What are the Differences Between FRS 102 and IFRS 16?

FRS 102 and IFRS 16 aim to improve lease accounting transparency, but after the new amendments for FRS 102, they will differ slightly in scope and complexity. Key differences include:Target Entities: FRS 102 is designed for SMEs in the UK and Ireland under UK GAAP, while IFRS 16 applies to larger, publicly accountable entities globally.Complexity and Reporting: IFRS 16 includes additional requirements for disclosing detailed lease information, which can be more complex compared to FRS 102’s simplified approach tailored for SMEsContact us to help your business navigate IFRS 16 and FRS 102 lease accounting.

Navigate FRS 102 changes with Rubli’s lease solution

Tailored for FRS 102, our cloud-based platform simplifies your lease accounting, ensuring a smooth adoption of the new standard and continuous compliance.

Book a demo today to learn how to quickly adopt your leases under FRS 102 with our lease accounting software.

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Rubli is consistently top-rated by businesses worldwide

Streamlined Lease Accounting

How can we help you?

Our all-in-one lease accounting solution provides everything you need to adopt the new lease accounting standard under FRS 102.

Lease Identification

We’ll help you understand the rules and interpret the changes to identify which leases are within the scope of FRS 102.

Seamless Adoption

Our migration team will load your leases and calculate the initial take-on balances accurately.

Managed Solution

Manage your ongoing lease accounting requirements easily using our tool’s streamlined processes.

Personalised Support

Your dedicated account manager is available for any platform or accounting queries.

Our Lease Accounting Software is Trusted by Businesses Around the World

Rubli is the go-to solution for businesses seeking accuracy and efficiency in lease accounting. Our reliable lease accounting tool simplifies complex lease accounting tasks and is trusted by businesses across industries.

"We like Rubli's reporting functionality, which allows us to slice and dice and filter accounting data as needed. It generates our journal calculations and disclosures instantly."

"Rubli turned very long and cumbersome processes into very manageable, quick and streamlined tasks. We are incredibly pleased with everything the platform has to offer."

"The platform’s highly customizable reports empower our financial reporting team with all their reporting needs at the click of a button"

"The platform’s highly customizable reports empower our financial reporting team with all their reporting needs at the click of a button."

"Great and easy to use tool with seamless reporting in various functional currency and very good after sale support."

FAQs

Frequently asked questions about FRS 102 Lease Accounting

The key change in FRS 102 lease accounting is removing the distinction between operating and finance leases for lessees, similar to the change for IFRS 16.

Under the new amendments, most leases are now recorded on the balance sheet, requiring lessees to recognise a right-of-use asset and a corresponding lease liability.

Get in touch today to see how we can help you with the FRS 102 lease changes.

Lease accounting software is used by businesses and finance teams managing lease portfolios to ensure compliance with accounting standards like FRS 102. It is particularly valuable for companies with multiple or complex lease agreements.

Small and medium-sized entities (SMEs) often use these tools to streamline calculations, manage right-of-use assets, track lease liabilities, and ensure accurate financial reporting.

The amendments to FRS 102 lease accounting are effective from 1 January 2026. Entities preparing for this transition must review existing lease agreements and update their accounting processes to align with the new requirements.

Get in touch to see how we can help you prepare for the FRS 102 lease accounting changes.

FRS 102 and IFRS 16 aim to improve lease accounting transparency, but after the new amendments for FRS 102, they will differ slightly in scope and complexity. Key differences include:

Target Entities: FRS 102 is designed for SMEs in the UK and Ireland under UK GAAP, while IFRS 16 applies to larger, publicly accountable entities globally.
Complexity and Reporting: IFRS 16 includes additional requirements for disclosing detailed lease information, which can be more complex compared to FRS 102’s simplified approach tailored for SMEs