The revised lease accounting requirements in FRS 102 extend beyond initial recognition. Following commencement of a lease, lessees are required to apply ongoing measurement, reassessment and disclosure requirements throughout the lease term. These requirements are set out in Section 20 of FRS 102 and apply to leases recognised under the revised lessee accounting model.

ICAEW has recently updated its engagement letter templates, reinforcing the message that firms should be actively reviewing and refreshing their engagement letters and terms of business.

Karen Eckstein Ltd frequently advises professional services firms on the contractual issues relating to AI, as well as commercial, operational and procedural issues (see below). They also include the changes proposed by ICAEW in proposed terms for all professionals, as they think that they represent best practice generally.

The Economic Crime and Corporate Transparency Act (ECCTA) was introduced to improve governance and compliance standards