IMS Decimal Launches FRS 102 Readiness Service to Help UK Businesses Prepare for Revised Lease Accounting

2026-09-09 03:15:52 Business

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IMS Decimal, an outsourced accounting and finance services provider, has launched a dedicated FRS 102 Readiness Service to help UK businesses manage the operational and accounting requirements arising from the revised FRS 102 lease accounting rules.

The revised requirements apply to accounting periods beginning on or after 1 January 2026. Under the updated lease accounting model, most leases are recognised on the balance sheet through a **right-of-use asset and corresponding lease liability**. This creates additional requirements around lease identification, data collection, documentation, bookkeeping and reconciliations.

What Is FRS 102 Lease Accounting?
FRS 102 is the UK financial reporting standard for entities that do not apply UK-adopted international accounting standards. Its revised lease accounting requirements significantly change how many leases are recognised and reported.

Businesses may need to review leases covering offices, warehouses, vehicles, equipment and other assets and ensure that relevant agreements, payment information, renewal terms and amendments are properly recorded.

Why Is FRS 102 Readiness Important?
FRS 102 implementation involves more than making accounting adjustments. Businesses need complete and reliable lease information to support accurate accounting and ongoing financial reporting.

Missing agreements, incomplete lease data or poorly maintained records can create additional administrative work for finance teams and make ongoing reconciliations more difficult.

A structured FRS 102 readiness process helps businesses identify relevant leases, organise supporting documentation, prepare financial data and establish processes for maintaining accurate records after implementation.

What Does IMS Decimal's FRS 102 Readiness Service Include?

IMS Decimal provides operational support across the key stages of FRS 102 readiness.

1. Lease Discovery
The process helps businesses identify relevant lease agreements, collect documentation and review lease terms. It can include property, vehicle, equipment and other lease arrangements, as well as potential embedded leases.

2. Lease Data Preparation
IMS Decimal helps organise lease information and supporting documentation, including payment schedules, renewal clauses, amendments and other relevant details required by finance teams and advisors.

3. Implementation Support
The service includes bookkeeping, reconciliations, accounting record preparation and documentation support. IMS Decimal can also work alongside a client's accountants and technical advisors during the implementation process.

4. Ongoing Lease Accounting Support
Following implementation, businesses can receive ongoing support for monthly bookkeeping, lease payment tracking, reconciliations, record maintenance and finance operations.

Who Can Benefit From FRS 102 Readiness Support?

The service can support UK businesses that:

* Report under FRS 102
* Have property, vehicle or equipment leases
* Manage multiple lease agreements
* Need to organise historic lease documentation
* Require support with lease-related bookkeeping and reconciliations
* Need additional finance operations capacity

How Can Businesses Prepare for FRS 102?

Businesses preparing for revised FRS 102 lease accounting should begin by identifying all relevant leases and centralising their agreements and supporting documentation. They should then organise lease data, review payment schedules and renewal terms, establish appropriate accounting processes and maintain records for subsequent amendments or changes.

IMS Decimal's FRS 102 Readiness Service is designed to provide operational support throughout these stages, helping finance teams maintain structured lease information and reliable accounting records.

FRS 102 readiness requires more than understanding the accounting changes. Businesses need complete lease data, organised documentation and reliable finance processes to support implementation and ongoing reporting. Our FRS 102 Readiness Service provides operational support across each stage of that process.

About IMS Decimal

IMS Decimal is an outsourced accounting and finance services provider supporting businesses with bookkeeping, accounts payable, accounts receivable, payroll and wider finance operations. The company provides structured finance support designed to complement internal finance teams, accountants and professional advisors.

Businesses can learn more about FRS 102 Readiness Services through IMS Decimal's dedicated service page.