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A Complete Guide to FRS 102

Full-day course  |  6 CPD hours

£ 329 +VAT per person

£329 +VAT
per person

This course can be presented in-house at your premises. You can find out more about our in-house training here.

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Home > Courses > A Complete Guide to FRS 102

A Complete Guide to FRS 102

Full-day course

Course prices:

Classroom: £329 +VAT per person

Course overview

FRS 102 – the new UK GAAP is the biggest change in financial reporting in a generation. Almost all UK companies and other entities have had to adopt this new standard, including small entities previously reporting under the FRSSE. Most private limited companies should now have completed the transition from old UK GAAP to FRS 102. It is now important to make sure that all finance and accounting staff who are involved in preparing their company's financial statements understand what they need to do to be compliant with FRS 102.

This comprehensive one-day course will equip delegates with the knowledge of all the options available under the financial reporting framework in the UK.  Attending this course will give you a complete understanding of the key concepts and principles of UK GAAP as well as explaining the additional disclosure requirements when you produce FRS 102 financial statements for your company. The course will also explore the options available to subsidiaries of groups reporting under IFRS or UK GAAP.

Below you can find details of exactly what will be covered during this course. 

What will be covered?

This course will:

  • Inform you of the recent changes to the Companies Act and regulations, including the new options when filing the accounts with the Registrar of Companies
  • Guide you through all the changes, highlighting the key differences between old UK GAAP and new UK GAAP
  • Provide details of the recent amendments to FRS 102 arising from the first triennial review of the standard in order to determine whether early adoption is relevant
  • Look at the implications of FRS 102 on loan agreements, distributable profits and profit related pay.
  • Explain the new approach to accounting for financial instruments, recognising derivatives and deciding whether hedge accounting is appropriate using practical worked examples
  • Give practical guidance on the disclosures required in a set of FRS 102 financial statements and the judgements that some entities will need to make
  • Illustrate the disclosure requirements for small companies and micro-entities taking advantage of relevant regulations available to them

Extra benefits

This course comes with extensive additional resources – meaning you can continue to further your knowledge on this difficult subject after the day. These include...

  • Illustrative financial statements
  • Practical examples of difficult areas
  • A checklist designed to assist you in producing a set of FRS 102 financial statements
  • A certificate of attendance
  • Complimentary refreshments and lunch provided

What will you learn?

  • What are the financial reporting options available to UK entities?
  • What do a set of FRS 102 accounts look like?
  • What are the disclosures required by small and micro companies?
  • What is the ‘qualifying entities’ regime for groups and what disclosure exemptions are available?
  • Should I consider FRS 101?
  • What are the key recognition and measurement differences between FRS 102 and old UK GAAP?
  • Will recent amendments to FRS 102 be helpful to me?
  • How do you account for basic and non-basic financial instruments?
  • How do derivative instruments impact upon the accounts?
  • What are the mechanics of hedge accounting? How does it work?
  • What is the impact of the different accounting framework on tax, distributable profits and other business issues?
  • What has changed regarding the filing of accounts at Companies House?

Course presenters

  • James Lole

    James is a Chartered Accountant and was previously the National Technical Director for a top 10 UK accountancy firm where he also delivered training in all areas of financial reporting and auditing. Now, as a freelance consultant, he is able to provide a high level of technical support when presenting our financial training courses. He is also a technical author and wrote 'Preparing FRS 102 Company Accounts', published by Wolters Kluwer.

Course dates