Course description
FRS 102 - A Comprehensive Refresher
UK GAAP as we know it has come to an end and there are radical changes. FRS 102 is applicable for accounting periods starting on or after 1 January 2015, i.e. 31 December 2015 was the first year end to apply this standard. This standard based on IFRS replaces most existing UK accounting standards.
This two day course provides an essential overview of the new UK financial reporting framework. The course covers the main requirements of various sections of FRS 102 and provides practical examples and illustrations throughout to demonstrate key treatments and disclosures required by the new standard.
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Suitability - Who should attend?
This course will provide a comprehensive but concise overview of the new UK financial reporting framework, useful to anyone who has to prepare financial statements or is involved in managing statutory reporting at the group or regional level on a regular basis plus those who are returning to such a role. This course is for you if you need to understand what has changed in UK GAAP to assess the impact of these changes on your role.
Outcome / Qualification etc.
- The UK regulatory environment
- Convergence with international financial reporting standards
- Format and content of financial statements
- Comprehensive guidance on the accounting treatments and the main disclosures required under FRS 102, focusing in particular on the following areas:
- Income statement issues, including:
- Revenue recognition
- Employee benefits
- Share based payments
- Income tax
- Government grants
- Foreign exchange
- Balance sheet issues, including
- Fixed assets
- Current assets
- Liabilities and provisions
- Financial instruments
- Disclosures
- Group issues