FRS Classroom Training - full day

New UK GAAP Comprehensive offering - all you need to know about adopting the new FRSs

For adopters of FRS 101, 102, 102 section 1A or FRS 105

By booking this offering you will get access to our 1 day FRS classroom course and our live 1.5 hour webinar, both presented by experts in the field.

By attending both of these you will gain a comprehensive understanding of both areas which are essential to transition your accounts to the new FRSs:

1.Understanding the new FRSs, the accounting changes and first time adoption requirements (classroom course)

  This is covered in depth on the 1-day face to face course presented by our FRS technical expert. Illustrative examples are used throughout and additional resources are provided on the day.  See below the full course outline, dates and locations.

  2. How to perform the transitioning in IRIS itself (focusing on using the software itself)

  By booking this offering you will get access to join one of the live webinars with our IRIS conversion expert from the comfort of your office.  The webinar will explain how to perform your first set of accounts under the new FRSs in IRIS using predefined examples in a step-by-step manner.  The focus is on using the software and not on the new FRSs as those are covered in the classroom course.  There is one 1.5 hour webinar scheduled per month - you can choose to join on any date.  You will receive joining instructions once you have booked the course.

Practical suggestions are made throughout to help ensure your first set of accounts under the new FRSs runs smoothly with the least possible effort and disruption.

BOOK NOW TO SECURE YOUR PLACE!

Call 0344 815 5550

 

CLASSROOM COURSE

This practical and interactive 1 day course is presented by an ACA who is a known for her technical expertise in applying the new FRSs and preparing compliant accounts under the new UK Accounting Standards.  Meet the presenter.

The classroom course is designed to provide you with a thorough understanding of the impact that adopting the new FRSs (FRS 101, FRS 102 (including section 1A) or FRS 105) will have on an entity's accounts.  The course also counts towards CPD for qualified accountants.

The course is designed for preparers under FRS 101, FRS 102, FRS 102 section 1A or FRS 105.

Which new FRS should you be adopting?

For financial years commencing on/after 1 January 2015, preparers under previous UK GAAP are required to adopt either FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, or EU-adopted IFRS (with or without FRS 101 The Reduced Disclosure Framework).

Preparers under FRSSE are required to adopt either FRS 102 together with section 1A (for small entities) or FRS 105 (for micro entities).  This is compulsory for financial years starting on/after 1 January 2016.  However, early adoption is allowed and could be of great benefit as there is then no need for a small/micro entity to undergo two conversions – first to adopt FRSSE 2015 as an in-between GAAP (for the financial year starting on/after 1 January 2015) before having to convert to FRS 102 section 1A/FRS 105 in any case for the following year.

From above timeframes, it is quite clear that getting to grips with the new FRSs and their implementation is of great relevance and dare we say, urgency.

The practical implications of transitioning to any of above new frameworks are vast, and all entities which have been applying UK GAAP or FRSSE are affected in a significant way. 

 

COURSE OUTLINE

First time adoption of the new FRSs (whether 101,102, 102 section 1A or 105) must be applied retrospectively as at transition date - being the first day of an entity's comparative period.  For example: if one adopts the new FRSs for the first time for the financial year ending 31 December 2015, the transition date (from which restatements now need to be done), is 1 January 2014 (the first day of the comparative period).

As a result, retrospective application entails extensive additional work to be performed, which includes restating the comparative period's Balance Sheet and P&L, as well as preparing an Opening Balance Sheet as at transition date which is compliant with the entity's newly adopted FRS.

On this course we will cover the new FRS requirements and changes from 'old UK GAAP' in depth - supplemented by illustrative examples and exercises to ensure principles are fully grasped.

Topics include:

  • Brief overview of the new regime to understand the bigger picture, and where the various new FRSs and EU-adopted IFRS fit in.
  • Significant changes in accounting treatment from old UK GAAP to FRS 101/ 102 (including section 1A)/ 105 - covered in depth:
    • Comparison of treatment between old UK GAAP, FRS 102 (which includes s1A) and FRS 101 for all key topics.
    • Topics include (but not limited to): Related party loans (including directors' loans and/or intragroup loans), Property Plant and Equipment, Investment Properties, Goodwill, Other Intangible assets not Goodwill, Impairment testing, Leases and lease incentives, Provisions (including dilapidations), Accruals for holiday pay, Pensions, Cash and Cash equivalents, Borrowing cost, Investments, Interest expense/income, Basic Financial Instruments, Derivatives, Business Combinations, Deferred tax, Share based payments, and others.
    • First time adoption:
      • Specific requirements for certain items on first time adoption, including reviews and remeasurements that could affect assets, liabilities and equity.
      • Practical suggestions to minimise disruption and prepare transition accounts with the least possible effort.
      • Practical examples and exercises (including journal entries) to illustrate how to restate accounts, in particular:

i) the comparative year's P&L and Balance Sheet; and

ii) the Opening Balance Sheet

  • Optional exemptions and mandatory exceptions at transition date:  some relief provided from retrospective application for certain items
  • Disclosure
    • The accounts/financial statements required by the new FRSs and how they differ from old UK GAAP.
    • Additional disclosure required on first time adoption including reconciliations for the restated Equity (two recons) and the restated P&L.
    • Presentation and disclosure requirements specific to FRS 102 s1A
    • Reduced disclosures offered by FRS 101/102/102 s1A
      • Criteria to qualify
      • Summary of disclosure exemptions provided
      • FRS 105 – summary of key changes from FRSSE for micro entities

 

COURSE MATERIALS & ADDITIONAL RESOURCES

Comprehensive material pack which can easily be referred back to after the course   

  • Comprehensive material pack which can easily be referred back to after the course
  • Illustrative examples and practical exercises used throughout
  • Additional resources provided including application guidance and illustrations issued by the Accounting Standards Board
  • Examples of deliverables required on first time adoption of new FRSs

 

WHO WILL BENEFIT

Any accountants, auditors and other finance professionals, including:

  • Accountants in industry or practice
  • Auditors (internal or external)
  • Financial managers, Financial Controllers, CFOs
  • Directors
  • Analysts, investors and other users of financial statements

 

LOCATIONS

  • Manchester - Thursday 18th August 2016
  • Reading - Tuesday 23rd August 2016
  • London - Thursday 13th October 2016
  • Glasgow - Tuesday 18th October 2016
  • Birmingham - Wednesday 23rd November 2016
  • London - Thursday 8th December 2016
  • Manchester - Thursday 16th February 2017
  • London - Wednesday 15th March 2017
  • Edinburgh - Wednesday 12th April 2017

 

PRICE

  •  £495 (plus VAT) 10:00-17:00 inclusive of lunch, refreshments, printed manuals and materials

 BOOK NOW TO BOOK YOUR PLACE!


IRIS on Twitter IRIS blog IRIS on LinkedIn IRIS on YouTube