Mastering SME Accounting: An In-depth Workshop on FRS 102 and FRS 105
Welcome to this course on FRS 102 and FRS 105, the two main UK accounting standards for small and medium-sized entities (SMEs). This course is designed to provide you with a comprehensive understanding of these standards, their key requirements, and their practical implications for SMEs.
FRS 102 is a complex standard that sets out the principles of accounting for financial reporting in the UK and the Republic of Ireland. It covers a wide range of topics, including the recognition and measurement of assets, liabilities, income, and expenses, as well as the presentation and disclosure of financial statements. FRS 102 is applicable to most SMEs in the UK and the Republic of Ireland, and it has been updated several times in recent years, with the latest version being issued in March 2018.
FRS 105 is a simpler standard that provides a reduced disclosure framework for micro-entities, which are very small businesses that meet certain size criteria. FRS 105 is based on FRS 102 but has fewer disclosure requirements, making it easier and cheaper for micro-entities to comply with. FRS 105 is applicable to entities that meet the definition of a micro-entity under UK law and has been updated in 2020.
During this course, you will learn about the scope and structure of FRS 102 and FRS 105, their main principles and concepts, and the specific requirements and options available to SMEs under each standard. You will also learn how to apply these standards to practical scenarios, including the preparation of financial statements, the measurement of assets and liabilities, and the treatment of common transactions and events.
Whether you are a small business owner, an accountant, an auditor, or a student of accounting, this course will provide you with valuable insight into the world of SME accounting in the UK and the Republic of Ireland. By the end of the course, you should be able to understand and apply FRS 102 and FRS 105 to a variety of SMEs and scenarios and appreciate the challenges and opportunities that these standards present to SMEs in today’s business environment.
Key Learning Features
- Comprehensive coverage of the FRS 102 and FRS 105 standards, including their scope, structure, and key requirements.
- Practical examples and case studies illustrate how the standards apply in real-life situations and scenarios.
- Interactive exercises and case studies to test your understanding of the material and reinforce your learning.
- Access to up-to-date resources and materials, including the latest versions of the FRS 102 and FRS 105 standards, guidance notes, and practical tools and templates.
- Personalized support and feedback from instructors, who can answer your questions and provide guidance on your learning journey.
- Professional development opportunities, with the course providing CPD hours and certification upon completion.
For More Information
For more information on our two-day FRS 102 and FRS 105 course, please don’t hesitate to contact us. Our course provides a comprehensive overview of UK accounting standards for SMEs, covering topics such as asset and liability recognition and measurement, income and expense reporting, and financial statement presentation and disclosure. Through interactive exercises, case studies, and quizzes, you’ll gain practical skills and knowledge to apply these standards to real-life scenarios. Contact us today to enroll and equip yourself with the critical accounting skills and knowledge needed to succeed in today’s competitive business landscape.
Instructor Bio
Our faculty members are highly qualified experts with a diverse range of specializations, including International Financial Reporting Standards (IFRS), International Public Sector Accounting Standards (IPSAS), Generally Accepted Accounting Principles (USGAAP), UK GAAP, risk management strategies, valuations, mergers & acquisitions, corporate governance, ESG reporting, supply chain management, prudential regulations, and compliance matters such as Basel regulations, Solvency II, Anti-Money Laundering regulations, and more. Additionally, they have expertise in a variety of professional development programs, such as negotiation skills, presentation skills, data management, Python, Block-Chain, Digital Assets, and Becker CPA. This depth and breadth of knowledge ensure an engaging and effective learning experience for professionals and senior executives, helping to enhance knowledge retention.
Our faculty members are seasoned professionals with a wealth of experience in their respective fields. They bring a unique combination of practical knowledge and theoretical understanding to the classroom, making them well-equipped to address the challenges faced by professionals in today’s rapidly changing business environment. Their expertise and hands-on experience ensure that participants receive the most up-to-date and relevant information, which they can immediately apply to their own work. The interactive and engaging learning environment fostered by our expert instructors also helps participants retain information and improves their overall understanding of the subject matter. Whether you’re seeking to expand your knowledge, enhance your skills, or explore new career opportunities, our faculty members are equipped to provide you with the guidance and support you need to achieve your goals.
Instructor for this course
The course instructor will be one of our highly experienced faculty members.
Our Partners
Our Partners in Learning
Course Description
Day 1
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
- Revenue
- Employee benefits
- Share-based payments
- Government grants
- Income taxes
- Real Life Examples
- Group Case Studies
- Handouts and Templates
Day 2
FRS 102 The FRS Applicable in the UK and Republic of Ireland, continued
- Property, plant and equipment
- Investment property
- Intangible assets
- Leases
- Impairment of assets
- Inventories
- Provisions and contingencies
- Financial instruments
- Liabilities and equities
- Foreign currency
- Related party disclosures
- Real Life Examples
- Group Case Studies
- Handouts and Templates
The course agenda provided herein is the proprietary intellectual property of Shasat. It is intended solely for the use of participants enrolled in the respective course. Any reproduction, distribution, or unauthorized use of this course agenda, in whole or in part, without the explicit written consent of Shasat, is strictly prohibited and may result in legal action.
All rights reserved. ©2024, Shasat
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.
Teaching methodology
The training program will employ a comprehensive and engaging approach to learning, designed to deliver maximum impact and retention. The methodology includes:
- A user-friendly slide deck that presents the concepts, methodologies, and principles in a clear and concise manner, making the material easily accessible to all attendees.
- Interactive sessions featuring real-life case studies to provide hands-on experience and bring the material to life.
- Explanations of concepts and methodologies through the use of examples and distinct scenarios, allow attendees to understand the material in context.
- Group exercises designed to illustrate accounting principles, encouraging collaboration, and fostering a deeper understanding of the material.
- Access to additional course material and handouts, ensuring attendees have a comprehensive reference resource to support their learning.
- An open and inclusive atmosphere that encourages attendees to ask questions and engage in discussion, ensuring a thorough understanding of the material.
The combination of these elements creates a dynamic and engaging learning experience that will support the professional development of all attendees.
Who should attend?
- Chief Financial Officers & Finance Directors
- Accountants / Financial Controllers
- Corporate finance function
- Finance, tax managers/executives
- Treasurer
- Analysts
- Budget Officers / Forecasting Specialists
- Fund Managers and Investors
- Strategic and Financial Planners
- Private Equity and M&A Specialists
- Investment Bankers/ Merchant bankers
- Corporate Bankers
- Auditors
- Risk managers, Regulators, Academicians and Accountancy students
- Derivative sales executives
Feedback
Upon completion of the course, all delegates will receive an evaluation questionnaire aimed at gathering valuable feedback. This feedback is crucial to Shasat’s ongoing commitment to improving the quality of its learning solutions. By analyzing the trends in the responses, we are able to continuously enhance and refine our offerings to meet the evolving needs of our clients.
Venue & other info
Our training programs take place at the most prestigious professional training facilities in the city. Our venues have been meticulously chosen and expertly crafted to deliver an unparalleled and sophisticated learning experience. To further elevate your training journey, we will offer an array of refreshments including gourmet tea/coffee, delectable snacks, and a sumptuous lunch to sustain you throughout the course. Your comfort and satisfaction are of the utmost importance to us. One week before the program begins, you will receive comprehensive joining instructions that include the exact venue details.
Please note that accommodation arrangements are the responsibility of the attendee.
Workshop Delivery (Online Programs)
The workshop will be delivered via the WebEx platform. Upon registration, all participants will receive comprehensive joining instructions for the live workshop. This fully virtual event will encompass a live-streamed presentation, personalized networking opportunities, interactive Q&A sessions, engaging polls, and post-event consultation to address specific concerns and support your continued growth.
In-Person Workshop
Please be advised that for all in-person training programs, joining instructions will be sent via email to registered participants one week prior to the program’s commencement. These instructions will provide comprehensive information regarding the venue location, date, and time, as well as other important details such as parking arrangements, dress code, and any necessary equipment or materials. Kindly ensure that you carefully review the joining instructions and follow the guidelines provided to ensure a smooth and well-organized experience during the program.
Changes to the conference
Shasat reserves the right, at its sole discretion, to make modifications to the format, speakers, participants, content, venue location, program, or any other aspect of the conference, at any time and for any reason, without incurring any liability. This policy has been implemented due to recent events such as the Covid-19 pandemic and other jurisdictional restrictions. These modifications may include but are not limited to, changes necessitated by a Force Majeure Event
We are pleased to offer sponsorship opportunities for our training programs, providing companies with a unique platform to showcase their brand and services to a highly engaged and relevant audience. By becoming a sponsor, your organization will have the opportunity to build brand awareness, demonstrate thought leadership, and cultivate valuable relationships with industry professionals. Our programs offer a platform to reach a targeted audience and generate new business leads while showcasing your expertise. The benefits of sponsorship include increased brand exposure, opportunities to connect with key decision-makers, and a platform to promote your products and services. We invite you to take advantage of this prime opportunity and partner with us to enhance your visibility and impact within the industry.
We kindly request that you carefully review all of the terms and conditions outlined on our website. This information is critical in ensuring a clear understanding of our policies and procedures. Please follow the link provided to access this information.
Discover more about Shasat by exploring our “About Us” page, where you can gain insights into our company’s mission, values, and history, and learn how we can help you achieve your goals.
Payment
Enroll in our program with ease by choosing from our secure online payment options. You can make a payment through our website using PayPal or Stripe, or opt for a bank transfer, demand draft, or cheque payment. Our payment page will provide all necessary options during checkout. If you encounter any issues, our customer service team is here to assist you. Simply reach out to us with your selected course, and we’ll guide you through the payment process.
We kindly request that you take into consideration any associated bank fees when making your course fee payment. To ensure your participation in the program, payment must be received before the course date. Once we have received both payment and a completed registration form, we will confirm your enrollment in the program. Thank you for your understanding and cooperation.
Group discount
Our company is proud to offer a group discount of 15% for organizations or individuals who book a course for 5 or more participants. To take advantage of this offer and receive a personalized group discount code, please reach out to our customer service desk at info@shasat.com. Our team will be delighted to assist you with the booking process and answer any questions you may have. With this group discount, you can invest in the professional development of your team and drive success for your organization. Don’t hesitate to contact us today to learn more.
Upon successful completion of the training course, each participant will receive a certificate of completion that attests to the number of hours spent in training and serves as a valuable representation of their dedication to professional development. The certificate is not only a symbol of their achievement but also serves as proof of continuous professional development (CPD) and demonstrates their commitment to staying current in their field. We believe that CPD is a crucial aspect of career advancement and personal growth, and are proud to provide our participants with this important document.
For further assistance, we invite you to contact our dedicated customer service team. Our experienced and knowledgeable representatives are available to answer any questions you may have and provide the support you need to make informed decisions. We are committed to ensuring that you have a positive experience and are here to help in any way we can. Please don’t hesitate to reach out to us at your convenience.
In-House Training
Enhance your team’s skills and drive success for your business with our custom In-house training program. Our tailored approach aligns with your specific business needs, offering a cost and time-efficient solution for upskilling your employees. This not only improves their productivity but also positions your company as a competitive force in the market. Transform your investment in employee development into tangible results by choosing our In-house training option. To discuss and learn more about our services, please don’t hesitate to contact our training desk. We’re ready to help you create a bespoke program that’s just right for you.
