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Recording

Broadcast 04 July 2024

Note:

Short-term leases
At 14:30 mins, when referring to the short-term lease exception from the on-balance sheet model, the speaker states that “short-term leases are those with a term of 12 months or less at the commencement date…..[such that a lease] that has 12m to run at the date of adoption of the revisions but was taken out 2 years ago is not scoped in”. Please note that per paragraph 1.53(c) of the Periodic Review 2024 amendments, for leases where the lease term ends within 12 months of the date of initial application of the amendments, lessees have the choice to account for the lease as a short-term lease.

Group reporting
Please note that per paragraph 1.48 and B20.7 of the Periodic Review 2024 amendments, the option to use carrying amounts calculated under IFRS 16 Leases as opening balances on initial application of the amendments is also available to entities included in consolidated financial statements prepared in accordance with IFRS Accounting Standards.

Download slides

• Access the presentation slides- UK GAAP update 2024

Accompanying resources

ICAEW insights and guidance

• UK GAAP hub page
• Periodic review of UK GAAP hub page
• UK regulation for company accounts hub page
• Judgments and estimate guide
• Factsheets
• By All Accounts
• Online guidance and technical releases

Other resources

• FRC UK GAAP Periodic Review 2024
• FRC Thematic review