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 https://tinyurl.com/y6hdzyzf