From www.accountingweb.co.uk: (UK context) Changes to UK accounting standards under FRED 82, set to take effect on 1 January 2026, will significantly impact the accounting profession, particularly in revenue recognition and lease accounting.

Revenue recognition will shift towards a five-step IFRS model, affecting cash flow and financial reporting, while lease accounting will require most leases to be capitalized on the balance sheet, altering financial statement presentations.

Accountants are advised to prepare ahead of these changes, with the right software tools essential for compliance and efficiency during the transition.