IT’S NOT OVER TILL IT’S OVER!

FRS 102 Revised Seminar Brings South Yorkshire Finance Leaders Together

In collaboration with Shorts Chartered Accountants, we recently hosted a seminar for senior finance professionals from across the region.The event brought together a number of Finance Directors, Financial Controllers and senior leaders from across the region for a morning of insight, discussion and networking over breakfast. It was a pleasure to welcome so many familiar faces, alongside new contacts, reflecting the strength and depth of the Yorkshire finance community. The seminar was presented by Howard Freeman, Audit & Accounts Partner, and Andy Ryder, Corporate Finance Partner at Shorts. We are extremely grateful to both speakers for sharing their time and expertise, and for delivering a clear, practical overview of the forthcoming changes to FRS 102, which came into effect on 1 January 2026 and are expected to impact a significant number of UK businesses. The session explored what is changing and why, particularly in relation to lease accounting and revenue recognition, and considered what the updates mean in practice for finance teams and business leaders. The speakers also addressed the new reporting requirements under FRS 102, the potential impact on EBITDA and valuation methodologies, and the key considerations for organisations as they prepare for implementation. Rather than focusing purely on technical detail, the seminar encouraged broader discussion around readiness, communication with stakeholders and the commercial implications of the changes. This led to a highly engaged Q&A session, with attendees sharing perspectives and experiences from their own organisations. At Sharp Consultancy, we are committed to supporting the finance community beyond recruitment alone. Events such as this form part of our ongoing effort to create opportunities for connection, knowledge-sharing and professional development among senior finance professionals. We would like to extend our sincere thanks to Shorts for partnering with us on this event, and in particular to Howard and Andy for delivering such an informative and thought-provoking session. We are also grateful to everyone who attended and contributed to the discussion. We look forward to hosting further events in the coming months and continuing to work closely with our network of finance leaders across the region.If you would like to discuss how these changes may impact your finance team, or if you are considering strengthening your leadership function, please contact us for a confidential conversation.

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Those of you who have known me for some time might be surprised to read that this is my first comment piece of 2021. Normally, I would be out of the trap like a rabbit during the first days of January with uplifting and inspiring words to share on how ‘new year brings new opportunities in your career’ and there’s ‘no better time to look ahead and shape the team around you for success’.

This year, however, has got off to somewhat of a different start.

I began 2021 much like I do every year. Phone calls to clients and candidates, exchanging pleasantries about the festive break, sending best wishes for the coming year and then moving on to discuss business. But during those early days of January, each conversation followed what was to become a very familiar path.

“So how are things?” I’d ask, to which I was met with, “We’re not really sure.”

I’d had comparable conversations with many of these same people pre-Christmas and the contrast in responses and mood could not be more stark. Then, there was a collective feeling that, let’s face it, 2020 had been – to put it politely – pretty rubbish all round; but as the end of the year approached there was a sense of optimism, the mood was decidedly upbeat, and you felt that a corner was very much about to be turned – “we just need to get through these next few weeks and 2021 will be a new start” (or words in a similar vein).

But then the hammer blow came – tucked into that week between Christmas and New Year when you are never quite sure what day of the week it is – that we were to be plunged back into a national lockdown.

Now you might say that this was not completely unexpected. In fact, you might argue that after the introduction of the tier system, the four week lockdown in November and the last-minute changes to relaxing the rules over the festive period, it was very much on the cards and was, by the majority of people, entirely expected. But despite all of signs that it was coming, it certainly knocked the wind out of a lot of peoples’ sails.

So why was that when we have effectively been living and working under enforced restrictions in some form or another for well over nine months now? The more people that I engaged with, the more apparent the answer became.

It was clear that nobody expected that this would all be done and dusted, as if the chimes from Big Ben would signal the time for COVID-19 to leave the party. But there was something about the shift from 2020 to 2021 that had given people something to hold onto as the end of the year approached, and that, come the new year, things could be and would be different. It was what had driven them on through those final weeks – possibly why for some the November lockdown was close to, as things currently stand, business as usual – as they drew on their last reserves of resilience to see out 2020 and be ready to face 2021 with renewed focus and determination.

And whilst for many, little changed from one day to the next following the lockdown announcement as they were already operating under some degree of restrictions, the collective psyche that we were leaving the rollercoaster of 2020 behind and turning a new page/making a fresh start/opening a new chapter (insert your own favourite cliché as you wish) which had helped people get through the final few weeks of the year had been whipped away overnight.

For many, the news that 2021 was starting with more of the same, took several weeks of mental adjustment whilst they got to grips with the situation, regrouped and reset their priorities. However the last week or so has seen the tide start to turn and my most recent conversations with those that I spoke with at the beginning of the year have been peppered with much more of the resolve and fight that will ensure that we emerge from this.

Any runners amongst you will have no doubt said at some point that the final miles of any race can be the hardest. It seems that there are still a few more miles of this particular race to be run – but we should all remind ourselves that we are now much closer to the end than we were at the beginning.

Sharp Consultancy specialises in the recruitment and executive search of finance and accountancy professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for temporary, interim and permanent roles across the full spectrum of positions throughout Yorkshire and beyond. CONTACT US today and speak to a member of our team about your recruitment needs or next career move.