FRS 102 – Practical Scenarios and How to Deal with Them

Speaker:  Jeremy Williams  |  CPD Hours: 6.0

Price £575 plus VAT

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OBJECTIVES

FRS 102 is the new accounting standard for entities in the UK and Ireland, and has replaced the bulk of previous UK and Irish generally accepted accounting practice (‘UK and Irish GAAP’) for periods commencing on or after 1 January 2015 (1 January 2016 for small entities). It represents the biggest such change for a generation, and getting to grips with FRS 102 for small and medium-sized entities is proving a challenge for those entities as well as their accountants and advisors! This practical one day course considers some of the specific issues on transition to FRS 102, including the options on transition, the adjustments that arise and the impact on current and deferred tax.

The course is designed to be a practical and interactive session so that delegates can go through real situations and learn how to deal with them. Frequently asked questions and issues arising from technical queries, professional reviews of recent FRS 102 accounts and from regulators’ comments will be covered and practical solutions given. The session will also allow time to deal with participants’ own questions and experiences of transition to FRS 102.

The session includes several case study examples to help participants understand the effect of the transition on financial statements.

CONTENT

  • Overview of the changes in FRS 102, with reference to likely future changes proposed in FRED 67
  • Property issues – both for investment properties and for property, plant and equipment (PPE)
  • Intangibles and business combinations
  • Basic financial instruments (including commercial and off-market loans)
  • Derivative financial instruments including a comparison between non-hedge and hedge accounting for forward forex contracts
  • Lease accounting
  • Revenue recognition
  • Transition prohibitions and options within section 35, including the additional options for small entities
  • Presentation and disclosure issues for full FRS 102 and small entities (section 1A), including accounting policies and first-time adoption disclosures
  • FRS 102 and current/deferred tax

WHO SHOULD ATTEND

Anyone needing practical advice on how to deal with some of the common situations arising from adopting FRS 102. It is an ideal course for any accountants or finance professionals looking for a course which covers common FRS 102 issues and how to tackle them.

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