FRS102 – TC Alexander Sloan Credit Union Services

How will the new accounting rules impact you? (Part 2)

Steven Cunningham — Tue, 17 Feb 2026 15:15:00 +0000

As previously reported changes are coming to FRS 102 for accounting periods beginning on or after 1 January 2026. For most Credit Unions this will impact their 30 September 2027 year end accounts. This article looks at the change to revenue recognition. The changes will not impact interest on loans or bank interest which are …

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Changes to Accounting Standards

Steven Cunningham — Sat, 18 Jan 2025 10:34:49 +0000

In September 2024, the FRC released the latest version of Financial Reporting Standard 102 (FRS 102). FRS 102 is the accounting standard that governs most Credit Union financial statements. The new standard applies for financial statements beginning on or after 1 January 2016. So for most Credit Unions the first set of accounts that will …

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Future of Provisioning

Steven Cunningham — Sun, 12 Jun 2022 21:23:28 +0000

IFRS 9 came into force in 2018 for entities applying International Accounting Standards. While its implementation did not impact Credit Unions applying FRS 102; it may have a major impact going forward. This is because the Financial Reporting Council (FRC) are currently carrying out a review of FRS 102. One of the changes they are …

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