COURSE OBJECTIVES: The proposed overhaul of UK GAAP is considered to be the most dramatic change to financial reporting for decades. The new proposals will have a significant impact on businesses who currently apply UK GAAP, including public benefit entities and publicly accountable entities. From 2015 UK companies that are not required to prepare IFRS financial statements, or allowed to prepare accounts under the FRSSE, will be required to transition to the ASB's new FRS 'FRS 102'. For qualifying entities using EU-adopted IFRS a reduced disclosure framework is offered inder FRS 101. These latest proposals provide significant scope and technical changes from the original 2010 exposure draft Financial Reporting Standards for Medium-sized Entities (FRSME).
This course will explain the route map for UK entities and the various options available, including who can benefit from the reduced framework. It will review the key areas of expected change when transitioning from UK GAAP to FRS 101 using examples and illustrations. The finale to the course will be a detailed case study on first-time adoption. This will explore the preparation of the opening balance sheet, selecting accounting policies, calculating and recording adjustments, available exemptions and required reconciliations under FRS 101.
COURSE CONTENT
- Background to the ASB's proposals
- The FRSME - The problems
- Rationale behind the 2012 proposals
- Scope and Options
- The Reduced Disclosure Framework (FRS 101)
- The FRS applicable to the UK and ROI (FRS 102)
- Content
- Reduced Disclosures
- Financial Statement Presentation
- Financial Instruments
- Tangible Assets
- Business Combinations and Goodwill
- Employee benefits
- Income Taxes
- Transition Processli>
- Preparing the Opening Balance Sheet
- Mandatory Exceptions
- Optional Exceptions
- Reconciliations
- First-time Adoption Case Study/li>
WHO SHOULD ATTEND
This course is primarily aimed at accountants who currently prepare financial statements under UK GAAP and will be transitioning to the new FRS. It will also be of interest to accountants who want to keep up to date with financial reporting as part of their CPD requirements and auditors and analysts of companies who will report under this framework.
Would you like this course run in-house? Call us on 0207 566 8207 to find out more