Course Details

FRS 102 was first introduced into the UK in 2013, being a new accounting standard based on IFRS for SMEs, with the aim of aligning UK & Irish reporting with international frameworks. The standard underwent a review in 2017, with relatively minor updates becoming effective for periods beginning 1 January 2019. 


 Since then, there have been a number of significant changes to international financial reporting standards, including the release of new revenue, leasing and financial instruments standards. The FRC has undertaken a significant review of FRS102, and plans to issue a Financial Reporting Exposure Draft (or, FRED) in Q4 of 2022, which will essentially be a draft of a new version of FRS 102. This standard will be open for consultation, and stakeholders will be invited to submit feedback, for a period of 3 months following publication. Changes may be made to the FRED before it is published as a final standard, but it will give stakeholders a strong indication of the changes that are coming soon to accounting and reporting. 


 In this session, we analyse the FRED, looking at the key changes and how they may impact UK financial reporting. 

 

In this session, Claire Thomson covers the following:

 

  • Background to these changes
  • Significant changes – will we see the new international revenue, leasing and financial instruments standards adopted? 
  • Other changes that have been recommended
  • How to help your clients prepare for the new standard

 

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CPD Course Speaker

Grant Thornton

Claire Thomson

Claire is a qualified Chartered Accountant with the Institute of Chartered Accountants of Scotland, and trained with Grant Thornton Ireland. She spent 5.5 years in corporate audit, before moving to the firm’s risk & compliance team, where she spent 6 years supporting the all-Ireland practice as their UK financial reporting subject matter expert.

After a year in OmniPro’s Practice Support team, where she delivered webinars, developed technical content and provided post-monitoring support to firms, she has now joined Grant Thornton Northern Ireland, where she is Head of UK Financial Reporting and Accounting Technical, providing UK technical advice and support to local and international offices.