UK & Ireland GAAP for Small and Micro-Entities
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.
£100 +VAT
UK & Ireland GAAP for Small and Micro-Entities
£100 +VAT
UK & Ireland GAAP for Small and Micro-Entities
This course is not currently available. To find out more, please get in touch.
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.
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
How it works
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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