FRS 102 Periodic Review 2024 enters its principal effective period | LocalGAAP

The FRC completed Periodic Review 2024 with a principal effective date of 1 January 2026. Headline FRS 102 changes include revised revenue requirements and lease accounting for lessees.

Public scope

Structured context for people and machine readers.

This is a public product and knowledge surface. Illustrative workflows do not establish a professional conclusion, legal or tax advice, guaranteed outcome, or live customer implementation.

  • Effective
  • Financial Reporting Council
  • FRS 102 and Periodic Review 2024 factsheets

Public knowledge 01

Operating impact

  1. 01

    Confirm which UK entities, reporting periods, frameworks, and group instructions enter the transition perimeter.

  2. 02

    Build complete contract and lease populations before accepting revenue or lease transition positions.

  3. 03

    Version policies, calculations, comparative information, disclosures, systems, and controls for the affected reporting periods.

  4. 04

    Preserve source dates, elections, transition methods, professional assessment, reviewer approval, and group-reporting impact.

Public knowledge 02

Review questions

  1. 01

    Which entities apply FRS 102 and begin an affected accounting period on or after 1 January 2026?

  2. 02

    Which revenue contracts, lease arrangements, data fields, estimates, and systems require transition work?

  3. 03

    Which amendments, exemptions, transitional provisions, and early-application choices apply to each entity?

  4. 04

    Who approves the statutory position and the resulting local-to-group accounting differences?

Public knowledge 03

Intelligence to workflow

  1. 01

    Suggested stage: Compare

  2. 02

    Route the FRC change into an entity-by-entity transition assessment before policy, systems, or group mappings are accepted.

  3. 03

    Retained record: Framework, effective period, source set, contract and lease populations, transition method, controls, disclosures, reviewer decision, and group impact.

  4. 04

    Guided route: https://www.localgaap.com/product-tour?stage=compare&briefing=frs-102-periodic-review-2024-effective

Public knowledge 04

Source freshness record

  1. 01

    Editorial state: Current snapshot

  2. 02

    Last checked: 2026-08-20

  3. 03

    Next review: 2026-09-20

  4. 04

    Editorial owner: UK reporting research reviewer

  5. 05

    Supersession: No supersession recorded

Public knowledge 05

Source record

  1. 01

    Primary source: FRC FRS 102 standard page and Periodic Review 2024 materials.

  2. 02

    The FRC states that most amendments apply for accounting periods beginning on or after the principal effective date of 1 January 2026.

  3. 03

    FRC factsheets identify revised Section 23 revenue requirements and Section 20 lease accounting as headline changes.

  4. 04

    Entity scope, transitional provisions, later amendments, and professional conclusions require current-source review.

  5. 05

    Primary source: https://www.frc.org.uk/library/standards-codes-policy/accounting-and-reporting/uk-accounting-standards/frs-102/

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