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.
1 Reply:
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.
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.
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.
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.
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.
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
“We used the payroll service, and whilst it may seem strange that having recently changed to another provider, to give a 4 star rating, the move was simply because of commercial considerations ( the new provider becoming a sponsor of the football team). The service we had from yourselves was excellent in being exceptionally flexible given our own issues with not always giving timely details for the weekly wage comps, altering them after first draft of payroll etc. Staff often made themselves available outside office hours to complete the payment process.”
“Great team with knowledge experts that are brilliant at rallying together when there is an urgent topic that needs covering – however fees are slightly expensive vs. LFL providers/legal firms”
“Always very helpful staff in terms of explaining and walking through processes with us. The audit and tasks are completed on time”
“The communication from Jess, Jo and Glen has been superb. They are all very approachable and it’s a pleasure to work with them. I also find the online portal Inflo to be very user friendly and easy to use. Communication with the more junior members of the team can sometimes be a bit of a challenge if they aren’t fully certain on the questions they ask however this is completely understandable with them being at the start of their career journey. They are also very approachable and keen to ensure the correct outcome is reached.”
“Georgia Gritton is our trusted advisor, responsive and loyal to us.”
“Always available to help, with understanding and patience. Advice is personalised and no question or query too small or insignificant.”
“I’m happy with the continuous updates I get, the care & overall consistency shown. The information is always updated, I feel the company has my best interests at heart and always have a positive attitude towards improving the best for me. The staff are super supportive and are always interested in what I have to say. I have regular meetings informing me of my shares & profits and how best to move forward with valuable decisions benefiting the best for me & my family.”
“Regular contact and good advice.”
“Excellent advice and service. I was particularly grateful for the cash flow forecasting around my recent house purchase.
Not a lot to improve, but I’d appreciate an executive summary in the cash flow presentations, including a high level reconciliation to the previous period with the impact of key changes in assumptions.”
“Happy with the service. We are entering a pretty key period for us, life-wise, so optimistic that CP will be best partner to navigate us through it!”