FRS 102
A straightforward guide to the standard
The latest version of FRS 102 incorporates the Periodic Review 2024 amendments, which became mandatory for accounting periods beginning on or after 1 January 2026. These changes mark a fundamental shift, aligning the standard much closer to international accounting rules (IFRS).
As part of our ongoing series of useful articles, we will condense and share key information from the changes.
The first, upcoming articles in our new series are outlined below, with more to follow.
PART 2
New Revenue Rcognition Model
The standard drops the traditional "risks and rewards" approach for a five-step, performance-obligation framework aligning with IFRS 15. Revenue is recognised as control of goods or services are transferred to the customer.
PART 3
Fair Value Measurement
Revisions introduced a new, comprehensive section on fair value measurement to bring greater clarity and consistency to financial reports.