Learning Outcomes
· Understand key UK GAAP changes effective 2026
· Assess impact on financial statements and clients
· Prepare for implementation and transition risks
Outline
1. Why 2026 Is a Watershed Year for UK GAAP
o Regulatory turbulence and reform fatigue
o Why FRS 102 changes are considered transformational
2. FRS 102 Periodic Review – Key Changes
o Lease accounting overhaul
§ Right-of-use assets and lease liabilities
§ End of off-balance-sheet operating leases
o Revenue recognition alignment with IFRS-style principles
o Disclosure and measurement refinements
3. Practical Business Impacts
o Effects on profit profiles, balance sheets, and KPIs
o Banking covenants and stakeholder communication
4. Implementation & Transition Planning
o Effective dates and early adoption
o Data gathering, systems, and modelling
5. Audit, Tax & Advisory Implications
o Audit approach changes
o Deferred tax and cash-flow effects
o Advisory opportunities
