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Adoption of FRS 102 (including Section 1A)

Quorum Training

Summary

Price
£654 inc VAT
Study method
Classroom
Duration
1 day · Full-time
Qualification
No formal qualification

Location & dates

Location

Address
9-10 Portland Pl, Marylebone
West London
London
W1B1PR
United Kingdom
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Address
61-65
Great Queen Street
Central London
London
WC2B5DA
United Kingdom
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Overview

SPEAKER: HERMIEN BONTHUYS

Preparers under FRSSE are required to adopt either FRS 102 with Section 1A (for small entities) or FRS 105 (for micro entities) for financial years starting on/after 1 January 2016. Early adoption of these frameworks is allowed, which is of great benefit to entities as there is then no need to adopt FRSSE 2015 as an in-between GAAP. This course is therefore of significant relevance to small entities adopting FRS 102 Section 1A. The course covers FRS 102 (including Section 1A) requirements and changes from ‘old UK GAAP’ in depth – supplemented by illustrative examples and exercises throughout.

Description

CONTENT

Brief overview of the new regime to understand where the new UK Accounting Standards and EU-adopted IFRS fit in

Significant changes in accounting treatment from old UK GAAP to FRS 102

First time adoption

  • Requirements for certain items on first time adoption
  • Suggestions for an effective plan of action and impact analysis to ensure your first set of accounts under the new FRSs runs smoothly
  • Optional exemptions and mandatory exceptions at transition date – relief provided from retrospective application for certain items

Disclosure

  • The financial statements required by FRS 102 and 102 s1A and how they differ from old UK GAAP requirements
  • Additional disclosure on first time adoption including reconciliations of equity and restated profit or loss account
  • Presentation and disclosure requirements specific to FRS 102 s1A

Reduced disclosures offered by FRS 102 and FRS 102 Section 1A

  • Criteria to qualify
  • Summary of disclosure exemptions provided

Who is this course for?

Any accountants, auditors and other finance professionals, including accountants in practice or in industry/business, auditors (internal or external) financial managers, financial controllers, CFOs and directors.

Questions and answers

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Legal information

This course is advertised on reed.co.uk by the Course Provider, whose terms and conditions apply. Purchases are made directly from the Course Provider, and as such, content and materials are supplied by the Course Provider directly. Reed is acting as agent and not reseller in relation to this course. Reed's only responsibility is to facilitate your payment for the course. It is your responsibility to review and agree to the Course Provider's terms and conditions and satisfy yourself as to the suitability of the course you intend to purchase. Reed will not have any responsibility for the content of the course and/or associated materials.

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