New FRS 102 accounting rules: Retailers, Are You Ready?
In this episode of 'That Retail Property Guy,' host Gary Marshall reminds retailers of the upcoming changes in Accounting Standard FRS 102, which takes effect on January 1, 2026. He discusses the impact retailers' leased assets, the complexities of calculating lease liabilities for the Balance Sheet, and specifically this episode addresses Turnover Rents!
00:00 Introduction to the Podcast
00:27 Overview of FRS 102 (and IFRS 16)
01:25 Current UK Accounting Rules and Lease Obligations
02:31 Complexities in Lease Calculations
04:36 Turnover Rent and Its Implications
07:23 Transitioning to New FRS 102 rules
09:53 Preparing for the New Standards
12:27 Conclusion and Final Thoughts
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