CHANGES TO UK FINANCIAL REPORTING STANDARDS

The main financial reporting standard in the UK, FRS 102, has been revised with significant changes coming for companies - most of which apply for periods beginning or after 1 January 2026.

The most substantial changes affect the way operating leases and revenue are accounted for, but there are other changes to consider too. It's important companies understand and get ahead of these revisions.

Explore our resources and catch up on the webinar below to learn more.

Preparing for change: FRS 102 revisions

📅 Wednesday 22 October | 🕙 10:00-10:45 | 💻 Webinar

Catch up on this webinar, hosted by Head of Technical and Compliance, Stuart Brown, who provided an overview of the FRS 102 changes.

Joined by Technical Compliance Manager Will Cousins, they discussed the requirements under the new reporting standards, the key considerations for transition and how these are likely to impact companies and their stakeholders.

Changes to UK financial reporting standards: An overview of FRS 102

An overview of the FRS 102 changes

The UK's main financial reporting standard, FRS 102, has been substantially revised with most changes being mandatory for periods beginning or after 1 January 2026.

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Guide: Changes to lease accounting

FRS 102 changes: Lease accounting

Section 20 of FRS 102 “Leases” has essentially been rewritten, impacting the way leases are to be accounted for.

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EXAMPLE
Guide: Revenue from contracts with customers

FRS 102 changes: Revenue from contracts with customers

Section 23 of FRS 102 “Revenue from Contracts with Customers” has been amended, impacting the way revenue from contracts will be accounted for.

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EXAMPLE

New Companies House identity verification rules

From 18 November 2025, all directors and PSCs of new companies must verify their identity at the point of incorporation. A 12-month transition period will then apply for existing appointments to complete their verification. There are three ways to verify: 

  • Directly with Companies House (digital ID and facial recognition)
  • In person at selected Post Offices (UK residents only)
  • Via an Authorised Corporate Service Provider (ACSP)

Visit Companies House website to learn more about verifying your identity >

This new rule is part of the Economic Crime and Corporate transparency Act 2023 (ECCTA).

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