The accounting standards adopted by AFM members (FRS 102) are subject to review at least every five years. In December 2022, the FRC released an exposure draft of its latest proposed amendments to FRS 102, with a proposed effective date for the amendments of 1 January 2025.

The proposed amendments are focused on updating UK accounting standards to reflect changes in international accounting standards, particularly with respect to revenue and leases. The proposed approach to accounting for leases is in particular fundamentally different to the current FRS 102 treatment and also has the potential to effect the capital position of insurers.

This session, lead by PKF Littlejohn, will provide an overview of the changes being proposed by the FRC and what they may mean for the financial and regulatory reporting of mutual insurers.