One of two major changes to FRS 102 in the upcoming Periodic Review is a completely new chapter on leasing, based on IFRS 16 but with significant simplifications. Whilst the effective date for the revised Standard is some way off, early preparation will ensure that accountants and auditors are ready for transition. This short session will provide an overview of the new leasing regime (for lessees) and outline key strategies to transition successfully. Topics will include:

• The ‘on balance sheet’ approach – why it matters
• Exemptions for low-value and short leases, with examples
• How the transition process will work
• Options for members of IFRS groups
• Preparing for a smooth transition