UK GAAP: Choice & Decision – Guernsey

Tuesday July 2, 2013 – Tuesday July 2, 2013

Map and Directions | Register

Description:

For a company applying UK GAAP, there is a decision to be made by 2015 at the latest. With UK GAAP being replaced by FRS 100, 101 and 102 the company must decide:

• Should it apply FRS 102?
• Should it apply IFRS SMEs?
• Should it apply FRS 101?
• Should it apply full IFRS?

This one day session presents a detailed review of each of the 35 sections of FRS 102 and for each section presents a comparison with the treatments available under IFRS SMEs, FRS 101 and the full IFRS. Decision making is assisted by drawing conclusion as to both the accounting and business implications offered by each choice.
The day will provide the opportunity for the delegate to:

• Gain timely and relevant technical knowledge
• Debate practical issues
• Become better placed to make an informed decision regarding the accounting regime to be followed
• Make use of the course material in the workplace which will be presented as a user friendly document comparing FRS 102, IFRS SMEs, FRS 101 and the full IFRS

DETAILS

Date: 2nd July 2013

Time:
08:45 Registration
09:00 Start
16:30 Finish

Venue: TBC

CPD: 6 Hours

Cost: £399.00 One Day Workshop
– 10% discount for 3 bookings or more
– 10% early bird discount if booked before 25th May 2013

THE COURSE IS DESIGNED & PRESENTED BY LINCOLN MILES BA HONS, FCCA, FCMI, FCIS

Lincoln Miles is a technical expert and professional presenter. He has over 12 years of experience in training finance professionals. He has trained staff at all levels of the organisation from junior staff to board members. Lincoln’s clients include governments, commercial organisations, financial organisations, insurance firms, accounting firms and national regulatory bodies.

Lincoln has designed and presented many technical accounting updates in Jersey and is a familiar presenter to those in the finance industry.

Lincoln’s business Miles Professional Development is based offshore in the Channel Islands. He provides training to clients in the Channel Islands, UK and throughout Europe.

IN-HOUSE TRAINING – Hold this course at your convenience.

This programme and the issues it addresses can be delivered at a time, location and place to fit your business schedule. In-house training can be tailored to focus on the specific needs and challenges facing your staff. We will develop and provide all course materials. The training will be provided by Lincoln Miles.
For details on in-house training for this particular workshop, please contact Lincoln Miles
Call: +44 (0) 33 0001 0051 or
Email: lincolnmiles@milesprofessionaldevelopment.com

WORKSHOP DRIVER
The long awaited FRS 102 was published in March 2013. With 2 years to get ready but instant adoption permitted we see changes in accounting for UK companies, perhaps not creating a big impact on the numbers being reported but marking a new way forward with the simplified standards removing approximately 90% of content compared to existing UK GAAP.
FRS 102 is set to replace existing UK GAAP and is based upon on IFRS for SMEs but with changes needed to make it work in the UK. Some of the choices removed under IFRS for SMEs, have been reinstated under FRS 102 to make the rules fit for UK Business.

A company following UK GAAP now has to choose between adopting FRS 102, adopting IFRS SMEs, adopting FRS 101 – the full IFRS with simplified disclosure or adopting the full IFRS. There are advantages and disadvantages to each option. The choice is likely to depend on which area of accounts are most pertinent to the entity. This one day workshop reviews all 35 sections of FRS 102 and provides a comparison of treatments across all the alternatives.
WORKSHOP AGENDA

SESSION 1:

• Scope
• Concepts and Pervasive Principles
• Financial Statement Presentation
• Statement of Financial Position
• Statement of Comprehensive Income and Income Statement
• Statement of Changes in Equity and Statement of Income and Retained Earnings
• Statement of Cash Flows
• Notes to the Financial Statements
• Consolidated and Separate Financial Statements

SESSION 2:

• Accounting Policies, Estimates and Errors
• Basic Financial Instruments
• Other Financial Instruments Issues
• Inventories
• Investments in Associates
• Investments in Joint Ventures
• Investment Property
• Property, Plant and Equipment
• Intangible Assets other than Goodwill

SESSION 3:

• Business Combinations and Goodwill
• Leases
• Provisions and Contingencies
• Liabilities and Equity
• Revenue
• Government Grants
• Borrowing Costs
• Share-based Payment
• Impairment of Assets

SESSION 4:

• Employee Benefits
• Income Tax
• Foreign Currency Translation
• Hyperinflation
• Events after the End of the Reporting Period
• Related Party Disclosures
• Specialised Activities
• Transition to the FRS

Register