The Periodic Review of FRS 102 - What is Changing and How Can You Prepare - 2023
Category: Financial Reporting | Date: 26/01/2023 11:30 | Duration: 1hr | Tag: WEBIE2306 | Type: Webinar | Speaker: Claire Thomson, Lindsay Webber
FRS 102 was first introduced in Ireland in 2013, being the Financial Reporting Council’s (FRC’s) 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 webinar, we will analyse the FRED, looking at the key changes and how they may impact Irish financial reporting.
In this session, Claire Thomson will cover the following:
By attending this session, accountants and auditors will gain an understanding of the main changes that the FRC are proposing to UK and Irish accounting, in order to assist their clients prepare for the changes.
This session is targeted at accountants who prepare financial statements for their clients under Irish GAAP, as well as those who audit and otherwise review such financial statements.
Claire Thomson
Lindsay Webber