FEATURED INSIGHTS
FRS 102: Guiding you through the key upcoming changes for UK GAAP
The FRC have made amendments to FRS 102, which will have significant impact on insurance intermediaries from January 2026. Our hub will help you navigate the transition to FRS 102 and evaluate the impact of the impending changes on your financial reporting and your business.
Latest update
If you are currently reporting under UK GAAP or transitioning between accounting frameworks (eg, UK GAAP to IFRS), you might be aware that in March 2024, the FRC made amendments to FRS 102. These include a new five-step model for revenue recognition based on IFRS 15, balance sheet recognition of leases based on IFRS 16 and alignment of fair value principles with IFRS 13 and various other incremental improvements and clarifications. The revised standard is applicable from 1 January 2026.
The changes are significant, and management should consider performing an impact assessment, engaging with investors and other business partners to understand the impact on revenue recognition, recognition of leases and fair value adjustments. As well as consideration of the impacts new data requirements on systems and finance teams.
Our Financial Accounting Advisory Services team can help you evaluate the impact of the impending changes on your financial reporting and your business. Navigating the transition to FRS 102, we will draw on our technical accounting expertise and in-depth understanding of the market and previous IFRS transitions to support you and your business through significant accounting judgements.
Our financial accounting advisory services
Transitioning between accounting frameworks (eg, UK GAAP to/from IFRS) is more than just an accounting exercise. It involves a comprehensive understanding of the implications on your financial statements and the broader business impact. We have a team of specialists who can help you with impact assessment, implementation and transition to the amended FRS 102 standards. For more information on our other financial accounting advisory services for insurance intermediaries, please see below.
Accounting advice for insurance intermediaries
With significant consolidation in the market and the prevalence of external investors, financial reporting for the insurance intermediary sector is becoming more complex and ever-evolving with additional reporting requirements.
Accounting for M&A
Buying or selling an intermediary can be a complex, stressful and expensive process. Our specialist team can assist your business drawing on their extensive experience in supporting transactions, both in the insurance broking and MGA market, acting for both buyers and sellers.
Regulatory reporting support
Insurance intermediaries are experiencing an unprecedented era of regulatory change and are now managing a host of accounting treatments, changes in financial reporting standards, evolving markets, and more. The need for regulatory compliance and transparency for both regulators and stakeholders has never been more important.
Our insights
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UK GAAP: the latest updates for Brokers
3min read
The FRC published periodic changes to FRS 102 in March. So, what do these changes mean for you?
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Treatment of insurance balances by insurance intermediaries under FRS 102
3min read
The introduction of FRS 102 has resulted in insurance intermediaries, and their auditors, needing to carefully consider the treatment of insurance balances in their financial statements, resulting from a number of enhancements within FRS 102 compared to previous UK GAAP.
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