FRS 102 – the new UK GAAP is the biggest change in financial reporting in a generation. Almost all UK companies and other entities have had to adopt this new standard, including small entities previously reporting under the FRSSE. Attending this course will give you a complete understanding of the concepts and principles of the new UK GAAP as well as explaining the additional disclosure requirements when you produce the first set of FRS 102 financial statements for your company. The course will also explore the options available to subsidiaries of groups reporting under IFRS.
This seminar will:
- Inform you of the recent changes to the Companies Act and regulations including the new options when filing the accounts with the Registrar of Companies
- Guide you through all the changes, highlighting the key differences between old UK GAAP and new UK GAAP using practical worked examples
- Look at the implications of FRS 102 on loan agreements, distributable profits and profit related pay.
- Explain the new approach to accounting for financial instruments, recognising derivatives and deciding whether hedge accounting is appropriate.
- Provide practical guidance on the disclosures required in a set of FRS 102 financial statements and the judgements that some entities will need to make.
- Discuss the draft amendments in FRED 67, which propose improvements and clarifications to the standard.
09:30 - 17.00
An excellent feature of this seminar is the extensive additional resources provided – meaning you can continue to further your knowledge on this difficult subject after the seminar.
- A set of Illustrative Financial Statements.
- Practical examples of difficult areas
- A checklist designed to assist you in producing a set of FRS 102 financial statements.
- A Certificate of Attendance
What Will You Learn?
- What are the financial reporting options available to UK entities?
- What do a set of FRS 102 statements look like?
- What are the recent changes in companies’ legislation and the size criteria that affect your financial reporting options?
- What is the ‘qualifying entities’ regime for groups and what disclosure exemptions are available?
- Should I consider FRS 101?
- What are the key recognition and measurement differences between FRS 102 and old UK GAAP?
- How do you account for basic and non-basic financial instruments?
- How will derivative instruments impact upon the accounts?
- Do I need to apply hedge accounting? How does it work?
- What is the impact of the different accounting framework on tax, distributable profits and other business issues?
- What are the problem areas that you will need to discuss with your auditors?
- What has changed regarding the filing of accounts at Companies House?
James is a Chartered Accountant and was previously the National Technical Director for a top 10 UK accountancy firm, where he used his practical experience to provide client focused solutions and training in all areas of financial reporting and auditing. He is also a technical author and wrote 'Preparing FRS 102 Company Accounts', published by Wolters Kluwer.
Kevin is a Chartered Accountant and he has his own accountancy practice. With his vast knowledge and experience he can readily help people resolve Accounting, VAT and Company Administration issues.