In this release, we have introduced:
- Expanded Revenue & Lease Accounting Module (FRS 102) including optional Right‑of‑Use Assets display
- New Revenue Recognition Model for FRS 105 (for relevant accounting periods from 1 January 2026)
- Adjusted Profit Computation Display Options for Farmer Accounts
- Updated Accountant’s Report Wording for Irish Charities — Adoption of ISRS 4410 (Revised)
ENHANCED REVENUE & LEASE ACCOUNTING (FRS 102)
We’ve updated the compliance framework under FRS 102 to include enhanced lease accounting capabilities.
What’s New
- Optional display of Right‑of‑Use Assets as a separate line on the Balance Sheet
- Automatic supporting notes and full disclosure of lease‑related information throughout the accounts
How to Enable
- Go to Compliance Database › Legislation, Compliance & Disclosure › Accounting Options
- Tick the checkbox: "Follow FRS 102 Revenue and Lease Accounting Standard for accounting periods from 1 January 2026"
- Tick the option: "Show Right‑of‑Use Assets separately on Balance Sheet" (if desired)
This ensures your company accounts comply with the updated lease accounting requirements — offering transparency and compliance with current standards for UK, Ireland, and Northern Ireland entities.
For more details, click here
NEW REVENUE RECOGNITION MODEL (FRS 105)
A fully integrated five‑step revenue recognition module is now available for entities using FRS 105.
What’s New
- Automatic recognition of revenue and correct disclosures based on the five‑step model
- Proper handling of revenue accounting for accounting periods commencing 1 January 2026 or later
How to Enable
- Navigate to Compliance Database › Accounting Options
- Enable: "Follow FRS 105 Revenue Recognition Standard for accounting periods from 1 January 2026"
- Proceed with your usual accounts production; disclosure notes and revenue recognition entries are automatically included
Ensures companies using FRS 105 remain compliant with updated revenue recognition requirements across all supported jurisdictions.
For more details, click here
ADJUSTED PROFIT COMPUTATION DISPLAY OPTIONS (Farmer Accounts)
For Farmer template accounts, users now have flexibility over how adjusted profit computations are presented.
What’s New
- Option to display the Adjusted Profit Computation either in the main Produce Accounts or within the Tax Export Schedule (or both)
How to Enable / Use
- Go to Compliance Database › Other Information › Adjusted Profit Computation › Add Backs
- Tick one or both of:
- “Show Adjusted Profit Computations under Produce Accounts”
- “Show Adjusted Profit Computations under ROI Pay and File Income Tax / Tax Export Schedule”
Gives flexibility to practitioners — whether they prefer a comprehensive set of accounts or a streamlined tax‑focused schedule, while ensuring accurate reconciliation between accounting and taxable profit.
For more details, click here
UPDATED ACCOUNTANT’S REPORT WORDING (Charity – Ireland)
For audit‑exempt Irish charities using the Charity Template, the Accountant’s Report now references the revised professional standard.
What’s New
- Reports issued on or after 1 June 2024 now use ISRS 4410 (Revised) wording instead of the previous M14 standard
- Wording adapts automatically based on selected professional body (ICAI or CPA Ireland) and report date
How to Use / Apply
- Ensure entity is audit-exempt (Compliance Database › Client Details › Key Information)
- Select the correct professional body under Auditors/Accountants (ICAI or CPA Ireland)
- Generate the accounts; the correct professional-standard wording will be applied automatically
Ensures charity accounts comply with current Irish professional standards for compilation reports, removing any risk of outdated accountant’s report wording.
For more details, click here