This pack has been put together to keep you up to date with the latest developments in FRS 102 and to refresh your knowledge on core areas of accounting under FRS 102 which give rise to regular practical questions.
The pack includes the following five courses:
1. FRS 102 - Introduction and presentation of financial statements
FRS 102 is now firmly established as the default UK GAAP regime but there are misconceptions as to its relationship to IFRS Standards and other elements of the UK GAAP regime. Issues also still arise in respect of the presentation of financial statements, particularly in respect of options available, the impact of Company Law, and the small company requirements of Section 1A.
2. FRS 102: Financial instruments
Of all the areas covered by FRS 102, Sections 11 & 12 in respect of financial problems create the most regular problems for accountants. This course aims to guide you through the minefield. It considers all aspects of accounting for financial instruments, including the choice of accounting regimes available, the applicable measurement methods and when they should be used, the impairment of financial assets, and hedge accounting.
3. FRS 102: Property, plant & equipment and investment property
Property, plant & equipment is central to many companies. This course takes you through the life of property plant & equipment from initial capitalisation to eventual disposal and looks at the accounting at all stages in between. It then considers the accounting for investment properties where significant changes and clarifications were made as a result of the First Triennial Review.
4. FRS 102: Goodwill and intangibles
In some areas FRS 102 is almost identical to IFRS, however, this is not the case for goodwill and intangibles – due in no small part to the requirements of the Companies Act. This course takes you carefully through FRS 102’s requirements to avoid IFRS based misconceptions.
5. FRS 102: Business combinations
The final course in this pack of FRS 102 essentials relates to business combinations. Business combinations can be complex exercises: this course is designed to ensure accounting under FRS 102 will not be an additional problem. It starts with the identification of subsidiaries and the fundamentals of consolidation before moving on to the requirements when a business combination occurs, and it concludes with the accounting treatments for foreign subsidiaries.