The Financial Reporting Council (FRC) has updated their suite of factsheets addressing FRS 102. These factsheets provide additional guidance to assist with the application of FRS 102 and include three new factsheets. Of particular interest to preparers and other stakeholders will be the new factsheets published which address the new accounting requirements for revenue recognition and lease accounting (effective for periods commencing on or after 1 January 2026).
In addition to the new factsheets, five factsheets have been updated and two factsheets (which related specifically to the 2017 Triennial Review) have been withdrawn. Following the additions, updates and withdrawals, there are now eight staff factsheets in issue which are available on the FRC website;
- Factsheet 3 – Statement of cash flows
- Factsheet 4 – Financial instruments
- Factsheet 5 – Property: Fair value measurement
- Factsheet 6 – Business combinations
- Factsheet 7 – Transition to FRS 102
- Factsheet 8 - Climate-related matters
- Factsheet 9 – Initial application of the Periodic Review 2024 amendments
- Factsheet 10 – Revenue from Contracts with Customers
- Factsheet 11 – Lease accounting for lessees
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