FRS 102: Reacting to reduced regulation

by Lincoln Miles
access120 days access
cpd hours4 CPD hours
This course is not currently available. This may be because we are updating it, because a new version is soon to be published or because it is being withdrawn. To find out more or to ask us a question about this course, please email us.

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.

Practical considerations of applying reduced regulation

  • How does FRS 102 account for the revaluation of assets?
  • What guidance does FRS 102 give on fair value?
  • Impairment of assets
  • How should I approach the reduced regulation?

Simplified treatments and their implications

  • Where does FRS 102 place its importance with hedge accounting?
  • What method of impairment does FRS 102 use?
  • How does FRS 102 approach pensions?
  • How does FRS 102 approach share based payments?
  • What guidance does FRS 102 give on simplified treatments?
  • How does FRS 102 treat specialised activities?
  • How does FRS 102 treat development assets?

Frameworks for revenue recognition and construction contracts

  • How much guidance does FRS 12 give on revenue recognition?
  • How does FRS 102 decide to recognise revenue?
  • How does FRS 102 treat the bundling of contracts?
  • Revenue recognition policy documents

General and contextual considerations of less regulation

  • How does FRS 102 require a different mind set?
  • What creates 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?
  • Cost benefit analysis

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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