0

0800 435 772

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.

If you would like to make an enquiry simply fill in the quick contact form below and a member of our in­house team will be in touch shortly.

Fields marked with an * are mandatory

Home > Classroom training > 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 is the biggest change in financial reporting in the UK in a generation. Almost all UK companies and most other entities have had to adopt this new standard, including small entities previously reporting under the FRSSE. Although most entities will have completed the transition, 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.

In 2018 the Financial Reporting Council completed its first triennial review of FRS 102 issuing amendments, improvements and clarifications which will be mandatorily applied from 1 January 2019.

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 and provide information on the reduced reporting requirements for small companies and micro-entities.

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 principal policies, choices and disclosure requirements of FRS 102
  • 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 may be advantageous
  • Look at the implications of FRS 102 on loan agreements, distributable profits and taxation.
  • Explain the new approach to accounting for financial instruments, recognising derivatives and understanding how hedge accounting may be appropriate
  • 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-entities?
  • What is the ‘qualifying entities’ regime for groups and what disclosure exemptions are available?
  • 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 a freelance financial reporting consultant.  He 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. He provides the same high level technical knowledge in a structured, comprehensible and engaging manner when presenting our financial training courses. James is also an author and editor for a number of publishers of technical material.

Course dates