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Tailored sessions for different levels - more in depth training for associates

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Defining which clients are most likely to be impacted, what to look out for

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Worked examples based upon our AS clients showing adjustments to accounts etc 

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Worked examples based upon our AS clients showing adjustments to accounts etc 

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Training teams on how to communicate changes to clients in an easy to understand way. 

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Training teams on how to communicate changes to clients in an easy to understand way. 

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Leaflet / flyer we can share with our clients about the changes.

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Leaflet / flyer we can share with our clients about the changes.

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Identify most affected clients first - transition fee?

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Worked examples, further explanation of how the transition, like leases, affects the retained earnings - is this a restatement?

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Use Teams to post our examples and share ideas 

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Use Teams to post our examples and share ideas 

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Examples on different useful life of ROU asset and lease liability

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Rough idea of how much it would cost our client to have advice from FAAS

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Practical example of what the actual disclosure would look like in the first year of impact. What does it actually look like?

Would you have to amend the comparative?

What a low value lease would be defined as? (May be a case by case basis)

How do we share this amongst the group when we learn new items? Making sure if we learn in small groups, then we share this with the rest of UKAS

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1. Guidance on how to communicate the changes to our pool of clients?

2. Flyers to send out to clients to summarise the changes/LinkedIn content - with the ability to follow up with the UKAS team if needed.

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Worked examples

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Sending illustrative accounts to clients

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Send CPD to them

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Include on a findings document to brief them before the meeting 

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Include on a findings document to brief them before the meeting 

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Examples of performance obligations and determining transaction prices

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Revenue recognition - maybe have some questions that we can send to the client at planning stage and compare it against the 5 steps.

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First exercise: which clients are going to be impacted by it? Then have conversations with the client - we can help them with it but there will be additional fees/costs

one off transition fees

need to maximise fees or we will absorb costs

discuss in clearance meeting if have this in next 3-6 months

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fact sheet which we can send to our clients with all of the changes and that we will be in contact soon

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Review client base and identify which clients are most affected and contact them sooner rather than later. Look at pricing structure too.

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Review client base and identify which clients are most affected and contact them sooner rather than later. Look at pricing structure too.

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flyer with all changes on

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Standard approach to transitional fee eg £xx per lease in place. 

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Standard approach to transitional fee eg £xx per lease in place. 

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fact sheet

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Early conversations about the transition and fees will be impacted as a result. Get the clients buy in to this but also making them realise the impact on accounts and wider implications. 

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Early conversations about the transition and fees will be impacted as a result. Get the clients buy in to this but also making them realise the impact on accounts and wider implications. 

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If someone comes to us with regards to leases, we have the conversation to discuss charging extra for consultation and accounting support

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Look out for clients with covenants that might change with these adjustments

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a 'red flag list' of things to look out for to identify when a client will be affected

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Template that we can send to the client, for them to fill in, which does the restatement workings

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get out on site and discuss with clients

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Flag when a client is going into a lease in 2025 - so they're aware of this going forwards

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Training on disclosures

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How to deal with pushback from clients with regards to adopting the new guidance

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dummy run with some clients? if we were to do it for december 2024 what would it look like

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Agree a fee structure for involvement in transition - do we do a standard fee per lease?

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lunch and learn to approach?

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Transition champion group - could they deliver training to clients, or get involved with clients where current team doesn't feel comfortable with changes yet?

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Do we currently understand our clients revenue recognition policy and what performance obligations they have with their clients?

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Do we currently understand our clients revenue recognition policy and what performance obligations they have with their clients?