FRC launches SME discussion forum for FRS 102 preparers
Small businesses may not always feel that standard-setters are listening. The Financial Reporting Council (FRC) is making a practical effort to change that, with the launch on 13 April 2026 of a new discussion forum specifically for stakeholders applying Financial Reporting Standard (FRS) 102; the standard underpinning financial reporting for the vast majority of UK and Ireland SMEs.
Over 1.5 million entities report under FRS 102, representing more than 99% of those filing under UK and Ireland accounting standards. The forum will meet online twice a year to discuss real-world feedback from applying the standard, as well as FRC consultations on updates. Early meetings are expected to focus on implementing the Periodic Review 2024 amendments, which take effect for accounting periods beginning on or after 1 January 2026.
Forums like this will help ensure that SME perspectives are heard as digital dimensions of reporting continue to develop. Those interested in joining should contact the FRC by Friday 8 May.
Read more here.
