The Financial Reporting Council (FRC) has completed its latest periodic review of accounting standards, resulting in new editions published in September 2024. All areas of FRS 102, except Section 30 Foreign Currency Translation, have undergone changes, from editorial amendments to substantive updates.

This course covers the most notable changes, including lease accounting, revenue recognition, and small company disclosure requirements. It focuses on the redrafted sections for revenue from contracts with customers, applying the new five-step model, and the updated presentation and disclosure requirements for small entities following increased company size thresholds in the UK and EU. Additionally, it examines the revised concepts and pervasive principles now aligned with the IASB’s Conceptual Framework for Financial Reporting.

By the end of this course, you will be well-equipped to navigate the updated standards and ensure compliance in your financial reporting.