Professional Training

FRS 102 - Practical Challenges & Emerging Issues

1 day
1 day

Course description

FRS 102 - Practical Challenges Emerging Issues

This one day course will consider the practical implications of the revised version of FRS 102, together with ongoing and emerging issues arising in its application. This includes the implications of Section 1A.Youll also consider the impacts of FRS 102 on the calculation of distributable profits in the light of the revised guidance published in 2017 by the ICAEW and ICAS.Who is this for?This course is for anyone involved in the preparation, audit or analysis of financial statements prepared under FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland.It will also benefit anyone who requires insight into how the revisions have affected accounting processes.What will you learn?By the end of this one day course, youll have a competent understanding of the FRS 102 revisions effective on accounting periods commencing on or after 1 January 2019, including:Changes from the First Triennial Review in respect of:Investment propertiesBasic and other financial instrumentsLoans to companies from ownersBusiness combinationsRevenueThe cash flow statementGift aid paymentsFinancial institutionsRejected amendments, and the timetable for future changesFurther practical challenges, includingAccounting for non-financial investmentsThe fallback position when FRS 102 is silentRecap of the off-market lending issueDeferred taxationRetirement benefits (including group schemes)Share based payments in private companiesThe use of FRS 102 Section 1A fro small companies (including the true and fair requirement)The distributable profit guidance of TR 02/17BL, including the impact of off-marketing lendingHow does this help your career?On completion of this course youll have the in-demand knowledge to understand and apply the FRS 102 changes relevant to your circumstances. Youll be able to develop and apply acceptable accounting treatments in areas where issues and controversies have arisen, and confidently assess the implications of FRS 102 for the calculation of distributable profits.Other related coursesFRS 102 & A Comprehensive Refresher: This two-day course provides an essential review of reporting under FRS 102 and highlights differences from IFRS Standards and FRS 101.

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Suitability - Who should attend?

This course will benefit those who prepare their financial statements under new UK GAAP (FRS 102) and will address the practical challenges and emerging issues which arose from transition with best practice solutions.

Training Course Content

  • Presenting financial statements under FRS 102Statements of cash flow
  • Fixed asset accounting (tangibles, intangibles and investment property)
  • Classification of loans – basic v other
  • Accounting for related party loans
  • Accounting for derivatives and hedge accounting under FRS 102
  • Changes to lease accounting and disclosures
  • FRS 102 Section 1A – balancing legal requirements and the need for ‘TRUE and fair accounts’
  • Important changes to pension accounting
  • The impact of FRS 102 on current and deferred tax
  • FRC Triennial Review – Proposed changes and implications

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