As a starting point for approaching 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.

Plus, join our free UK GAAP update 2024 webinar on 4 July for current topical issues and the latest developments in UK GAAP.

Following a public consultation with stakeholders, the Financial Reporting Council (FRC) has announced amendments to FRS 102 (and other FRSs). With the exception of amendments relating to supplier finance disclosures, 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. However, many other amendments have been made throughout the standard that will also need careful consideration.

A recent ICAEW article, New revenue recognition model for FRS 102 and FRS 105, contains a brief rundown of the amendments. Then take a look at the Periodic review of UK GAAP – FAQs to find out more about the review.

The Corporate Reporting Faculty will be hosting a free hybrid event later in the year to help faculty members prepare for the changes. Details will be made available on their events page in July. The faculty is also working on some articles addressing the upcoming changes which will be published soon in their digital magazine, By All Accounts . Detailed factsheets on transition as well as the new revenue and leasing requirements are also in the pipeline.

To be notified of these resources as they become available, register to join the Corporate Reporting Faculty. ICAEW members can register at no additional cost; charges apply for non-ICAEW members.

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