Session overview

The webinar is designed to give you an overview of the amendments to FRS102, published by the FRC. The amendments included the following main changes:

  • The removal of undue cost or effort exemptions which are replaced, when relevant, by accounting policy options (in particular proposing an accounting policy choice for entities that rent investment property to another group entity)
  • The introduction of a description of a basic financial instrument
  • For small entities, allowing loans from a director who is a natural person and a shareholder in the small entity to be initially measured at transaction price rather than present value
  • Reduced requirements to separately recognise intangible assets acquired in a business combination separately from goodwill (although entities may choose to separately recognise additional intangible assets acquired in a business combination if this provides useful information)
  • Amendments to the definition of financial institutions has been amended to remove references to ‘generate wealth’ and ‘manage risk’


  • Jenny Carter, director of UK Accounting Standards, FRC
  • Richard Martin, Subject matter expert - corporate reporting, ACCA