FRS 102 Periodic Review 2024 - Section 23: Revenue - Applying the Five-Step Model

Introduction

The FRS 102 Periodic Review 2024 Amendments are effective for periods commencing on or after 1 January 2026. Section 23 (Revenue) introduces a five-step model to measure and recognise revenue.

This bite-size session will help you translate the model into real-world decisions - so you can tackle tricky contracts, avoid common pitfalls, and document your judgements with confidence.

What You Will Learn

This webinar will cover the following:

• Work through the five-step model
• Identify performance obligations - especially in bundled or complex arrangements
• Estimate variable consideration and apply constraints to avoid overstatement
• Recognise revenue consistently (including timing: over time vs point in time)