Taking a Risk to Reap the Rewards

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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With the challenges of the previous 12 months, many organisations have – understandably – scaled back on their recruitment plans. However, with top talent in short supply those businesses taking a reactive approach to their staffing needs will find that they risk missing out on quality candidates to more dynamic competitors.

The continuing reports of increasing unemployment and struggling business due to the effects of COVID-19 have been impossible to ignore; and whilst there are industries and sectors which have suffered terribly over the last 12 months – and many more that face a longer and arduous road to recovery – we must remember that there are also those for whom the impact has not been felt as significantly, if at all, and potentially, will have experienced rapid growth and increasing opportunity.

Against this backdrop, it is understandable that there are businesses out there that think this should be a rich time for recruitment and that they will have their pick of an abundant crop. The reality, however, is somewhat different; those that are looking to make quality hires are finding that not only is competition fierce, but the candidates that they expected to be in high supply are themselves entrenched in mid-recovery projects and not quite so willing to make the move.

These are undoubtably testing times and employers are often taking a somewhat cautious approach, but with this, they run the risk of falling victim to two of the biggest downfalls when it comes to recruitment - hesitancy and indecision. With competition more intense, it is vital that the recruitment process is slick, the key decision makers are engaged from the outset and there is flexibility to consider a range of skills and attributes and not become fixated on a prescriptive set of criteria.

Employers that are prepared to break the mould and take a smart approach to recruitment are reaping the rewards. Those that can look beyond what a candidate can deliver in the here and now and can recognise the potential impact they will have by investing time into shaping and developing their skills will feel the long-term benefits as they secure high calibre individuals who are motivated to deliver success for the business.

As businesses start to look ahead and plan for a more ‘normal’ time, a proactive approach is very much needed. Many employees are conflicted by a desire to return to their normal working environment versus a more flexible working from home arrangement, and this, coupled with a lack of investment in training and career development will undoubtedly lead to destabilising moments.

Businesses that are not in tune with their employees – either through attentions being diverted elsewhere or through a disconnected workforce due to lockdown restrictions – will find that they miss previously recognisable signs of dissatisfaction, putting them very much on the back foot as candidates look to seek out the career-move opportunities which are very much coming to the fore.

Sharp Consultancy specialises in the recruitment of temporary, interim and permanent finance and accountancy professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today to find out more.

Article taken from the Sharp Consultancy Salary Survey 2021/2022 – read more here

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