FRS 102 replacing UK GAAP

FRS 101 or FRS 102

ATTEND OUR COURSES - BE READY FOR FIRST TIME ADOPTION

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Testimonial

“The examples through the slides and the exercises to work on really helped with understanding. Thank you - well presented and not dry at all!”

Ms Nibloe

Head of Finance

SAICA CPD Events in UK

SAICA

GROUP ACCOUNTING - REFRESHER & UPDATE
 This is an open event - feel free to invite colleagues / friends.
Upcoming Dates CPD Location Time Cost  

New dates coming soon

7 hrs London 9.30 - 17.00 £355 BOOK NOW

 

Cost excludes VAT

 

COURSE OUTLINE

This 1 day course provides a comprehensive refresher and update of group accounting principles under IFRS and FRS 102.

COURSE TOPICS 

  • Consolidation journal entries necessary to account for subsidiaries, associates and joint arrangements in a group, including the more complex areas such as:
    • elimination of intercompany transactions, unrealised profits, loans, dividends, revaluations of acquired entity's assets & liabilities on acquisition date
    • journal entries are explained in an easy to understand chronological manner
    • delegates receive a complete list of consolidation journal entries - handy to use to refresh your memory once group accounts need to be prepared
  • Comparison of group accounting under current UK GAAP versus FRS 102 versus IFRS in a format making it easy to see the 'overall picture' where these frameworks differ
  • Goodwill
    • Initial recognition
      • Two methods allowed by IFRS versus only one method allowed by UK GAAP and FRS102
    • Subsequent treatment
      • Amortisation (under UK GAAP & FRS 102) ;
      • Impairment review (under IFRS)
    • Accounting for negative Goodwill
  • Specific requirements for Goodwill on first time adoption of FRS 102 or IFRS
    • Important as transition date for UK companies is the first day of the financial year starting on/after 1 January 2014
    • Explanations accompanied with clear, illustrative examples
  • Joint Arrangements -includes comparison of current UK GAAP versus FRS 102 versus IFRS
    • Detailed look at the significant changes in classification & accounting for Joint Ventures & other joint arrangements (such as JANEs - Joint Arrangement Not an Entity)
    • For first time adopters of FRS 102
      • JANEs & JVs need to be assessed on transition date according to new criteria introduced by FRS 102
      • Accounting requirements for the new classification
  • Associates - refresher of the principles:
    • Accounting for an associate - applying the Equity Accounting method
      • understanding the journal entries required to account for associate in group accounts
      • comparison of UK GAAP, FRS 102 and IFRS
  • Intangible asset testing required by IFRS and FRS 102 on acquisition date - might lead to more intangibles recognised on acquisition date
  • Acquisition costs - changes in which to expense and which to capitalise
  • Fair value adjustments to acquired assets & liabilities AT and AFTER the acquisition date - when and how they will affect Goodwill
    • including the deferred tax treatment
  • Foreign group companies - consolidating a foreign subsidiary

All key topics are supplemented by practical exercises and illustrative examples.

NOTE:

For a comprehensive understanding of New UK GAAP on preparing an entities individual accounts, please consider our FRS 102 or FRS 101 courses, which complements the Group Accounting course above.

Please feel free to contact us to discuss which course would suit you best.

RESOURCES PROVIDED
  • Comprehensive material pack which can easily be referred back to after the course to refresh your memory or to assist with a technical issue
  • IFRS disclosure - complete set of model IFRS consoldated Financial Statements with disclosure notes
  • Illustrative examples including journal entries on consolidation of a subsidiary, associate, joint arrangement
  • Additional handouts and resources
DURATION & PRACTICAL INFORMATION
  • CPD : 7 hours
  • 9.30am - 5pm

Venues

  • London: The ICAEW, Chartered Accountants' Hall, Moorgate Place, EC2R 6EA; or
  • Regus Richmond, Gainsborough House, 2 Sheen Road, Richmond, TW9 1AE.
  • Manchester & Edinburgh: central locations. Venues to be confirmed nearer the course dates.
WHO WILL BENEFIT

The course will benefit any finance professional in need of a refresher and an update of group accounting and financial reporting requirements.

  • Qualified Accountants - ACA, CA(SA), CA(Australia or New Zealand), CAI, ICAS, ACCA, CIMA, FCA, etc
  • Financial managers and directors
  • Financial controllers, CFOs
  • Treasury accountants
  • Auditors
  • Other accountants in practice
  • Analysts, investors and other users of financial statements
Other locations          
Contact us for courses elsewhere in the UK, e.g. Edinburgh & Manchester.

 

IN-HOUSE OPTION

Our courses can presented as a bespoke in-house course, tailored to suit your entity's specific needs. Each in-house course is preceded by a consultation with the presenter to discuss the client's needs and identify any focus areas.

Contact us for more information on our in-house packages.