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Free CPD: FRS 102

Author: Insights

Published: 10 Jun 2024

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland will see the most significant changes come into effect from January 2026 since its introduction a decade ago. Whether you need a refresh of the current standard or an understanding of the changes, this article will help you find free CPD-verifiable content that will bring you up to speed.

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.

For more topics see: FRS 102 topics

How to add to your CPD record

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