Published: 18/03/2026 By David Payne
Accounting standards may not always be in the spotlight, but updates to FRS 102 and related guidance can significantly impact your financial statements and beyond.The upcoming changes, primarily aimed at aligning UK reporting with IFRS, will influence areas such as revenue recognition, leases, and fair value measurement. Even minor adjustments can affect reported profits and balance sheet values, which may subsequently impact banking covenants or dividends.
If you have not yet evaluated how these changes might affect your accounts, now is the time to act. Early planning can help minimise surprises at year-end.
At tba, we encourage our staff to "read between the lines" to grasp the intent behind the changes, not just the letter of the standard, and to consider the broader implications for business owners beyond the numbers reflected in the accounts.
Further information about FRS 102 can be found on the Financial Reporting Council website