The five-step model is a new approach for UK GAAP reporters to determine how and when to recognise revenue for contracts with customers. Our new video outlines the five steps you need to know.
The Financial Reporting Council has issued its latest round of periodic review amendments to UK GAAP. Among the changes is the introduction of a comprehensive five-step model for revenue recognition. Georgina Chalk looks at the five steps in closer detail.
Amendments to financial reporting standard FRS 102 will change how revenue is recognised and leases are accounted for. Grant Thornton’s Patrick O’Brien and Pinkesh Patel explain the impact on M&A valuations.
Held on 9 June 2025, the Corporate Reporting Conference 2025 brought together key voices from the standard-setter and experts in practice to explore the upcoming Periodic Review 2024 amendments, the most significant changes to UK GAAP in over a decade, set to become effective from 2026. Attendees also heard directly from the government, gaining insight into what’s coming next for the UK corporate reporting landscape.
This webinar covers the upcoming changes to revenue recognition as part of the Periodic Review 2024 amendments to UK GAAP along with exploring implementation practical considerations and best practices.
This aims to help finance professionals working with charities get to grips with the proposed new recognition criteria, including the 5-step model for recognising income from contracts with third parties.
This factsheet introduces the new five-step model for revenue recognition brought in by the Periodic Review 2024. It provides examples, practical tips and guidance on challenging areas.
Helpsheet giving guidance on implementing FRS 102 revenue recognition changes introduced by the Periodic Review 2024. It covers transition options, identifying and assessing contracts, applying the five-step revenue model, managing reporting impacts, engaging lenders and auditors, and planning for compliance from 2026.
A practical update on UK GAAP revenue recognition changes effective 1 January 2026, covering key application and disclosure requirements, including impacts for micro-entities. Please note this is available on demand and no longer live.
This FRC factsheet explains the revenue recognition requirements introduced by the Periodic Review 2024 amendments, including the application of the new five-step model for contracts with customers.
