The amendments address some topical issues, and maintain a necessary alignment with international standards.

The amendments are:

• Amendment to FRS 101 – Effective date of IFRS 17 – which changes the effective date of an amendment to the definition of a qualifying entity, effectively allowing relevant insurers to continue to apply FRS 101 for a further two years.  The revised effective date for the new definition of a qualifying entity is accounting periods beginning on or after 1 January 2023.
• Amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions – which sets clear requirements for recognising changes in operating lease payments arising from COVID-19-related rent concessions on a systematic basis over the periods the change in lease payments is intended to compensate.  These amendments are effective for accounting periods beginning on or after 1 January 2020, with early application permitted.
• Amendments to FRS 104 – Going concern – which clarifies and enhances requirements relating to the going concern basis of accounting in respect of interim financial reports.  These amendments are effective for interim periods beginning on or after 1 January 2021, with early application permitted.