As part of its ongoing work to support the proportionate application of audit and reporting standards across the small and medium-sized enterprise (SME) market, the Financial Reporting Council (FRC) has launched a new discussion forum for stakeholders to share and discuss insights from applying FRS 102.

This forum will provide an opportunity for industry colleagues, including SME preparers and those providing accounting or auditing services to SMEs, to engage with members of the FRC’s policy team responsible for setting and updating the standard.

The discussion forum will complement existing stakeholder engagement activities across the broad cross-section of UK and Ireland preparers applying UK and Ireland accounting standards.

The discussion forum will meet online twice yearly to discuss:

• feedback from applying FRS 102 in practice, highlighting any topical issues
• FRC consultations on updates to UK and Ireland accounting standards.

For example, discussions could focus on implementing the Periodic Review 2024 amendments, effective for accounting periods beginning on or after 1 January 2026.

Members and/or their SME clients interested in joining the first cohort of discussions should contact the FRC directly by email at ukfrs@frc.org.uk by Friday 8 May as places may be limited.

ACCA has produced a range of factsheets to assist members with preparing and applying the recent amendments to FRS 102,which can be obtained from the technical section of our website.

Further resources

ACCA Technical factsheet: Lease accounting under FRS 102

ACCA Technical factsheet: Revenue recognition under FRS 102

ACCA Technical factsheet: Financial Reporting Council periodic review amendments