FRS102 consultation accounting webinar

29 March 2023

The Financial Reporting Council (FRC) is currently consulting on Financial Reporting Exposure Draft 82 (FRED 82).

FRED 82 proposes a number of amendments to accounting requirements to reflect changes in International Financial Reporting Standards (IFRS). The proposals include:

  • Changes to revenue recognition, based on the five-step model for revenue recognition from IFRS 15 ‘Revenue from Contracts with Customers’, with appropriate simplifications.
  • Changes to lease accounting requirements, based on the on-balance sheet model from IFRS 16 ‘Leases’, with some simplifications.
  • Changes to fair value measurement definitions to reflect the principles of IFRS 13 ‘Fair Value Measurement’.

The FRC’s decision on whether to align FRS 102 with the expected credit loss model of financial asset impairment from IFRS 9 ‘Financial Instruments’ will be deferred to a further consultation.

In this webinar, we hear from members of the SORP Working Party (SWP) responsible for advising the SORP–making body on issues arising from the UK accounting framework relating to housing associations and carrying out the detailed work of developing, drafting and maintaining the Housing SORP.

They review:

  • The FRC’s changes to the UK accounting framework through Financial Reporting Exposure Draft 82 for Financial Reporting Standard 102. This includes key changes and a review of the impact on members’ businesses.
  • The Housing SORP’s re-written process including a request for feedback.
  • The SORP Making Body’s New Shared Ownership and Right to Shared Ownership accounting guidance consultation.


  • Chair - Ed Barber, Policy Officer, NHF
  • Julia Poulter, Technical advisor at Housing SORP Working Party
  • Guy Flynn, Chair of the Housing SORP Working Party

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