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.