Law Firm Breakfast Briefing: Are you ready for significant changes to Law Firm financial reporting?

Start date: October 16, 2024 8.00 Arrival, breakfast and networking 8.30 Presentation and Q&A 9.00 Networking and close

FRS102, the accounting standard for UK and Ireland is undergoing major changes which will have a significant effect on all accounts preparers. These changes are likely to have the most material impact on law firm accounts since the first time recognition of accrued income. You need to understand what the changes entail and be prepared for their implementation in 2026.

We will explain the main implications for revenue, as firms will need to reassess key policies such as the timing of revenue recognition and the treatment of disbursements. Most firms will also need to bring office leases on to the balance sheet, causing a material increase in reported assets and liabilities. In addition to the technical requirements, we will address practical implications of valuing these new balances.

This is a valuable opportunity to get ahead of the curve, learning from our practical experience with IFRS preparers who have already implemented the equivalent IFRS standards, to avoid common pitfalls. Register for the breakfast briefing below.