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Financial Reporting Standards

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Guiding you through transition

Leasing under FRS 102
Guiding you through the changes to understand the impact on your accounts.
Identify what action you need to take

Changes to UK GAAP

For accounting periods commencing on or after 1 January 2015, current UK GAAP has been replaced by a single standard. The transition requires all UK companies’ financial information to be prepared in accordance with FRS 102. The only exceptions will be those applying International Financial Reporting Standards (IFRS) or Financial Reporting Standard for Smaller Entities (FRSSE).

Our latest thinking

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In September 2024 the FRC published a revised edition of FRS 102. A significant change is to Section 20, Leases, which now aligns with IFRS 16.
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With major FRS 102 changes taking effect from 2026, Professional Practices face meaningful shifts in lease accounting and revenue recognition.
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The ICAEW's FRS 102 update may require small businesses with leased assets to undergo audits due to balance sheet reporting changes.
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The Financial Reporting Exposure Draft (FRED 82) has been published for consultation.
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The FRC have issued comprehensive improvements to financial reporting standards from the review of FRS 102 and other Financial Reporting Standards.
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Revisions to the FRS 102 come into effect with accounting periods on or after January 2026, we set out the key changes and how to prepare.

Our latest thinking

IFRS Disclosures amid the Middle East conflict
Geopolitical risks are shaping financial reporting and increasing transparency expectations.
FRS 102: Financial reporting changes
Revisions to the FRS 102 come into effect with accounting periods on or after January 2026, we set out the key changes and how to prepare.
Accounting for Leases: changes to FRS 102
The key points you need to know, following the government's 10-year business investment plan.
Navigating FRS 102 changes
The ICAEW's FRS 102 update may require small businesses with leased assets to undergo audits due to balance sheet reporting changes.

Contact us

Steve Gale
Steve Gale
Partner, Professional Practices and Head of AuditLondon
+44 (0)20 7842 7262
Matthew Stallabrass
Matthew Stallabrass
Partner, Corporate AuditLondon
+44 (0)20 7842 7212