FRS 102 replacing UK GAAP

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Adopting FRS 101 The Reduced Disclosure Framework with IFRS

Upcoming Dates CPD Location Time Cost  

Contact us if interested in this course.

No formally scheduled dates at present.

7 hrs London 9:30 - 17:00 £325 BOOK NOW

 Cost excludes VAT

COURSE OUTLINE

The New UK Accounting Standards include FRS 101 Reduced Disclosure Framework, which would enable many subsidiaries and parents to adopt IFRS, with the benefit of being exempt from some of IFRS's most strenuous disclosures for their individual financial statements.  This is sometimes referred to as 'IFRS-lite'.

Adopting FRS 101 (together with IFRS) is an alternative to adopting FRS 102 for financial years starting on or after 1 January 2015 with restated comparatives.

Some entities might particularly benefit from adopting FRS 101, for example an entity that is part of a group where it is currently required to prepare IFRS numbers for the parent on a regular basis.  By having the subsidiary also adopt IFRS together with FRS 101, it will eliminate the need for the subsidiary to keep two sets of numbers under both UK GAAP and IFRS, monthly reconciliations between the two frameworks, together with the benefits of the disclosure exemptions provided by FRS 101.

FRS 101 provides relief from disclosure requirements related to Financial Instruments (IFRS 7), Cash Flow Statement (IAS 7), Share Based payments (IFRS 2), Business Combinations (IFRS 3), Fair Value measurement (IFRS 13), Impairment of Assets (IAS 36), Related Party disclosures (IAS 24), comparative and capital management information (IAS 1), and others.

This course will give you a clear understanding of FRS 101 Reduced Disclosure Framework, together with the first time adoption requirements of IFRS.

The course is ideal for entities:

  • currently in the process of assessing whether to adopt FRS 101 (with IFRS) or FRS 102 from current UK GAAP; or
  • which have already decided to adopt FRS 101 together with IFRS.

The course focuses on:

  • Requirements to qualify for FRS 101 Reduced Disclosure Framework
  • Application of FRS 101 Reduced Disclosure Framework - detailed understanding of the disclosure exemptions
  • First time adoption of IFRS - the accounting and financial reporting impact (including the preparation of an Opening IFRS Balance Sheet); and
  • Key differences in accounting treatment between UK GAAP and IFRS.

BACKGROUND OF NEW UK ACCOUNTING STANDARDS

The new UK Accounting Standards (FRS 101, 101, 102) will replace current UK GAAP in its entirety for financial years commencing on or after 1 January 2015, with restated comparatives required.

Transition date, on which the provisions of first time adoption are to be applied, is the first day of an entity's comparative period - i.e. the first day of the financial year starting on or after 1 January 2014.

First time adoption requirements include an Opening IFRS Balance Sheet to be prepared and presented as at transition date, which should be included in the first set of IFRS financial statements.

FRS 101 Reduced Disclosure Framework provides disclosure exemptions which are available for certain qualifying entities that adopt IFRS in their individual financial statements.  This course provides a detailed look at the criteria to be met in order for entities to make use of FRS 101, the requirements of first time adoption of IFRS as well as highlighting important differences in the accounting treatment between UK GAAP and IFRS.

It is important to note that the reduced disclosures under FRS 101 are not available to entities that adopt FRS 102.  Entities adopting FRS 102 need to comply with the disclosure requirements set by FRS 102.  For a course on the adoption of FRS 102, which includes a comparison of accounting treatment under UK GAAP versus FRS 102 versus IFRS, please take a look here.

ADDITIONAL RESOURCES PROVIDED

Delegates receive the following resources which could assist them in assessing the impact of FRS 101 Reduced Disclosure Framework on their entities:

  • A comprehensive material pack which can easily be referred back to help with technical issues once back at work
  • A list of the disclosure exemptions provided by FRS 101 Reduced Disclosure Framework
  • Example of an Opening IFRS Balance Sheet ('Conversion Balance Sheet'), and other required reconciliations of equity and profit/loss on transition date
  • Exercises with examples of first time adoption journal entries
  • Model FRS 101 conversion Financial Statements & disclosure notes
WHO IS THE COURSE FOR

The course is ideal for:

  • finance teams currently in the process of assessing whether to adopt IFRS or FRS 102 from current UK GAAP; or which have already decided to adopt FRS 101 together with IFRS;
  • any accountants and finance professionals wishing to earn CPD and stay up to date with the latest changes in the UK financial reporting environment.
  • E.g. ACA, CA(SA), CA(ANZ), CAI, ICAS, CIMA, FCA etc.

 

VENUES

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

 

Other locations          
Contact us for courses elsewhere in the UK, e.g. Edinburgh & Manchester

 

IN-HOUSE OPTION

This course can be presented as a bespoke in-house course, tailored to suit your entity's specific needs.

Contact us for more information on our excellent in-house package for this course.