In March 2024, the Financial Reporting Council (‘FRC’) published amendments to FRS 102 resulting from its latest Periodic Review.
While the focus of the amendments is the alignment of the lessee accounting provisions of Section 20 Leases with IFRS 16 and the alignment of Section 23 Revenue from Contracts with Customers with IFRS 15 which we have covered within blogs FRED 82: don't forget revenue and FRED 82: changes to lease accounting, there are a host of other changes which shouldn’t be overlooked, including but not limited to fair value measurement, business combinations, supplier financing disclosures, uncertain tax treatments, and share-based payments.
KPMG’s Accounting Advisory team are currently delivering workshops and impact assessments which will consider the impact of these changes to your business in detail, and set out a route forward for implementation. We summarise some of these other amendments below: