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

Many UK entities are faced with the challenge of preparing their statutory financial statements under FRS 102, then preparing corresponding US GAAP information for their US parent company. There remain substantial differences between FRS 102 and US GAAP, and these are exacerbated by the decision of the FRC not to include any changes in respect of IFRSs 9,15 & 16 into FRS 102 as part of the First Triennial Review.

This course considers the key differences between FRS 102 and US GAAP to help bridge this information gap.

Learning outcomes:

On completion of this course, you will be able to:

  • Identify the key restatements required in converting FRS 102 financial statements into US GAAP
  • Better answer questions in respect of UK subsidiary financial statements posed by US parent companies
  • Understand the information requests posed by US parent companies and their accounting personnel

Course content:

  • Sources of US GAAP and FRS 102
  • The contrasting approaches of the two regimes
  • Differences in respect of the presentation of financial statements
  • Key accounting differences, including those relating to:
    • Property, plant & equipment
    • Intangible assets and goodwill
    • Impairments
    • Business combinations
    • Leases
    • Provisions & contingencies
    • Revenue
    • Pension costs

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: 1.5

CPD Duration (hours): 1.5

Access: 12 months from purchase date

Price: £50.00 (excludes VAT)