Accounting for lease and revenue recognition rule overhaul

The Financial Reporting Council (FRC) plans to update FRS 102 with changes to the accounting rules on revenue recognition and leases to take account of IFRS 15 and 16

FRED 82 proposes a number of changes resulting from the second periodic review of FRS 102 and other financial reporting standards.

The proposals include a new model of revenue recognition in FRS 102 and FRS 105 with a five-step model based on IFRS 15 Revenue from Contracts with Customers; changes to lease accounting in FRS 102 including a new Section 20, based on the IFRS 16 on-balance sheet model; and various other incremental improvements and clarifications including amendments to fair value reporting.

Your free features:

Breaking news and expert analysis
Customisable daily newsletters
Six free CPD learning modules each year
Personalised CPD tracker
Top 75 Firms league tables
Regulatory changes
Hardman’s Tax Data

Finance | UK GAAP changes to revenue and financial instruments: part three

Finance | UK GAAP changes to lease accounting: part two

Finance | Preparing for the changes to UK GAAP: part one

Finance | Another change to FRS 102 accounts

Finance | Top tips: revenue recognition accounting changes to FRS 102

Navigate

Tax Services

Your free features:

Sign up to Business & Accountancy Daily