This is the third in a series of Q&As offering practical guidance for practitioners and finance teams preparing for their first set of financial statements under revised UK GAAP (effective for periods beginning on or after 1 January 2026).

The latest revision to UK GAAP introduces significant changes to revenue recognition and accounting for financial instruments. For many entities the practical impact will be limited – but that conclusion needs to have been reached through analysis, not assumption.

Revenue - important to reassess

It is important to reassess recognition, variable consideration, contract modifications and key judgements.