The basics

As a starting point to familiarising yourself with the existing version of FRS 102, head to our standards tracker page  where you’ll find a summary of the standard plus a timeline of the amendments applicable to specific accounting periods. You’ll also find some useful example accounts and a disclosure checklist to help you on your way.

For a more detailed look at the standard, refer to the FRS 102 overview factsheet which summarises the content of each section of the standard and provides practical tips and guidance on some of the common pitfalls accountants face when applying it. Plus, the annual 2024 UK GAAP Accounts factsheet (revised May 2025) highlights considerations for reporting in the current economic environment.

Changes for 2026

In 2024, the Financial Reporting Council (FRC) announced amendments to FRS 102 (and other FRSs) - the Periodic Review 2024 amendments. With the exception of amendments relating to supplier finance disclosures (which came into effect from 1 January 2025), the changes will be effective for accounting periods beginning on or after 1 January 2026. Early adoption, however, is permitted.

The two most significant changes are the introduction of a five-step model for revenue recognition and the adoption of a new model for lease accounting by lessees. However, many other amendments have been made throughout the standard that will also need careful consideration.

Take a look at the Periodic review of UK GAAP – FAQs for a brief rundown of the amendments. 

Articles and videos

For a closer look at the changes, refer to the following By All Accounts articles:

• Periodic Review 2024: what’s new for preparers
• Periodic Review 2024: the changes beyond revenue and leases
• Bringing leases on balance sheet: what you need to know
• Five step revenue recognition model: what you need to know

Plus, take a look at these explainer videos on leases and revenue.

The latest helpsheets and factsheets

The factsheet FRS 102 Periodic Review 2024 Amendments provides an overview of the Periodic Review 2024 amendments impacting on FRS 102, summarising the key changes and providing practical tips and guidance.

Additionally, ICAEW’s Technical Advisory Service has produced a suite of helpsheets to support members in preparing for these changes:  

• FRS 102 amendments – section 1A
• FRS 102 amendments - revenue recognition
• FRS 102 amendments - other changes
• Amendments to FRS 102 - a practical approach

Webinars and events

At the end of 2024 we hosted a hybrid event with the FRC. The UK GAAP changes: prepare for implementation event is split into three sessions covering the key aspects of the changes, preparing for the new revenue recognition requirements and preparing for the lease accounting changes.

Explore the practical considerations for implementing upcoming changes to FRS 102 by watching the below webinars on demand:

• UK GAAP - a new revenue model
• FRS 102 Lease - the countdown to change
• Periodic review of UK GAAP - other amendments

Further guidance

For further support in applying FRS 102, the Corporate Reporting Faculty has produced a set of helpsheets and factsheets on topics that can present particular challenges. This page contains an A-Z list by topic area.

To keep up to date with the changes to FRS 102, register to join the Corporate Reporting Faculty.