The Financial Reporting Council (FRC) has published FRED 87 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
FRED 87 proposes amendments to FRS 102 to reflect recent amendments to IAS 1 Presentation of Financial Statements and the subsequent replacement of IAS 1 with IFRS 18 Presentation and Disclosure in Financial Statements. Specifically, it proposes changes to the prescribed formats for balance sheet and profit and loss accounts where an entity applying FRS 102 uses the option to adapt the presentation format. The changes are proposed to maintain the existing level of alignment with IFRS 18 and IAS 1.
Entities that choose not to adapt their financial statements under FRS 102 will not be impacted by the proposed amendments.
FRED 87 remains open for public comment until 10 October 2025.
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