The UK's ICAEW has highlighted major accounting and reporting updates set for 2026, including new lease rules under FRS 102, preparations for IFRS 18, and a broad government consultation on modernising annual reports.
Key changes include bringing most leases onto lessees' balance sheets for better transparency, retrospective application of IFRS 18 affecting 2026 comparatives, and Provision 29 of the Corporate Governance Code requiring board attestation on risk management from January 2026. ICAEW warns these reforms are more complex than they appear, urging early preparation amid upcoming UK Sustainability Reporting Standards.
What this means:
UAE companies with UK subsidiaries or investors should review lease accounting and reporting processes now to ensure compliance and avoid surprises in cross-border filings. QuickTax can help align your books with evolving global standards.