FRS Video Training
New FRS video training courses
UK GAAP is going through the most significant change in a generation according to the Financial Reporting Council, and the new standards are going to affect all entities in the UK and Republic of Ireland.
The standards themselves are based on the provisions in IFRS (specifically IFRS for SMEs) and this change brings about sweeping changes to the way in which some transactions are accounted for and disclosed. In addition, the requirement to bring additional assets and liabilities on the balance sheet (such as derivative instruments) is going to cause a significant amount of additional work not only in bringing such assets and liabilities onto the balance sheet, but also what to do with them once they are on the balance sheet in terms of subsequent measurement and disclosure.
To help you understand the changes and ease the transition to new UK GAAP, IRIS have introduced some ‘Key Change’ courses designed to look at the areas which have been subjected to the most significant amount of change. The courses will explain how the changes will affect your clients, how to deal with the changes within IRIS's software and what to disclose in the financial statements.
IRIS has the following 'Key Change' courses available:
New UK GAAP Legislative overview course 1 user
The changing landscape of UK GAAP is going to have a significant effect on many companies’ financial statements over the next couple of years. The rules are retrospective and have to be applied as far back as the date of transition.
Medium-sized unlisted companies must apply the new UK GAAP for accounting periods commencing on or after 1 January 2015. Smaller companies and micro-entities will transition across to a new UK GAAP for accounting periods commencing on or after 1 January 2016 although earlier adoption of the new rules is permissible.
This legislative overview consolidates all the new UK GAAP and legislation and explains why the new regime has been brought in; who and when it affects and the types of frameworks that various entities can report under. It also explains how the new EU Accounting Directive has been transposed into company law resulting in changes to the Companies Act 2006 that will have a direct impact on all small companies and micro-entities.
This course accompanies the new IRIS ‘Key Change’ courses which look at the most notable differences in various accounting areas. Because this legislative overview essentially ‘sets the scene’ for new UK GAAP it is recommended that IRIS users start off with this one and then move onto the detailed ‘Key Change’ courses.
FRS 102 Investment properties course
The accounting and disclosure requirements for investment properties have been subjected to huge amounts of change in new UK GAAP. The accounting methodologies have changed significantly and now require deferred tax issues to be brought into account.
This Key Change course on investment properties takes a look at:
- How investment property is defined in new UK GAAP
- The new accounting methodologies and how they differ from outgoing UK GAAP
- Where deferred tax is posted to within IRIS
- How investment properties in a group context might be affected
This Key Change course is recommended for any practitioner that has clients with investment properties on the balance sheet, particularly those that are being carried at fair value at each reporting date.
FRS 102 Financial instruments course
All companies whether micro, small or large will have some form of financial instrument reported in the financial statements whether it be in the form of shares, bank balances, loan agreements or more complex instruments such as derivatives.
FRS 102 brings about some considerable change to the way that certain financial instruments are accounted for and disclosed. Loans at below market rates (such as intra-group loans) are caught under the new provisions of FRS 102 and may require a considerably different approach to accounting for such loans if various ‘workarounds’ cannot be found. This Key Change course highlights some of the more notable changes in the accounting standards under FRS 102. Delegates will also learn about:
- Allocating interest to the profit and loss account for a below market rate loan
- How derivative financial instruments will have an impact, even for smaller companies
- The types of financial instrument which will be classed as basic and those which will be classed as more complex
- The impact of FRS 102 on loans between companies under common control
This Key Change course is ideal for IRIS customers who act for customers who enter into financial instrument contracts such as loans at below market rate, intra-group loans and whose clients might have forward foreign currency contracts in existence at the balance sheet date.
FRS 102 Property, plant & equipment course
This Key Change course on Property, Plant and Equipment examines the notable differences that FRS 102 has brought about in respect of the accounting for tangible fixed assets. By attending this course you will gain an insight as to:
- The additional fixed assets that are now required to be brought onto the balance sheet.
- How the calculation of residual value differs from outgoing UK GAAP.
- Issues that need to be considered where depreciation methods are concerned.
- When an asset is impaired and how to deal with such impairment issues.
- Changes in the frequency of obtaining revaluation amounts.
The lack of detailed guidance in FRS 102 where the issue of ‘subsequent expenditure’ is concerned will also cause some concern to the vast majority of practitioners. This course also examines the instances where a client will incur expenditure on a pre-existing asset and looks into the details of when such expenditure may qualify for recognition on the balance sheet.
This course will be particularly relevant for practitioners who have to deal with the issue of tangible fixed assets for their clients and who need an awareness of what has changed in the new UK GAAP.
