Judgement Day: Key decisions in transitioning to amended FRS 102

On 27 March 2024, the FRC issued various amendments to FRS 102 and other FRSs following its second periodic review. These amendments substantially change the revenue and lease accounting frameworks. Our FRS 102 Amendment Hub provides practical guidance on these changes.

These amendments mean FRS 102 preparers will need to apply their judgement in an increased number of areas. Preparers should expect regulators and auditors to scrutinise these judgements, particularly in the initial periods of adoption. The points below are not exhaustive. They highlight common areas in which preparers may need to apply judgement.