For Irish companies and their accountants
FRS 102 lease accounting in Ireland
FRS 102 applies in the Republic of Ireland as well as the UK, and so do its 2026 lease amendments: for periods beginning on or after 1 January 2026, Irish lessees bring leases onto the balance sheet as right-of-use assets and lease liabilities. Lease102 handles the Irish specifics: euro leases, €STR-based discount rates and Companies Act 2014 accounts.
What is different in Ireland, and what is not
The standard is shared; the currency, reference rates and statutory wrapper are Irish.
The same standard, the same deadline
FRS 102 is the financial reporting standard applicable in the UK and the Republic of Ireland. The Section 20 lease amendments apply to Irish FRS 102 reporters for periods beginning on or after 1 January 2026, exactly as in the UK.
Euro leases and €STR rates
Irish lease payments are typically in euro, so the discount rate should be evidenced from a euro base. Lease102 carries daily €STR alongside SONIA, and calculates leases natively in euro.
Companies Act 2014 context
Irish companies prepare Companies Act 2014 financial statements under FRS 102 (or IFRS). The Section 20 disclosures generated by the platform slot into Irish statutory accounts the same way as UK ones.
The same outputs, euro-denominated
Amortisation schedules, Day 1 and monthly journals, transition memos and maturity analyses, all in the lease currency, with exports your ERP or outsourced accountant can post.
The mechanics are the same as the UK
Recognition, the three exemptions, initial and subsequent measurement, modifications and disclosures work identically for an Irish reporter; only the currency and the rate evidence differ. Rather than repeat it here, see the plain-English Section 20 guide and the 2026 changes overview, both of which apply in full to Irish companies.
One practical note for Irish year ends: with most Irish companies reporting to 31 December, the first affected year end is 31 December 2026, and auditors will want the transition file, the rate evidence and the opening balances well before then.
FRS 102 in Ireland: frequently asked questions
Does FRS 102 apply in Ireland?
Yes. FRS 102 is 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and most Irish companies that do not use IFRS report under it via the Companies Act 2014. The 2026 lease accounting amendments to Section 20 therefore apply to Irish FRS 102 reporters on the same timetable as UK companies.
When do Irish companies have to apply the new lease rules?
For accounting periods beginning on or after 1 January 2026. Many Irish companies have 31 December year ends, so the first affected financial year is the one ending 31 December 2026, with the transition measured at 1 January 2026 under the modified retrospective approach.
What discount rate should an Irish company use for FRS 102 leases?
The same hierarchy as the UK: the rate implicit in the lease if readily determinable, otherwise the incremental borrowing rate or, for entities that are not financial institutions, the obtainable borrowing rate. For euro-denominated leases the rate should reflect euro borrowing costs, commonly evidenced from a bank facility rate or a €STR-based reference plus an appropriate credit spread, documented at the commencement date.
Does Lease102 handle leases in euro?
Yes. Leases are calculated natively in their own currency, euro included, with daily €STR reference rates available for obtainable borrowing rate derivation alongside UK SONIA. Schedules, journals and disclosures are produced in the lease currency.
Do Irish quarter-day rents work in the platform?
Yes. Irish gale days and quarter-day payment patterns, like the English and Scottish equivalents, are supported through the payment schedule settings, including mid-period commencement with a pro-rated first instalment. The docs include a reference for UK and Irish quarter-day calendars.
Keep going
FRS 102 Section 20, explained
Recognition, exemptions, measurement, discount rates and disclosures.
Learn moreThe 2026 changes
What changed, who is affected and the five-step transition.
Learn moreFree FRS 102 lease calculator
Lease liability and right-of-use asset from your rent and rate.
Learn moreFor accountancy firms
Practice tier: every client portfolio under one login, per-lease billing.
Learn more