The Triennial Review amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland were issued in December 2017.  In part 1 of this three-part blog, I provided an overview of the amendments.  In this part, I’ll provide some detail on which changes can be implemented when. 

Part 3 will outline how to implement the amendments.


When can the changes be adopted?

The amendments must be applied for accounting periods beginning on or after 1 January 2019.  Early adoption is permitted provided that all amendments are applied at the same time.  However, each of the amendments in respect of directors’ loans and gift aid payments may be adopted on a standalone basis.

This gives rise to several potential scenarios, as outlined below. 

  •  Early adoption of all amendments

There is no restriction on early application, meaning that it can be applied to the next or current set of accounts being prepared if those accounts have not yet been filed. For example, an entity yet to file their accounts to a reporting date of 30 June 2017 may apply the amendments.

  •   Early adoption of the directors’ loans amendments

This amendment is only applicable to small entities but is available irrespective of whether a company is applying Section 1A Small Entities. It can be adopted early on its own (or together with the gift aid amendment), with no restriction. 

  •  Early application of gift aid amendments

This amendment impacts subsidiary entities making gift aid payments to their charitable parents.  It can also be adopted separately (or together with the directors’ loan amendment), again with no restriction.

Where early adoption is chosen, entities must disclose this fact.  However, for small entities applying Section 1A Small Entities, disclosure is encouraged but not required.


The Financial Reporting Faculty is working to provide guidance to members on the changes, including but not limited to this series of blogs. We  are hosting a UK GAAP update webinar on 22 March presented by Jenny Carter, director of UK Accounting Standards at the FRC, and Danielle Stewart, Head of Financial Reporting at RSM. They will discuss the key changes and provide some practical insights. 

A further webinar focusing on financial instruments under FRS 102 will take place on 31 May, and further resources will follow as we listen to member questions and concerns.