UK and Ireland GAAP: Key Issues

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An understanding of UK and Ireland GAAP can provide a massive benefit to your work. In this course, we cover some key topics – specifically from FRS 102 and FRS 105 – including financial instruments, accounting policies and estimates, and tax issues.

£100 +VAT

4 CPD hours

120 days’ access

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Use ACPD101 for 10% off any purchase.

UK and Ireland GAAP: Key Issues

£100 +VAT

4 CPD hours 120 days’ access
Use ACPD101 for 10% off any purchase.

UK and Ireland GAAP: Key Issues

This course is not currently available. To find out more, please get in touch.

This course will enable you to

  • Identify the key differences between FRS 105 and FRS 102
  • Transition between FRS 102 to FRS 105
  • Apply the amortised cost method to financial instruments
  • Clarify the rules around recognition and derecognition of financial instruments
  • Understand how accounting policies are selected, and the rules around estimates
  • Correctly account for various taxes, such as corporation tax and employment taxes

About the course

As an accountant, an understanding of UK and Ireland GAAP can provide a massive benefit to your work.

In this course, we cover the key issues – in particular, FRS 102 and FRS 105, which are arguably the most prominent standards in UK and Ireland GAAP. Both frameworks are significantly different in terms of recognition, measurement and disclosure requirements.

Referencing these two standards, we look at financial instruments, which can cause difficulties for preparers of financial statements due to their inherent complexity. We then look at how we select accounting policies, and the rules surrounding estimates. The course finishes with an examination of the accounting treatments for various taxes, including how to present tax in the cash flow statement.

Contents

FRS 102 and FRS 105

Spot the difference
Differences between FRS 105 and FRS 102
Transitioning between the frameworks
What is true and fair?
Ensuring a true and fair view

Financial instruments

What is a financial instrument?
Classification as a financial instrument
Measuring a basic financial instrument
Derivative financial instruments
Derecognition

Accounting policies and estimates

Accounting policy versus accounting estimate
Problems with the policy
Changing an accounting policy
Changes in accounting estimate
A smooth transition
Disclosing accounting policies

Accounting for tax

Accounting profit versus taxable profit
Reconciliations
A new tax rate
Tax rates to use under UK and Ireland GAAP
Presenting tax in the cash flow statement
Disclosures

How it works

Author

Steve Collings

Steve Collings

Steve is Director at Leavitt Walmsley Associates, a firm of Certified Chartered Accountants. He is an internationally recognised speaker, writer and commentator on all matters to do with financial reporting and auditing. Steve is a prolific author, having written over 25 books and currently represents the North West of England on ACCA”s Practice Network Panel.