FRS 102 Section 23 has been revised to align more closely with IFRS 15, introducing a five-step model for recognising revenue from contracts with customers.
For charities and not-for-profit organisations, this means carefully distinguishing between exchange and non-exchange income and documenting how income should be recognised. Our tool helps you work through the key considerations in a structured, user-friendly way.
What the tool helps you do
- Identify whether a contract exists
- Assess performance obligations
- Determine the transaction price
- Allocate income to the right obligations
- Decide when income should be recognised
- Document key judgements and supporting evidence.
Why it matters
The revised FRS 102 requirements may change how some income is assessed, documented and recognised. This tool provides a clear framework to support consistent analysis and better audit-ready documentation.
This tool is for general information only and does not replace tailored advice. For further support with your organisation's income recognition assessment, please get in touch with your usual Crowe UK contact.
Tool
FRS 102 income five-step model
Prepare for the updated FRS 102 revenue recognition requirements with our practical income assessment tool.
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