Periodic Review: A Case Study Approach

This course will enable you to

• Understand what first-time adoption of the key new policies might entail
• Recognise most leases on-balance sheet and remove any distinction between finance and operating leases
• Explain how revenue recognition rules have changed and apply the comprehensive five-step model
• Keep track of issues that may impact cash flow statements, including supplier finance arrangements and disclosures
• Correctly account for a business combination and any associated goodwill

About the course

The Financial Reporting Council (FRC) recently completed its periodic review of accounting standards, and new editions were published in September 2024. The amendments become effective for accounting periods commencing on or after 1 January 2026. There are significant changes to the accounting treatments for leases and revenue recognition, and the preparation of cash flow statements and consolidated financial statements is also impacted.

This course walks you through the key changes introduced in the updated standards, focusing on FRS 102 and related guidance. Using a series of practical case studies, it shows how the revised requirements apply in real-world contexts, including leases, revenue, cash flows, and group accounts, so you can clearly see how the changes affect reporting in practice.

By working through real examples, you’ll build a solid understanding of the new standards and how to apply them with confidence. The course provides the clarity you need to make informed decisions and ensure your reporting remains fully compliant as the changes take effect.