What moved, and when it applies.
Standard-setter amendments that change a cell in the matrix, with the effective date. Newest first.
- 2026-02-01FRS 102Consolidation & scope
Alongside other targeted UK GAAP updates maintaining international alignment, the FRC issued minor clarifying amendments to the Section 9 consolidation-exemption conditions introduced by the Periodic Review 2024, without changing the underlying control model. Effective for the same periods as the main Periodic Review 2024 amendments, beginning on or after 1 January 2026.
Effective 2026-01-01 - 2024-03-27FRS 102Revenue recognition
Replaces the IAS 18 / IAS 11 based Section 23 with a five-step model aligned with IFRS 15, with proportionality accommodations and a shorter disclosure list. Effective for periods beginning on or after 1 January 2026; transition may be fully retrospective or modified retrospective, and early application is only permitted together with the lease amendments.
Effective 2026-01-01 - 2024-03-27FRS 102Financial instruments
Introduces Section 2A Fair Value Measurement aligned with IFRS 13 concepts and makes targeted clarifications to Sections 11 and 12, while retaining the incurred-loss impairment model and the Section 11.2 policy choice to apply IAS 39 or IFRS 9 recognition and measurement. Effective for periods beginning on or after 1 January 2026.
Effective 2026-01-01 - 2024-03-27FRS 102Business combinations
The Periodic Review left Section 19's purchase-method model, capitalised and amortised goodwill, and proportionate-share non-controlling interest substantively unchanged, while the parallel changes to Section 20 Leases move lessees onto an IFRS 16-style model. Effective for periods beginning on or after 1 January 2026.
Effective 2026-01-01 - 2024-03-27FRS 102Provisions & contingencies
The Periodic Review rewrote Sections 20 (leases) and 23 (revenue) but left Section 21 Provisions and Contingencies substantively as it was; the only knock-on effect is that onerous operating leases now on the balance sheet are dealt with by impairment of the right-of-use asset rather than a Section 21 provision. Effective for periods beginning on or after 1 January 2026.
Effective 2026-01-01 - 2024-03-27FRS 102Impairment of assets
The Periodic Review rewrote revenue (Section 23) and leases (Section 20) but made only consequential and editorial changes to Section 27 Impairment of Assets; the indicator-based test, recoverable amount definition, CGU mechanics and reversal rules are unchanged for periods beginning on or after 1 January 2026.
Effective 2026-01-01 - 2024-03-27FRS 102Leases
Lessees move to an on-balance-sheet right-of-use model aligned with IFRS 16, with short-term and low-value exemptions and simplified discount-rate guidance; lessor accounting is largely unchanged. Effective for periods beginning on or after 1 January 2026, modified retrospective transition.
Effective 2026-01-01 - 2024-03-27
Updates the measurement concepts in Section 2 and adds fair value guidance, without changing the basic list of required statements or the Section 1A small-entity reliefs. Effective for periods beginning on or after 1 January 2026.
Effective 2026-01-01