FRS 102 Update - Latest Changes Explained

Introduction

The latest version of FRS 102 was published in March 2024 and will be compulsory for accounting periods starting on or after 1 January 2026, early adoption is permitted. This latest version introduces some fundamental and pervasive changes to UKGAAP especially regarding leasing and revenue recognition.

This seminar will tell you all you need to know and how to prepare to implement the changes including whether early adoption would be the best option. The course is designed for all accountants and auditors.

What You Will Learn

This course will cover the following:

• Summary of key changes to FRS 102 (including section 1a and FRS 105) introduced by the March 2024 version
• Focus of impact on changes to lease accounting and revenue recognition
• Summary of other changes including additional or changed disclosure requirements
• Wider impact of adoption including early adoption; impact on key financial ratios, tax effect and choice between FRS 101 and FRS 102 for group companies
• The session will also consider the impact of the changes to Small and Medium sized exemption thresholds as these come into force later in 2024