FRS 102: Choosing between the alternatives

by Lincoln Miles
access120 days access
cpd hours4 CPD hours

Have you decided which of the new accounting frameworks your or your client's organisation should follow?

The removal of UK GAAP makes a decision necessary and to make it you'll need to be aware of the key differences between FRS 102, FRS 101 or full IFRS. The decision should be made based on the specific accounting situations you or your client face, as one framework won't suit all businesses.

This course will help you to understand the impact of each framework on assets, liabilities, income and expenditure, so that by the end of the course you will be in a position to decide which framework best suits your organisation.

Concepts and formats

  • What are the different strategic approaches to financial reporting?
  • How are different levels of guidance provided by each reporting framework?
  • What are the differences in formats and documents required by each reporting framework?
  • What are the different levels of disclosures required by each reporting framework?
  • What are the transitional requirements to a new reporting framework?

Assets and liabilities

  • What are the different reporting and disclosure requirements for financial instruments?
  • How does the IFRS developments in financial instrument reporting effect these differences?
  • What are the different approaches to accounting for associates and joint ventures?
  • How do these different approaches impact the financial statements?
  • What are the different approaches to impairment and the impact on the financial statements?
  • What does the reporting of liabilities in respect of provisions and convertible debt include?
  • What are the different approaches to accounting for leases and how are they impacted by the current developments?

Income and expenditure

  • How is reported profit impacted by the different approaches to borrowing costs?
  • What are the similarities and differences between each reporting framework in accounting for employee benefits and share based payments?
  • What are the similarities and differences in accounting for deferred taxation?
  • What is the impact of foreign transaction on reported profits and reserves?
  • What does the disclosure of related party transactions state?
  • What accounting is required for events after the reporting period?


  • What are the different approaches to establishing control?
  • What are the different approaches to the initial recognition and subsequent measurement of goodwill?
  • What are the different consolidation exemptions?
  • How do I account for acquisitions and disposals and related gains, losses, surpluses and deficits?

Lincoln Miles is a professional financial reporting trainer who has provided accountancy training for 15 years. Lincoln specialises in UK GAAP, IFRS and US GAAP and runs a training and consulting business that provides services in the UK, Poland, Bulgaria, Greece, Slovakia, Romania Czech Republic and the Channel Islands.

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