FRS 102 has changed – What it means for your business.

The most significant revision to UK GAAP in over a decade is no longer approaching, it has arrived.

For accounting periods starting on or after 1 January 2026, the new FRS 102 rules on revenue recognition and lease accounting are already in force. If your business prepares accounts under UK GAAP, these changes apply to you now.

A further round of amendments, focused on financial statement presentation, is also on the way, taking effect from 1 January 2027.

Whether you’re a small business managing day-to-day accounts or a larger organisation dealing with complex leases and contracts, the time to get up to speed is now.

To help we have prepared a useful guide outlining the changes to:

• Revenue recognition
• Lease accounting
• Fair value measurement
• And more

Download our guide

How we can help

Our team advises businesses of all sizes on the full range of FRS 102 changes. We can help you with:

• Revenue recognition — Reviewing your contracts against the new five-step model
• Lease accounting — Identifying your lease portfolio, calculating right-of-use assets and assessing balance sheet impact
• Fair value measurement — Applying the updated guidance to your valuations and disclosures
• Supplier finance disclosures — Ensuring you are meeting the transparency requirements already in force
• Company size classification — Confirming how the updated thresholds affect your obligations
• 2027 presentation changes — Preparing your financial statement formats for the next round of amendments

Our team will explain the impact on your business, helping you update your policies and preparing your financial statements for the new rules.

Let us take care of the technical detail. Speak to our team today and make sure your business is fully prepared for the current and future FRS 102 requirements.

Get in touch