The basics
As a starting point to familiarising yourself with the existing version of FRS 102, head to our standards tracker page where you’ll find a summary of the standard plus a timeline of the amendments applicable to specific accounting periods. You’ll also find some useful example accounts and a disclosure checklist to help you on your way.
For a more detailed look at the standard, refer to the FRS 102 overview factsheet which summarises the content of each section of the standard and provides practical tips and guidance on some of the common pitfalls accountants face when applying it.
Covering topical developments applicable to the preparation of accounts with 2024 year-ends, the Corporate Reporting Faculty’s UK GAAP update 2024 webinar is available to watch on demand. Plus, the annual 2024 UK GAAP Accounts factsheet highlights considerations for reporting in the current economic environment.
Changes for 2026
Earlier this year the Financial Reporting Council (FRC) announced amendments to FRS 102 (and other FRSs) - the Periodic Review 2024 amendments. With the exception of amendments relating to supplier finance disclosures (effective from 1 January 2025), the changes will be effective for accounting periods beginning on or after 1 January 2026. Early adoption, however, is permitted.
The two most significant changes are the introduction of a five-step model for revenue recognition and the adoption of a new model for lease accounting by lessees. However, many other amendments have been made throughout the standard that will also need careful consideration.
Take a look at the Periodic review of UK GAAP – FAQs for a brief rundown of the amendments. For more detail, read the faculty’s series of By All Accounts articles Periodic Review 2024: what’s new for preparers, Bringing leases on balance sheet: what you need to know and Five step revenue recognition model: what you need to know.
In October, the Corporate Reporting Faculty hosted a hybrid event with FRC staff and experts from practice to help faculty members prepare for implementation. Split into three sessions covering the key aspects of the changes, preparing for the new revenue recognition requirements and preparing for the lease accounting changes, you can watch the event recordings and download the slides here.
ICAEW’s Technical Advisory Service has also produced a helpsheet outlining a practical, staged plan for members in practice to start actioning with their clients.
With more webinars and factsheets on the Periodic Review 2024 amendments in the pipeline, register to join the Corporate Reporting Faculty to be notified of these resources as they become available. ICAEW members can register at no additional cost; charges apply for non-ICAEW members.
Topics members seek guidance on
Accounting for leases, loans and deferred tax are just some of the topics that can present particular challenges when applying the current edition of FRS 102. These helpsheets and factsheets will help you apply the standard more confidently.
- Leases: Take a look at Accounting for leases under FRS 102 and How does a lessee account for a rent free period under FRS102?
- Loans: Review Loans at non-market rates under FRS 102 and find more about financial instruments generally in the FRS 102 financial instruments overview factsheet.
- Deferred tax: The FRS 102 deferred tax factsheet and Deferred tax under FRS 102 helpsheet will help you get to grips with this topic.
- Related party disclosures: Understand the key disclosure requirements for related parties by reading Related party disclosures under FRS 102.
- Small entities: The FRS 102 Section 1A Small Entities helpsheet will help you understand the reporting requirements applicable to small entities.
For more topics see: FRS 102 topics