2025-26 Update: UK and Irish GAAP
UK and Irish accounting standards have seen a significant amount of change following the FRC's periodic review. This update dives into the detail of key amendments in the areas of concepts and pervasive principles, revenue recognition, and accounting for small entities.
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This course will enable you to
- Outline the major changes to reporting requirements for UK and Irish entities
- Explore the redrafted sections on revenue from contracts with customers
- Apply the new five-step model approach to revenue recognition
- Understand new disclosure requirements for small entities
- Discuss the realignment of the concepts and pervasive principles
About the course
The Financial Reporting Council (FRC) has completed its latest periodic review of accounting standards, resulting in new editions published in September 2024. All areas of FRS 102, except Section 30 Foreign Currency Translation, have undergone changes, from editorial amendments to substantive updates.
This course covers the most notable changes, including lease accounting, revenue recognition, and small company disclosure requirements. It focuses on the redrafted sections for revenue from contracts with customers, applying the new five-step model, and the updated presentation and disclosure requirements for small entities following increased company size thresholds in the UK and EU. Additionally, it examines the revised concepts and pervasive principles now aligned with the IASB's Conceptual Framework for Financial Reporting.
By the end of this course, you will be well-equipped to navigate the updated standards and ensure compliance in your financial reporting.
Look inside
Contents
- Periodic Review
- Periodic reviews
- The periodic review
- Headline changes
- Key milestones of the periodic review 2024
- Lease accounting
- Expected impact on the financial statements
- Revenue recognition
- Practical considerations
- Section 1A Small Entities
- Revenue recognition
- Impact of the periodic review
- Disclosures on revenue recognition
- Common issues
- Agent and principal relationships
- Deferred payment
- Exchanges of goods or services
- Small entities
- Key issues
- FRS 102, Section 1A
- Periodic review
- Impact of the periodic review
- True and fair view
- Guidance and standards
- Concepts and pervasive principles
- Overview of concepts and pervasive principles
- Section 2 Concepts and Pervasive Principles
- Periodic review changes
- Exploring Section 2
- Scope and objectives
- Qualitative characteristics of useful financial information
- Financial statements and the reporting entity etc
- Recognition, measurement, presentation and disclosure
- Section 2A Fair Value Measurement
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| Total CPD unitshourshours | 4 unitshourshours | 21 units20 hours21 hours | 1,500+ unitshourshours | 1,500+ unitshourshours |
| Access period | 120 days | 120 days | 12 months | 12+ months |
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| Monthly webinars, 15-minute CPD Bites, video interviews with industry leaders, and more! | ||||
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Use ACPD101 for 10% off any purchase.