UK & Ireland GAAP for Small and Micro-Entities
This course looks at the UK GAAP requirements for micro and small reporting entities. You'll examine the accounting and disclosure requirements and the wider implications and planning aspects, ensuring a smooth transition to a different regime.
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This course will enable you to
- Understand the available accounting regimes for small and micro entities and their accounting and disclosure requirements
- Present financial statements in accordance with FRS 105 and FRS 102 Section 1A
- Understand which is the most appropriate accounting regime for your business or clients, and how to adopt it
- Recognise the wider implications and minimise the impact of making the transition to a different regime
About the course
This course looks at the UK GAAP requirements for small and micro reporting entities. These requirements were introduced a while back now in 2016, when significant changes in financial reporting for the smallest companies and other organisations were brought in by the Financial Reporting Council (FRC). The FRC introduced Financial Reporting Standards for the smallest companies, and included a new category of company, the "micro-entity". A large number of companies in the UK meet the thresholds so these financial reporting standards are relevant and significant to many business owners and their advisors.
This course will help you find out more about the financial reporting options for small and micro-entities. It explores the background to the standards, examines the accounting and disclosure requirements and considers the potential wider implications and planning aspects that should ensure a smooth transition to a different regime.
Look inside
Contents
- The UK and Ireland GAAP regime
- Changes in financial reporting
- GAAP and IFRS
- An overview of UK and Ireland GAAP
- Small entities and the accounting regime
- What does UK & Ireland GAAP consist of?
- The FRS 105 micro-entity regime
- The smaller entities regime
- FRS 105 - The micro-entity regime
- Presenting financial statements in FRS 105
- FRS 105 and who can apply for it
- Footing the balance sheet
- Dealing with accounting treatments
- FRS 105 vs FRS 102
- Deciding to adopt FRS 105
- FRS 102 Section 1A - The small entities regime
- Explaining FRS 102 Section 1A
- Presenting financial statements
- Explaining disclosure requirements
- Accounting treatments
- Moving from FRS 105 to FRS 102
- Additional disclosures
- Preparing for transition to a new reporting regime
- Accounting for the transition to a new regime
- Exemptions from full retrospective application of FRS 102 for small entities
- Identifying the main accounting impacts
- Considerations when developing new accounting policies
- System and control issues to consider
- Moving from IFRS to UK GAAP
- The wider implications of moving to a new reporting regime
- Reasons for transitioning
How it works
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| Access to this course | ||||
| 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.