0800 435 772

FRS 102 - The Essential Guide

6-hour course  |  6 CPD hours

£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 > FRS 102 - The Essential Guide

FRS 102 - The Essential Guide

6-hour course

Course overview

FRS 102 is the financial reporting standard which applies to most UK companies and other reporting entities, including small entities. It is 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 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
  • Guide you through all the principal policies, choices and disclosure requirements of FRS 102
  • Provide details of the current requirements of FRS 102 
  • Provide guidance on the accounting treatment of Government and other financial assistance available as a result of the Covid-19 pandemic
  • Look at the implications of FRS 102 on loan agreements and distributable profits
  • Explain the 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 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?