FRS 102: Major changes to lease accounting for Irish & UK entities
ReportMajor FRS 102 lease changes for Irish & UK entities—learn how on-balance sheet rules affect your business before 2026.
Many entities operating in the Isle of Man are required to have their financial statements audited to enable stakeholders in them, whether that be owners, lenders, regulators or other parties, to have confidence in the financial information that they prepare. A thorough audit focusing on the key risks faced by Isle of Man entities is becoming more and more important in an environment where change is a constant and compliance with changing laws and regulations is of critical importance.
In the past an audit may have been seen as a simply confirmatory process which sought to confirm that historic financial information showed a true and fair view. An audit should now seek to add value for all stakeholders and provide them with key insights into how a business is operating and which can be used to assist in the future development of the business being audited.
We use cutting edge audit tools to perform an audit of any financial statements as efficiently as possible, thus making the process as trouble free for those involved as possible. We use modern data sharing technologies as far as possible making it clear what information has been provided and when it was provided to avoid duplication of information requests.
We audit entities in all sectors of the Isle of Man economy such as funds, insurance companies, pension schemes, trading companies, corporate and trust service providers and education.
Grant Thornton in the Isle of Man has brought a new way of thinking about audits to the Isle of Man by combining world leading technologies with a highly qualified team of audit professionals who are experts in many sectors of the Isle of Man economy, particularly regulated entities. As a result of these and other points, Grant Thornton is the preferred audit service provider to many public, private and listed entities.
Major FRS 102 lease changes for Irish & UK entities—learn how on-balance sheet rules affect your business before 2026.
Explore key changes to FRS 102 Section 23, including the new five-step revenue model and its impact on financial reporting in Ireland and the UK.
Explore key changes to small company disclosures under FRS 102 Section 1A, including UK GAAP updates on leases, tax, going concern and related parties.
3rd Floor
Exchange House
54-62 Athol Street
Douglas
Isle of Man
IM1 1JD