2019-20 Update: Financial Reporting

by Steve Collings
access120 days access
cpd hours4 CPD hours
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In this course you will find out:

  • How the FRC intends to review UK and Irish GAAP in the future
  • What has changed as a result of the FRCís triennial review, how entities will be impacted and the consequences of adopting some, or all, of the changes
  • The types of entity which can apply FRS 105, the disclosure requirements and the restrictions
  • The accounting issues arising from amendments in the latest edition of FRS 102
  • The changes made to fair value measurement for properties

It is crucial that you are aware of amendments made to accounting practices and standards for financial reporting.

Current UK and Irish GAAP has been in existence for a few years now and was recently subjected to the first triennial review, completed in December 2017. As a result, amendments arising from the triennial review are mandatory for accounting periods commencing on or after 1 January 2019. For most businesses, this will be from the 31 December 2019 year-end.

In this course, you will look at what has changed as a result of the triennial review and how entities will be impacted.

You will also look at the types of entities that can apply FRS 105, the disclosure requirements and the restrictions. Finally, it will look at the latest edition of FRS 102, which is the March 2018 edition issued by the Financial Reporting Council (FRC).

The FRC's Triennial Review

  • What is the triennial review?
  • What happened to undue cost or effort exemptions?
  • How are investment properties within a group treated?
  • What are financial instruments?
  • What are the rules for directors' loans?
  • How are intangible assets recognised?
  • What are the rules for small entities?
  • What other changes have been made?
  • How will entities be impacted by the changes?

FRS 105 Emerging Issues

  • What is the micro-entities legislation?
  • Which companies qualify as a micro-entity?
  • What are the differences between FRS 105 and FRS 102?
  • What are the disclosure requirements under FRS 105?
  • What are the mandatory disclosures for UK-based micro-entities?
  • What are the mandatory disclosures for micro-entities in the Republic of Ireland?
  • What restrictions are imposed by FRS 105?
  • What are the rules regarding investment property?
  • What are the rules for previous UK GAAP revaluation as deemed cost?

FRS 102 Emerging Issues

  • How are goodwill and intangible assets affected?
  • Can you capitalise on research expenditure?
  • Do you have to amortise intangible assets?
  • What government grants are there?
  • What is the difference between a finance and operating lease?
  • What are financial instruments?
  • What is a bank overdraft?
  • What is deferred tax?
  • What is a business combination?
  • What are the disclosure requirements for small entities?

Fair value measurement for properties

  • What constitutes investment property?
  • How is investment property initially recognised?
  • What is the subsequent measurement?
  • How is investment property handled within a group?
  • What are the rules for property, plant and equipment?
  • How are revaluation losses dealt with?

Steve Collings is the audit and technical director at Leavitt Walmsley Associates Ltd, Cheshire. He specialises in UK GAAP, IFRS, Solicitors Accounts Rules and auditing and is also a nationwide lecturer on these subjects. He is the author of several books, articles and Whitepapers on the topics of financial reporting and audit. Steve is also a member of the UK GAAP Technical Advisory Group at the Financial Reporting Council (FRC) who are responsible for maintaining UK and Irish Financial Reporting Standards.

Steve was awarded Accounting Technician of the Year at the 2011 British Accountancy Awards and Outstanding Contribution to the Accountancy Profession in 2013 by the Association of International Accountants. He also works with some of the main professional bodies in respect of interpretational aspects of UK GAAP and preparing their responses to Consultations or Exposure Drafts issued by the FRC.

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