It’s Not Just About Revenue and Leases

Yes, the spotlight's on revenue recognition and lease accounting. FRED 82 brings a few other key changes to FRS 102 that are worth your attention. Here’s what else you need to know to stay ahead of the curve.

FRS 102: THE SMALL PRINT THAT PACKS A PUNCH 

There’s been plenty of buzz around the headline changes to revenue and lease accounting in FRS 102, and fair enough, they’re big ones. But let’s not stop there.

Dig a little deeper into the detail, and you’ll find a whole range of other updates that could have a real impact on how you report and run your business. They’re not making the front-page news, but they’re just as important to understand, especially if you want to stay ahead of the curve and avoid any surprises come year-end.

GET THE GOODS. RIGHT HERE. RIGHT NOW.

Our team rolled up their sleeves, combed through the finer points of the updated FRS 102, and pulled together a straightforward, no-nonsense roundup of the changes you might’ve missed. No jargon. No fluff. Just the key points, clearly explained, so you can focus on what matters most: running your business with confidence.

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GET TO KNOW THE FIVE-STEP REVENUE MODEL

The five-step revenue model might look straightforward at first glance. As always, the devil’s in the detail and we’ve broken each step down for you.

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UNDERSTANDING FRED 82

Big changes are coming to financial reporting, and FRED 82 is leading the way. We get that compliance can feel like a headache, but getting ahead now will save you a world of hassle later.

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LEASE ACCOUNTING OVERHAUL

Big changes are coming for lessees. The FRC’s latest update to FRS 102 brings lease accounting in line with international standards – meaning most leases will now need to be recognised on the balance sheet

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