FRS 102 periodic review amendments

What's inside:

• A breakdown of the new five-step model for FRS 102 revenue recognition
• How the revised lease accounting rules affect EBITDA and gearing
• Enhanced disclosure requirements for small company accounts under Section 1A
• The implications of reverse factoring and other emerging reporting considerations
• Sector-specific impacts and transition guidance

With major revisions to FRS 102 revenue recognition and FRS 102 leases, businesses across sectors must prepare for a shift in how they report financial performance. From retail and real estate to construction, professional services and manufacturing, the changes will affect how organisations approach business reporting, compliance and strategic decision-making.

Why the FRS 102 review matters

The periodic review introduces sweeping updates to FRS 102, aligning UK GAAP more closely with international standards like IFRS 15 and IFRS 16. These changes affect how revenue and leases are recognised, and introduce new requirements for small entities and related party disclosures.

Whether you're preparing small company accounts, updating your business reporting framework or navigating the complexities of FRS 102 leases, understanding the amendments is essential for compliance and clarity.

Taking action

If your business hasn’t yet reviewed its accounting policies in light of the FRS 102 changes, now is the time. Our experts can help you assess the impact, update your disclosures and ensure your financial statements reflect the new standards.

We support organisations with tailored accounting advisory services—from interpreting the new FRS 102 revenue recognition model to implementing lease accounting systems and reviewing reverse factoring arrangements.

Ready to navigate the FRS 102 transition?

Download the guide to learn how to:

• Apply the new revenue recognition model
• Account for leases under the revised Section 20
• Meet enhanced disclosure requirements for small company accounts
• Understand the broader implications for business reporting
• Prepare for future updates to UK GAAP

Complete the form on this page to download your guide.