FRS 102 Leases course
Leasing transactions have often lent themselves to a number of subjective issues; some of these issues have also given rise to a number of companies being criticised for deliberate engineering of leasing transactions to achieve off-balance sheet finance.
FRS 102 and leasing transactions lend themselves to additional subjectivity because FRS 102 is based on the principles of IFRS for SMEs. A number of key changes have been brought about by FRS 102 and leasing, in particular:
- Methods involved in distinguishing between a finance lease and an operating lease
- Calculation of interest within a leasing agreement
- Operating lease disclosures
- Sale and leaseback transactions
This course is suitable for any IRIS customers that deal with clients who are involved in leasing transactions and who need an awareness of the differences between outgoing UK GAAP and FRS 102 requirements.
FRS 102 Goodwill & intangibles course
Goodwill and intangible assets are dealt with in two separate sections of FRS 102 unlike in outgoing GAAP which deals with the two items in one standard.
Section 18 of FRS 102 deals with intangible assets other than goodwill and Section 19 deals with business combinations and goodwill. This Key Change course examines some of the key differences and concepts in FRS 102 in relation to goodwill and intangible assets. The amortisation of such intangible assets is proving to be a confusing point for many practitioners and it is important that the technical aspects relating to amortisation methods are clearly understood to ensure correct accounting treatment on transition to FRS 102.
This Key Change course will examine:
- Some of the notable differences found in FRS 102 as opposed to the treatments noted in previous UK GAAP.
- How to identify the cost of an intangible asset.
- What the amortisation methods should be when a reliable estimate of the useful economic life of an intangible asset cannot be ascertained.
- The circumstances when it is permissible to recognise goodwill on a balance sheet.
- What happens when negative goodwill arises.
- Disclosure issues.
This course is particularly relevant to accountants in practice that have clients with intangible assets on the balance sheet; particularly those where the useful economic life of such intangible assets is subjective. In addition, it is also particularly relevant to those accountants acting for clients that have not previously amortised goodwill on the basis of indefinite useful lives.
How to cater for FRS 102 in IRIS course 1 user
The move across to FRS 102 is being cited as one of the most significant changes in financial reporting in a generation. Practitioners will undoubtedly have concerns about the impact that a move across to a new financial reporting regime will have on their clients’ financial statements and the additional time and costs that will be incurred in dealing with the transition.
The spring release of IRIS means that IRIS Accounts Production is fully compliant with the reporting requirements and allows the transition to be completed as swiftly as possible. There are, however, certain responsibilities on the part of the user that will be needed in order that IRIS can deal with the transition correctly and provide the relevant disclosure information. Mistakes can be costly and it is vital that a sound understanding of the steps involved is obtained before dealing with clients’ transitions to the new reporting regimes.
This course will give a brief overview of the key areas of the new regime, such as identifying the date of transition, the date the accounting standards apply and also the steps involved in dealing with a transition within IRIS Accounts Production.
The course also shows users where to access the various data screens, how to generate duplicate comparative year posting screens to undertake the prior year adjustments and how to enter the transitional information for disclosure within the first FRS 102 financial statements.
FRS 102 Employee benefits course 1 user
FRS 102 introduces specific requirements for reporting entities to account for benefits they provide to employees (including directors and senior management) which are notably different than what occurred under previous UK GAAP.
In addition, the rules relating to pension plans have also seen notable changes in FRS 102 from the requirements of FRS 17 Retirement benefits.
This Key Changes Course focuses on the specific differences which will affect most, if not all, entities caught under the reporting requirements of FRS 102. This Key Changes Course examines the following issues:
- The differences between FRS 102 and the requirements of previous UK GAAP where employee benefits are concerned.
- Examples of what FRS 102 regards as ‘short-term employee benefits’.
- The situations that arise when holiday pay accruals have to be recognised in the financial statements together with an example illustrating the calculation of such accruals.
- The differences in the approach FRS 102 takes to defined benefit pension plans and examines the relaxed requirements in respect of comprehensive annual valuations and more flexibility in who carries out the valuation. In addition, the course also examines the disclosure requirements that are needed when a multi-employer defined benefit pension plan is accounted for as a defined contribution plan.
This course will be most relevant to accountants that have clients who will be brought under the scope of FRS 102 in the near future and which provide benefits (such as wages and benefits in kind) to their employees.
Price -prices start at £99 (plus VAT) per video per user with incremental discounts available for bulk orders.
To purchase your videos or to find out more please call 0844 815 5550