UK & Ireland GAAP for Small and Micro-Entities

by Lisa Weaver & Steve Collings

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.

price £75+vat
cpd hours 4 CPD hours
access 120 days' access

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

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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

Author

Lisa Weaver & Steve Collings

Lisa Weaver is Associate Professor at Warwick Business School, delivering on a range of programmes including MBA. She is a Senior Fellow of the Higher Education Academy in the UK.

Steve Collings is the audit and technical director at Leavitt Walmsley Associates Ltd, Cheshire. He specialises in UK GAAP, IFRS, Solicitors Accounts Rules and auditing and is also a nationwide lecturer on these subjects.

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Access to this course
Total CPD unitshourshours4 unitshourshours21 units20 hours21 hours800+ unitshourshours800+ unitshourshours
Access period120 days120 days12 months12+ months
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Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your teamís needs
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Why not upgrade?

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Licence

All you need for this year and more.

Access to this course
Total CPD unitshourshours800+ unitshourshours
Access period12 months
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

Why not upgrade?

Find the best way to complete your CPD

Course

Need just a few unitshourshours?

Access to this course
Total CPD unitshourshours4 unitshourshours
Access period120 days
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs

Why not upgrade?

Find the best way to complete your CPD

Pick n Mix

All you need for this year's CPD.

Access to this course
Total CPD unitshourshours21 units20 hours21 hours
Access period120 days
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

Why not upgrade?

Find the best way to complete your CPD

Team

Keep your whole team up to date.

Access to this course
Total CPD unitshourshours800+ unitshourshours
Access period12+ months
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

Why not upgrade?

Find the best way to complete your CPD

Licence

Recommended

All you need for this year and more.

Access to this course
Total CPD unitshourshours800+ unitshourshours
Access period12 months
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

Course

Need just a few unitshourshours?

Access to this course
Total CPD unitshourshours4 unitshourshours
Access period120 days
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs

Pick n Mix

All you need for this year's CPD.

Access to this course
Total CPD unitshourshours21 units20 hours21 hours
Access period120 days
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

Team

Keep your whole team up to date.

Access to this course
Total CPD unitshourshours800+ unitshourshours
Access period12+ months
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

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