UK and Ireland GAAP: Key Issues
An understanding of UK and Ireland GAAP can provide a massive benefit to your work. In this course, we cover some key topics – specifically from FRS 102 and FRS 105 – including financial instruments, accounting policies and estimates, and tax issues.
£150 +VAT
UK and Ireland GAAP: Key Issues
£150 +VAT
365 days’ access
UK and Ireland GAAP: Key Issues
This course is not currently available. To find out more, please get in touch.
This course will enable you to
- Identify the key differences between FRS 105 and FRS 102
- Transition between FRS 102 to FRS 105
- Apply the amortised cost method to financial instruments
- Clarify the rules around recognition and derecognition of financial instruments
- Understand how accounting policies are selected, and the rules around estimates
- Correctly account for various taxes, such as corporation tax and employment taxes
About the course
As an accountant, an understanding of UK and Ireland GAAP can provide a massive benefit to your work.
In this course, we cover the key issues – in particular, FRS 102 and FRS 105, which are arguably the most prominent standards in UK and Ireland GAAP. Both frameworks are significantly different in terms of recognition, measurement and disclosure requirements.
Referencing these two standards, we look at financial instruments, which can cause difficulties for preparers of financial statements due to their inherent complexity. We then look at how we select accounting policies, and the rules surrounding estimates. The course finishes with an examination of the accounting treatments for various taxes, including how to present tax in the cash flow statement.
Contents
FRS 102 and FRS 105
Spot the difference
Differences between FRS 105 and FRS 102
Transitioning between the frameworks
What is true and fair?
Ensuring a true and fair view
Financial instruments
What is a financial instrument?
Classification as a financial instrument
Measuring a basic financial instrument
Derivative financial instruments
Derecognition
Accounting policies and estimates
Accounting policy versus accounting estimate
Problems with the policy
Changing an accounting policy
Changes in accounting estimate
A smooth transition
Disclosing accounting policies
Accounting for tax
Accounting profit versus taxable profit
Reconciliations
A new tax rate
Tax rates to use under UK and Ireland GAAP
Presenting tax in the cash flow statement
Disclosures
Author
Steve Collings
Steve is Director at Leavitt Walmsley Associates, a firm of Certified Chartered Accountants. He is an internationally recognised speaker, writer and commentator on all matters to do with financial reporting and auditing. Steve is a prolific author, having written over 25 books and currently represents the North West of England on ACCA”s Practice Network Panel.
6 reviews for UK and Ireland GAAP: Key Issues
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Rishi Sharma –
A relevant course!
Katia Berdnikova –
Thank you, very useful and good format
Sue Moore –
It felt like a very shallow dive into a very complex subject. More examples would have helped and where methods of presentation were being compared, it would help if the same data could be used to show how the presentation differs more clearly. Some of the questions seemed to ask things that were not discussed enough beforehand, so some of the time I was looking at FRS102 for answers and some of the time, guessing a bit, as I do not work in this field. I can see that an entire course on deferred tax provisions would be beneficial, as it always seems very complicated. And probably also to include tax provisions on financial instruments. But a short module on this occasion, on a topic I could spend hours on
Haresh Bajaria –
Very good course and the notes were excellent.
Xuong Ly –
Good course
Roy Collini –
A useful reminder of disclosure requirements