Revenue Recognition Reimagined: Applying the Revised FRS 102 Section 23

Introduction

Revenue recognition is changing — and it may not be what you expect.

The latest amendments to FRS 102 introduce a substantially revised Section 23 (Revenue), aligning more closely with the principles of IFRS 15. This includes a new 5-step model for recognising revenue and enhanced disclosure requirements.

These changes may result in material impacts, particularly for construction contracts and other long-term sales agreements where revenue is recognised over time. Key areas such as performance obligations, variable consideration, and the concept of ‘highly probable’ must now be carefully assessed and documented.

This new virtual classroom seminar explores not only the technical revisions, but also the practical implications of applying them — including justification and audit of the figures reported.

Ideal for accountants and auditors, project directors and finance teams, legal sales, and procurement professionals involved in contracts, this session will also be of interest to anyone responsible for preparing or reviewing financial statements involving complex revenue streams.

What You Will Learn

This live and interactive session will cover the following:

• Key concepts and principles introduced in the revised Section 23 of FRS 102
• The 5-step revenue recognition model and how to apply it
• Changes in accounting for revenue, contract assets, and contract liabilities
• How to assess and apply the ‘highly probable’ threshold
• Techniques to support and evidence revenue figures for financial reporting and audit
• An overview of the new disclosure requirements

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.