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Modified Retrospective Approach
FRS 102 permits a simplified 'modified retrospective' approach for transitioning existing leases.
What It Means
Recognise transition leases at present value of remaining payments, without historical recalculation.
FRS 102 Reference: FRS 102.20.C5-C8
Key Simplifications
No historical data needed, use current discount rate, remaining payments only.
Calculate your transition balances
Prepare for FRS 102 with automatic opening balance calculations.