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Implementing the New UK GAAP (1 day)

Course Details

Code:1998
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Level
Update
CPD
16 Hours
Time
09:00-18:00
Location
London
Cost
£1,850.00
Subject to UK VAT (Read more)

Overview

This one-day course is a clear and concise introduction to the new UK GAAP. It will explain the route map for UK and ROI entities and outline the various options available to them.

Prerequisites

Understanding of basic accounting principles of UK or Irish GAAP. No advance preparation is required for this course.

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Topics

  • Overview
  • Background to the new Framework
  • Scope and Options (FRS 100)
    • IFRS, FRS 102 and FRSSE
    • Public Benefit Entities
  • The Reduced Disclosure Framework (FRS 101)
  • The FRS applicable in the UK and ROI (FRS 102)
    • Content
    • Reduced Disclosures
    • Key areas of difference from existing GAAP, including:
      • Financial Statement Presentation (sections 3-8)
      • Financial Instruments (sections 11-12)
      • Tangible Assets (section 16)
      • Business Combinations and Goodwill (section 19)
      • Employee Benefits (section 28)
      • Income Taxes (section 29)
  • Transition Process (section 35)
    • Preparing the Transition Date Balance Sheet
    • Mandatory Exceptions and Optional Exemptions
    • Reconciliations
  • First-time Adoption Case Study
  • Business Issues

CPE/CPD Accreditation

IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is: 009689. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.

IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world leading professional membership organisation that promotes, develops and supports over 145,000 chartered accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW members and others to demonstrate their continuing professional development, provided that the topic is relevant to their learning and development needs.

Who Should Attend

This course is primarily designed for those who currently prepare their financial statements under UK GAAP and so will be required to transition to the new FRS in 2015. It is also suitable for those who voluntarily adopted IFRS in the past and may benefit from switching to the new UK GAAP or adopting the reduced disclosure framework which is already available to entities. 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.

Detailed Agenda

To be confirmed

Presentation

  • Group live instruction in a workshop format using illustrations, exercises and a comprehensive case study
  • Review of the rationale for adopting the new UK framework
  • Description and explanation of the key accounting and reporting changes from current UK GAAP in clear and simple language
  • Use of illustrations, exercises and real-world financial statements to illustrate the impact of the new requirements
  • Interactive participation is encouraged
  • All participants receive a comprehensive binder containing copies of the presentation slides, exercises and solutions and other course materials
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