UK and Ireland GAAP: Key Issues

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.