With the major overhaul of UK GAAP, it is essential to plan for transition and to assess how the changes will affect reporting procedures. This article offers practical guidance for practitioners and finance teams preparing for their first set of financial statements under the revised UK GAAP (effective for periods beginning on or after 1 January 2026).

For entities with a December year-end, the first set of financial statements under the revised UK GAAP (the FRS standards incorporating the periodic review amendments issued in 2024) will be for the year ending 31 December 2026.