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The Financial Reporting Standard 102 (FRS 102) is central to how thousands of UK businesses prepare their accounts, and its most recent updates have prompted companies of all sizes to rethink the way they measure, present and interpret financial information. While changes to accounting standards can feel daunting at first glance, the latest revisions are ultimately designed to bring greater clarity, consistency and comparability to financial reporting. In this article, we explore what’s changed, how businesses are responding and what areas you should pay particular attention to — including an accessible breakdown of the new approach to revenue recognition. Understanding…

