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Changes to UK GAAP

For accounting periods beginning on or after 1 January 2026, the Financial Reporting Council’s (FRC) Periodic Review 2024 amendments to UK GAAP will be effective. Find out more about the changes and how entities might be affected.

Topics

Overview

An introduction to the amendments to UK GAAP introduced by the Periodic Review 2024 amendments, effective from 1 January 2026.

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Recognising revenue

Explore resources explaining the new five-step model for revenue recognition, as part of the Periodic Review 2024 amendments.

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Lease accounting

Access materials detailing the changes to lease accounting resulting from the Periodic Review 2024 amendments.

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Small entities

Discover content on the amendments tailored to small entities choosing to apply Section 1A of FRS 102.

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Other amendments

Learn about additional changes to FRS 102 beyond revenue and lease accounting, introduced by the Periodic Review 2024 amendments.

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Financial Reporting Council publications

Explore the Financial Reporting Council’s (FRC) publication of the Periodic Review 2024 amendments, September 2024 editions of UK GAAP accounting standards and a suite of FRS 102 factsheets.

FRC issues UK GAAP amendments

In March 2024, following extensive stakeholder consultation, the FRC issued the Periodic Review 2024 amendments to UK GAAP.

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FRC publishes September 2024 editions of accounting standards

The FRC has issued new editions of UK and Ireland financial reporting standards, encompassing all amendments issued to date, including the Periodic Review 2024 amendments.

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FRC issues an updated suite of FRS 102 factsheets

In November 2024, the FRC published updated FRS 102 factsheets, principally reflecting the changes made to FRS 102 by the Periodic Review 2024 amendments.

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