UK & Irish GAAP 2025: Revenue Recognition

by Steve Collings

Part of a series on 2025-26 UK & Irish GAAP. This short course explores the five-step model for revenue recognition in the newly updated FRS 102 and FRS 105. It covers the impact of periodic review changes, and specific accounting issues that commonly cause problems.

This module will enable you to

  • Recognise the impact of the periodic review on revenue recognition
  • Understand and apply the new five-step model approach
  • Consider some common revenue accounting issues

About the module

Revenue is usually the biggest number in a set of financial statements and so it makes sense that there are strict recognition criteria.

Aspects of the approach to revenue recognition in the Financial Reporting Council’s accounting standards have seen a significant amount of change, whilst others remain the same.

Examine how to apply the new and comprehensive five-step model approach to revenue recognition for the first time, and explore some common problems experienced when accounting for agent and principal relationships, deferred payments and exchanges of goods or services.

Contents

  • Revenue recognition
    • Impact of the periodic review
    • Disclosures on revenue recognition
    • Common issues
    • Agent and principal relationships
    • Deferred payment
    • Exchanges of goods or services

How it works

Author

Steve Collings

Steve is Director at Leavitt Walmsley Associates, a firm of Certified Chartered Accountants. He is an internationally recognised speaker, writer and commentator on all matters to do with financial reporting and auditing. Steve is a prolific author, having written over 25 books and currently represents the North West of England on ACCA’s Practice Network Panel.

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