FRS 102: Reacting to reduced regulation

by Lincoln Miles

This course will help you to create a robust application of FRS 102 within your organisation and will help you focus on what policies you need to set up in order for your organisation to successfully adopt FRS 102.

This course is not currently available

This course will enable you to

  • Highlight the implications of FRS 102 having 90% less content than previous UK GAAP.
  • Exercise better professional judgement where there is less guidance follow.
  • Navigate situations where you have to look beyond FRS 102 to identify appropriate treatments.
  • Define the implications for your organisation.

About the course

Will your interpretation of the new regulations stand up to scrutiny?

Compared to existing UK GAAP, FRS 102 removes 90% of content. In some ways this is good, but it involves you exercising more professional judgement because there is less guidance to follow and more situations where you have to look beyond FRS 102 to identify appropriate treatments.

This course will help you to create a robust application of FRS 102 within your organisation and will enable you to focus on what policies you need to set up in order for your organisation to successfully adopt FRS 102.

Look inside

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Contents

  • Practical considerations
    • How does revaluation of assets work under FRS 102?
    • What guidance does FRS 102 give on fair value?
    • What guidance is there on impairment of assets?
    • How should I approach the reduced regulation?
  • Simplified treatments
    • How important is hedge accounting under FRS 102?
    • What method of impairment does FRS 102 use?
    • What do I need to know about pensions?
    • How does FRS 102 approach share based payments?
    • What do I need to know about control?
    • How does FRS 102 treat specialised activities?
    • What do I need to know about development assets?
  • Frameworks
    • How much guidance does FRS 102 give on revenue recognition?
    • What are the principles of revenue recognition?
    • How does FRS 102 treat the bundling of contracts?
    • What do I need to know about policy documents?
  • General and contextual considerations
    • What mindset does FRS 102 require?
    • How can I create a good working relationship with auditors and stakeholders?
    • What impact does a three year update have?
    • What lies beyond FRS 102?
    • Why do some companies follow FRS 101?
    • What do I need to know about cost benefit analysis?

How it works

Author

Lincoln Miles

Lincoln is a professional financial reporting trainer who has provided accountancy training for 15 years.

Reviews

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This course is not currently available. To find out more, please get in touch.