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Report FRS 102: Major changes to revenue recognitionExplore key changes to FRS 102 Section 23, including the new five-step revenue model and its impact on financial reporting in Ireland and the UK.
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Article Changes to filing options and requirements at Companies HouseFrom April 2027, Companies House will require all UK entities to file digital accounts. Learn what’s changing and how to prepare for the new rules.
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Article FRS 102 periodic review: Small companiesExplore key changes to small company disclosures under FRS 102 Section 1A, including UK GAAP updates on leases, tax, going concern and related parties.
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Article FRS 102 periodic review: Other changesOn 27 March 2024, the Financial Reporting Council issued amendments to FRS 100 – 105 (known as GAAP, or Generally Accepted Accounting Practice), a suite of accounting standards applicable in the UK and Ireland. These are used by an estimated 3.4 million businesses in preparing their financial statements.
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Understand the latest FRS 102 changes
FRS 102 is the principal accounting standard for UK and Irish entities outside the listed sector. Following a major periodic review, the Financial Reporting Council (FRC) has introduced significant updates to FRS 102, effective for periods beginning on or after 1 January 2026. These changes aim to align UK and Irish GAAP more closely with international standards, improve transparency and ensure financial statements remain relevant in a changing business landscape.
Why FRS 102 matters now
The revised FRS 102 affects over three million businesses preparing financial statements in the UK and Ireland. The changes impact how companies recognise revenue, account for leases, disclose information and manage complex transactions. Early understanding and preparation will help decision-makers avoid compliance risks, improve reporting quality and support better business decisions.
What you’ll learn on this page
This hub brings together expert analysis and practical commentary on the key changes to FRS 102, including:
- The new five-step revenue recognition model;
- Updated requirements for accounting for leases;
- Changes affecting small companies and their disclosures;
- Other important amendments, such as supplier financing, fair value, going concern and uncertain tax treatments;
- Practical implications for businesses and what to do next.
Each section explains why the topic matters, what’s changed and what actions businesses should consider.
The new five-step revenue recognition model
Why revenue recognition is changing
Revenue is a critical measure of business performance. The revised FRS 102 replaces the old risks-and-rewards model with a five-step approach, mirroring IFRS 15. This change aims to improve consistency and comparability across sectors and jurisdictions.
What’s new
- Identify the contract(s) with a customer;
- Identify the performance obligations;
- Determine the transaction price;
- Allocate the price to performance obligations;
- Recognise revenue as obligations are satisfied.
Revenue is now recognised when performance obligations are met, not simply when risks and rewards transfer. The new model applies to all entities entering contracts with customers, including micro entities.
What this means for your business
- Contracts with bundled goods or services (e.g. telecoms, supply chain) must allocate revenue based on standalone selling prices;
- Performance-based and contingent fee arrangements require new estimates for variable payments;
- Retailers must update accounting for returns, loyalty schemes and warranties, with new requirements for refund liabilities and assets;
- Enhanced disclosures are required, including disaggregation of revenue, contract balances and performance obligations.
Action: Review your contracts and revenue policies now to assess the impact. Decide on a transition approach (modified or full retrospective) and prepare for new disclosure requirements.
Accounting for leases: bringing more leases on balance sheet
Why lease accounting is changing
Leasing is a common way for businesses to access assets. The revised FRS 102 brings most leases onto the lessee’s balance sheet, increasing transparency and aligning with IFRS 16.
What’s new
- Lessees must recognise a lease liability (present value of future payments) and a right-of-use asset for most leases;
- Exemptions apply for short-term leases (12 months or less) and low-value assets (e.g. laptops, phones);
- Lease liabilities are discounted using the interest rate implicit in the lease, or the lessee’s borrowing rate if not available;
- Right-of-use assets are measured at cost, with options for revaluation.
What this means for your business
More assets and liabilities will appear on the balance sheet, potentially affecting gearing and loan covenants;
New disclosures are required, including qualitative and quantitative information on leases, discount rates and judgements made;
For transition, lessees must use the modified retrospective approach, with no restatement of prior year comparatives.
Action: Review all lease agreements to determine scope and exemptions. Assess the impact on financial ratios and discuss with finance providers if needed.
Small companies: updated disclosure requirements
Why small company disclosures are changing
Small entities benefit from reduced disclosure requirements, but must still present a true and fair view. The revised FRS 102 Section 1A introduces more mandatory disclosures for UK small companies, aiming to improve consistency and transparency.
What’s new
- Expanded related party disclosures: all related party transactions must be disclosed, not just those outside normal market conditions;
- Explicit statements on going concern, with disclosure of significant judgements and uncertainties;
- Enhanced lease disclosures, including right-of-use assets and variable payments;
- New requirements for share-based payments and tax analysis.
- For Irish small companies, changes are minimal due to existing legislative requirements.
What this means for your business
- UK small companies must prepare for more detailed disclosures in their financial statements.
- Irish small companies will see limited changes, mainly around right-of-use assets.
Action: Review your current disclosures and prepare to meet the new requirements from your next reporting period.
Other important changes to FRS 102
Supplier financing arrangements
Entities must now disclose key terms and balances for supplier finance arrangements, effective for periods beginning 1 January 2025. This improves transparency around extended payment terms and related liabilities.
Concepts and pervasive principles
Section 2 has been rewritten to align with the IASB Conceptual Framework, providing updated definitions and principles for assets, liabilities, income and equity.
Fair value measurement
A new section (2A) mandates the use of market, cost or income approaches for fair value measurement, replacing previous guidance.
Going concern
Management must now make an explicit statement on going concern, including significant judgements and future considerations.
Uncertain tax treatments
Section 29 now includes guidance on recognising and measuring uncertain tax positions, requiring entities to assume tax authorities will examine all relevant information.
Action: Review your policies and disclosures in these areas to ensure compliance with the revised standard.
Practical steps for decision-makers
- Assess the impact: Review contracts, leases and disclosures to identify changes needed;
- Update systems: Ensure your finance systems can capture new data and disclosures;
- Plan your transition: Choose the most suitable approach for adopting the new requirements;
- Engage stakeholders: Discuss potential impacts with lenders, auditors and your board.
Staying ahead of these changes will help your business remain compliant, transparent and well-positioned for the future.
This page will be updated as further articles and technical reports are published. For the latest insights and expert commentary, check back regularly.




