FRS 102

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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 all companies reporting under FRS 102 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.

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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.

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