It might seem hard to believe that it has been four years since FRS 102 was first published and in March 2017, the Financial Reporting Council (FRC) published Financial Reporting Exposure Draft 67 (FRED 67), the first of what could end up being several exposure drafts setting out changes to the standard as a result of the first three-year review.

Although it is the smaller of the two stages of the review, FRED 67 still contains some quite significant changes. Here we look at the areas most likely to affect FRS 102 reporters.