FRC publish two new Financial Reporting Explainers

The Financial Reporting Council (FRC) has published two new Explainers. Explainers are intended to assist stakeholders by drawing attention to specific topics and answering key questions about how to apply UK and Irish GAAP. The two new explainers are as follows;

• Proportionality in UK and Ireland GAAP – this explainer sets out how the FRC’s suite of financial reporting standards seeks to achieve proportionality and discusses the various standards which are available to entities in the UK and Ireland.

• A summary of the Periodic Review 2024 changes for financial statements users – This is a short summary aimed at users of FRS 102 financial statements to help them understand how financial statements might change as a result of the Periodic Review 2024 amendments.