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 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...
by Abdi Ali, Senior Technical Accounting Consultant | Mar 10, 2025
1. FRS 102 summary FRS 102 lessee lease classification What is considered a lease under FRS 102? FRS 102 lessor accounting How to calculate the liability and ROU asset under FRS 102 2. FRS 102 finance lease example (lessee) Amortisation schedule Journal entries 3. FRS...
by Rachel Reed, Team Lead, Technical Accounting Consultants | Jan 13, 2025
The accounting treatment of leases has undergone significant changes in recent years, driven by a need for greater transparency and a more accurate representation of a company’s financial position. Both FRS 102, the local standard used by most UK and Irish...
