FRS 102 - Introduction and presentation of financial statements


This course is part of a series dealing with accounting under FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland.

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.

Learning Outcomes:

By the end of this course, participants will obtain a greater understanding of:

  • Understand the source of FRS 102 and its relationship with IFRS Standards and the remainder of the UK GAAP regime
  • Distinguish between the various disclosure regime options set out in FRS 102
  • Prepare primary financial statements in compliance with FRS 102
  • Apply the small companies’ disclosure regime as set out in Section 1A

Course content:

  • Introduction to FRS 102
    • UK reporting pathways
    • The derivation of FRS 102
    • Relationship to IFRS
    • Disclosure variations
  • Presentation of financial statements
    • Balance sheet and income statement
    • Statement of comprehensive income
    • Statement of cash flows
    • Statement of changes in equity
    • Statement of income and retained earnings
  • FRS 102 (1A) Small entities
    • Background
    • Eligibility
    • Content of financial statements
    • Practical application issues, including the true and fair issue

Authored By: 

Bruce Cowie, Head of Financial Reporting at BPP Professional Devlopment

Bruce Cowie is the Head of Financial Reporting Programmes at BPP Professional Development. He has been training full time in Financial Reporting topics since 1985, and has an expertise in IFRS, UK GAAP and US GAAP. He has trained across the world (e.g. USA, Europe, APAC, Australia, Argentina) for large multinationals, small and medium sized companies, accounting firms, professional bodies and Government entities, and still maintains a genuine love for his subjects. He has spent a considerable time in training firms for the transition to IFRS and to the new UK GAAP.

CPD Points: 1

CPD Duration (hours): 1

Access: 12 months from purchase date

Price: £35.00 (excludes VAT)