2023-24 Update: UK & Ireland GAAP

by Steve Collings

Discover the FRC's proposed changes to UK and Ireland GAAP with this course. You'll explore common deficiencies found in financial statements, as well as the reporting requirements for foreign currency transactions and events after the end of the reporting period.

This course is not currently available

This course will enable you to

  • Consider the key changes to UK and Ireland GAAP proposed by the FRC in FRED 82, including the impact of the periodic review on small entities.
  • Identify notable deficiencies found in financial statements.
  • Correctly report on foreign currency transactions.
  • Recognise how to deal with both adjusting and non-adjusting events after the reporting period.

About the course

There are a lot of changes coming up over the next year for UK and Ireland GAAP reporters, following on from a periodic review of the standards. It’s important to grasp what these new rules will mean to prevent misinterpretation of your financial reports. This requires keeping up with the latest GAAP updates and making sure you have a clear understanding of the transactions being handled.

This course will help you to shape your response of the FRC's proposed amendments to UK and Ireland GAAP proposed in FRED 82. You’ll explore common deficiencies found in financial statements and how to handle foreign currency transactions and events after the end of the reporting period. Refine your knowledge of these transactions and understand the relevant reporting requirements.

Look inside

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Contents

  • General update
    • Periodic review update
    • Changes to lease accounting
    • Notable potential changes
    • Impact on small entities
    • Other changes
    • Planning ahead
  • Financial statements
    • Quality control
    • Frequent problems in the notes
    • Disclosures
    • Revalued property, plant and equipment
    • Audit versus non-audit
    • Incorrect editions of accounting standards
    • Deficiencies in the cash flow statement
  • Foreign currency
    • Functional currency
    • How to determine functional currency
    • Monetary and non-monetary items
    • FRS 102 versus FRS 105
    • A net investment in a foreign operation
  • Events after the end of the reporting period
    • Events after the end of a reporting period
    • When to consider events after the reporting period
    • Adjusting versus non-adjusting events
    • Going concern

How it works

Author

Steve Collings

Steve is Director at Leavitt Walmsley Associates, a firm of Certified Chartered Accountants. He is an internationally recognised speaker, writer and commentator on all matters to do with financial reporting and auditing. Steve is a prolific author, having written over 25 books and currently represents the North West of England on ACCA’s Practice Network Panel.

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