by Taylor Guthrie, Technical Accounting Consultant | Jun 18, 2025
In March 2024, the Financial Reporting Council (FRC) published the most significant revision to FRS 102 since its inception. The update, effective for accounting periods beginning on or after January 1, 2026, introduces a single accounting model for lease accounting...
by Nicole Heath | Jun 10, 2025
FRS 102 Transition Guide: Your Step-by-Step Approach FRS 102 lease accounting is a game-changer for UK and Irish businesses. No more off-balance sheet operating leases—now, most lease obligations hit your balance sheet, demanding a deep understanding of assets and...
by Nicole Heath | May 29, 2025
Your Guide to Choosing FRS 102 Lease Accounting Software Overwhelmed by lease accounting changes in FRS 102? This guide provides 13 crucial questions to help you confidently evaluate vendors and choose the right solution for your FRS 102 lease accounting compliance...
by Kiley Arnold, CPA | May 2, 2025
1. What is lease accounting? 2. Understanding lessee vs. lessor Lessee definition Lessor definition 3. Lease accounting under the old standards 4. Lease accounting standards: changes and full examples ASC 842 IFRS 16 GASB 87 SFFAS 54 FRS 102 5. Why were new standards...
by Emily Fish, Director, Product Accounting | Apr 28, 2025
Big changes are coming to accounting in the UK and Republic of Ireland. The Financial Reporting Council (FRC) has issued the most extensive revisions to FRS 102 since the standard’s initial launch in 2013. The revisions will bring UK GAAP closer to IFRS and include...
by Rachel Reed, Team Lead, Technical Accounting Consultants | Apr 16, 2025
In order to comply with the revised requirements for lease accounting under FRS 102, particularly those outlined in Section 20, you’ll need to conduct a thorough lease inventory. This will require you to gather, review, and consolidate your lease information. Though...
