease payments arising from COVID-19-related rent concessions on a

systematic basis over the periods the change in lease payments is

intended to compensate.

• Amendments to FRS 104 – Going concern – which clarifies and enhances

requirements relating to the going concern basis of accounting in

respect of interim financial reports.

• See