The Financial Reporting Council has proposed a number of changes to FRS 102 within its Financial Reporting Exposure Draft (“FRED 82”) and it constitutes a significant update to the financial reporting standards within the UK and Ireland.
The amendments focus on updating accounting requirements so that they reflect UK Adopted International Accounting Standards (“IFRS”), whilst noting that the general size and complexity of entities applying FRS 102 is different to those under IFRS.
The changes will become effective for accounting periods beginning on or after 1 January 2026.
What are the significant changes coming up in FRS 102?
How will revenue recognition change?
How will leases change?
The changes to revenue and lease accounting could be significant, but is there anything else which may change?
What else might affect entities need to think about?
We regularly assist clients who require support on the conversion from UK GAAP to IFRS.
The type of work we assist with can include:
If you would like to discuss the impact of FRED 82 or require support on your conversion, please do reach out to a member of our team.
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