CPDStore Ireland

Major revisions to leasing and revenue recognition have been incorporated into FRS 102 and revenue recognition into FRS 105. These are taking effect from the 1st January 2026. This will impact the preparation of financial statements for all non-listed companies in Ireland. Some of the changes are fundamental (particularly on leasing) and this could impact the ability of companies to meet bank covenants.

The key topics that will be covered in the session include the following:

• The incorporation of the recognition and measurement rules of IFRS 16 Leases into FRS 102
• The abolition of operating leases for lessees
• Understanding the distinction between a lease agreement and a service contract
• How to deal with a change in economic incentives on asset and liability recognition
• How to account for reassessments and modifications of existing leases
• Understanding the new 5 step approach to revenue recognition and the expanded disclosures required

By attending this session it should enable delegates to begin to implement the new rules into their financial statements and be aware of any transitional arrangements that are available in the first year of implementing the changes.

The session will be of most interest to preparers of financial statements under FRS 102 and FRS 105 as well as their auditors  

The entry level subject would be at an intermediate level as delegates should have a reasonable understanding of the existing requirements in FRS 102 and 105. It also represents knowledge that all financial accountants need to know.