The 2024 editions include all UK GAAP revisions issued in the last year, including the Periodic Review 2024 amendments, and provides an up-to-date reference point for each publication. These editions are relevant for FRS 102, FRS 101 Reduced Disclosure Framework and FRS 105 Micro Entities.

The key changes for preparers affect lease and revenue recognition reporting, coming into force for accounting periods beginning on or after 1 January 2026.

On accounting for leases under FRS 102, section 20 has removed the distinction between operating and finance leases for lessees as more leases will be recognised with an asset and liability on-balance sheet (similar to extant finance lease accounting).