ACCA welcomes the opportunity to provide feedback on FRED 87 ‘Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 

Broadly, ACCA is supportive of the proposed amendments, to reflect previous amendments to IAS 1 and the replacement of IAS 1 with IFRS 18. ACCA has consistently advocated for consistency with international reporting standards, enabling enhanced comparability of financial statements internationally. The proposed amendments do not appear to impose a disproportionate burden on affected entities however it will be helpful if the FRC can engage with UK and Irish software providers regarding the changes.  

In addition, as both planned and future updates to FRS 102 are implemented, ACCA urge the FRC to conduct appropriate outreach to inform the relevant stakeholders such as the business finance community including finance providers, investors, rating agencies to ensure the changes, including those relating to presentation, are properly understood. 

To read our comments in full, please download the document found on this page.