On 27 March 2024, the Financial Reporting Council (FRC) issued its final amendments to UK and Ireland accounting standards arising from its periodic review. The periodic review amendments become effective for accounting periods commencing on or after 1 January 2026, with early adoption permissible provided all the periodic review amendments are applied at the same time. 

In September 2024, the FRC also issued new editions of UK and Ireland GAAP, which incorporate the periodic review amendments. 

One of the headline changes from the periodic review is in relation to revenue recognition, which is the focus of this factsheet.