FRS 102 / FRS 105 Master Class
FRS 102 replaced the former UK GAAP in 2015 and is loosely based on the IFRS for SMEs, with some adjustments to manage conflicts with the Companies Act. Small entities may follow the guidance in Section 1A of the standard, allowing them to simplify the standard presentation and disclosure requirements, whereas micro-entities may apply FRS 105, a separate framework Whilst FRS 102 framework has become embedded into financial reporting for many entities, some errors and misunderstandings still exist. The Institute of Chartered Accountants in its Audit Monitoring Report identified that more work was needed throughout the profession to keep abreast of developments in UK GAAP guidance, and aware of its interpretation since its issue.
This workshop will provide professionals with the detailed knowledge and understanding of the requirements and pitfalls when applying FRS 102. The training will address the core sections of the standard, providing attendees with greater confidence when dealing with accounting and reporting matters, and will ensure you are up to date by incorporating the latest developments to the standard. During this program, we will also review the simplified framework allowed by FRS 105, and will consider the legal requirement that it imposes on Directors to ensure that the financial statements show a true and fair view by adding additional disclosures where necessary.
Our trainers have specialist knowledge and first-hand experience of implementing the International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), Generally Accepted Accounting Principles (USGAAP), UK GAAP, Risk management strategies, Management practices, Compliance matters such as Basel regulations, Solvency II, Anti Money Laundering regulations and number of other evolving regulatory matters. This ensures an engaging and stimulating learning experience for professionals and senior executives, helping to ensure knowledge is retained.
They understand the accounting and regulatory requirements, risk environment, industry issues and challenges, risk management strategies, financial reporting & disclosure requirements, and compliance environment. They impart their knowledge using real-life industry examples, simple and user-friendly presentation of important concepts/approaches and case studies. Here’s your chance to get to know some of our faculty members and thought-leaders in their fields.
The UK Regulatory Framework
FRS 105 Reporting requirements for Micro-entities
FRS 102 s1A Reporting requirements for small entities
FRS 102 The FRS Applicable in the UK and Republic of Ireland (encompassing the latest Triennial review)
- Presentation of financial statements
- Accounting policies, changes in estimates and errors
- Events after the reporting period
- Employee benefits
- Share-based payments
- Government grants
- Income taxes
- Real Life Examples
- Group Case Studies
- Handouts and Templates
FRS 102 The FRS Applicable in the UK and Republic of Ireland, continued
- Property, plant and equipment
- Investment property
- Intangible assets
- Impairment of assets
- Provisions and contingencies
- Financial instruments
- Liabilities and equities
- Foreign currency
- Related party disclosures
- Real Life Examples
- Group Case Studies
- Handouts and Templates
Why you must attend?
This 2-day programme is offered to anyone using or considering the use of FRS 102 or FRS 105. The sessions are supplemented by financial statements extracts, exercises and case discussions to support your understanding of the topics. The key differences between FRS 102, FRS 105 and IFRS will be flagged for those attendees that are working with a mixture of frameworks across their group. Our trainers have considerable experience in providing clear and detailed explanations of the requirements of the frameworks and will offer insight as to the common areas of misunderstanding.
This training programme will enable you to:
- appreciate the eligibility requirements for using FRS 102, FRS 102 s1A and FRS 105
- provide a sound understanding of the principles, concepts, and knowledge in a commercial setting;
- understand the differences in requirements between the various frameworks;
- make informed decisions where the frameworks lack detail; and
- produce financial statements that comply with best practice.
Who should attend?
- Chief Financial Officers & Finance Directors
- Accountants / Financial Controllers
- Corporate finance function
- Finance, tax managers/executives
- Budget Officers / Forecasting Specialists
- Fund Managers and Investors
- Strategic and Financial Planners
- Private Equity and M&A Specialists
- Investment Bankers/ Merchant bankers
- Corporate Bankers
- Risk managers, Regulators, Academicians and Accountancy students
- Derivative sales executives
All delegates will receive an evaluation questionnaire upon completion of the course. The feedback from these questionnaires allows Shasat to conduct trend analysis and continuously approve the quality of its learning solutions
Venue & other info
We will send you the joining instructions with venue details at least 2 weeks before the commencement of the training program.
If you are seeking to profile your products, expertise and experience then Shasat will endeavour to assist your business objectives with opportunities such as:
Targeted brand awareness and the association of your company with this area of expertise.
Present your expertise to a targeted group of industry leaders.
Exhibit your products to new prospective clients already attending this conference.
We will provide you with a platform to meet face to face with a room full of potential clients and exhibit the benefit of your services. For more information on how Global IFRS Desk can help you meet your marketing objectives, Contact our customer service team at email@example.com
The personal information which you provide to us will be held by us in our database. You agree that Shasat (UK) Limited may share this information with other companies in the Shasat Group. Occasionally your details may be made available to selected third parties who wish to communicate with you offers related to your business activities. If you do not wish to receive these offers please contact the database manager at: firstname.lastname@example.org
In order to book this course, you can either make the payment online through our website or you can opt to make the payment via bank transfer/Demand draft/Cheque payment. Our payment web page will give you all the necessary options at the time of check out. Should you face any difficulty, please do not hesitate to contact us with your selected course and we will be happy to guide you through the payment process. Registration will be confirmed upon receipt of payment only.
Each participant will be issued a training certificate which will certify that you have successfully completed the training course and the number of hours you spent to complete this training course.
You must enrol at least three participants in this program to obtain this special price. We will offer additional 10% discount provided you enrol 6 or more participants. Please contact our customer services desk at email@example.com to discuss further on how to obtain a group discount code.
Please contact our Customer Service for further assistance at firstname.lastname@example.org
Besides our wide range of public courses, we are proud to offer our In-house training services to our Global clients. This form of training is tailored to meet your business needs and also an effective way of training your teams which saves time and money and will improve the productivity of your employees, making your business more competitive. If you would like to run this course an In-house course in your organisation with necessary customization to suit your needs then please contact us today to discuss this further.