Around 3.4 million organisations across the UK and Ireland are expected to be affected by the revised FRS 102 lease accounting requirements. For many organisations, the immediate focus is on bringing leases onto the balance sheet. Accounting firms, however, are increasingly focused on what comes next.
Once leases are recognised, the challenge shifts to ongoing management. Organisations need to maintain accurate calculations, process lease changes and produce compliant reporting throughout the life of each lease. What begins as a transition project quickly becomes an ongoing operational process, which is why more firms are recommending dedicated lease accounting software to help clients build a more controlled and sustainable lease accounting process.
Lease accounting becomes more complex as portfolios grow, since most organisations are managing several lease types at once, each with its own set of lifecycle events that can trigger accounting changes.
Under the revised FRS 102 lease accounting requirements, finance teams need stronger controls and clearer visibility over this data, since every one of those events can affect the lease liability and right-of-use asset balances already sitting on the balance sheet. As the number of leases and lease events grows, manual processes become harder to manage consistently and accurately, increasing the need for stronger controls and greater visibility over lease data.
Lease accounting software centralises lease data, calculations and supporting documentation in one place, which helps organisations improve data integrity, reduce reliance on manual processes, and move toward more automated lease accounting as portfolios grow.
Automation removes much of the repetitive manual calculation and spreadsheet maintenance that lease accounting compliance otherwise demands.
Talk to our team to see how OneTouch Leasing can simplify lease accounting beyond the initial transition.
Meet the OneTouch Leasing team on stand A11 at Accountex Summit Manchester, taking place at Manchester Central on the 15 September 2026. Register for your free ticket here.
