Triennial review: FRS 102 (2018) and intangible assets – part 1

14 Feb 2019

In the first of a four-part series on FRS 102 (2018), Michelle Roberts ACA, senior technical writer, audit & accounting at Croner-i, examines the simplifications to reporting intangible assets under revised UK GAAP accounting rules introduced as a result of the standard setter’s triennial review

The updated version of FRS 102 Financial Reporting Standard applicable in the UK and Ireland, published in 2018 following the Triennial Review of the standard by the Financial Reporting Council (FRC), simplified the standard and introduced flexibility following implementation feedback from users. It added exemptions and accounting policy choices which will be particularly helpful to certain preparers.

The triennial review amendments were published in December 2017 and were incorporated into the March 2018 edition of the standard.