UK and Ireland GAAP: Key Issues

(4 reviews)

by Steve Collings

An understanding of UK and Ireland GAAP can provide a massive benefit to your work. In this course, we cover some key topics - specifically from FRS 102 and FRS 105 - including financial instruments, accounting policies and estimates, and tax issues.

price £75+vat
cpd hours 4 CPD hours
access 120 days' access

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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.

Look inside

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Contents

  • FRS 102 and FRS 105
    • Spot the difference
    • Differences between FRS 105 and FRS 102
    • Transitioning between the frameworks
    • What is true and fair?
    • Ensuring a true and fair view
  • Financial instruments
    • What is a financial instrument?
    • Classification as a financial instrument
    • Measuring a basic financial instrument
    • Derivative financial instruments
    • Derecognition
  • Accounting policies and estimates
    • Accounting policy versus accounting estimate
    • Problems with the policy
    • Changing an accounting policy
    • Changes in accounting estimate
    • A smooth transition
    • Disclosing accounting policies
  • Accounting for tax
    • Accounting profit versus taxable profit
    • Reconciliations
    • A new tax rate
    • Tax rates to use under UK and Ireland GAAP
    • Presenting tax in the cash flow statement
    • Disclosures

How it works

Author

Steve Collings

Steve is Director at Leavitt Walmsley Associates, a firm of Certified Chartered Accountants. He is an internationally recognised speaker, writer and commentator on all matters to do with financial reporting and auditing. Steve is a prolific author, having written over 25 books and currently represents the North West of England on ACCA’s Practice Network Panel.

Reviews

4.2
(4 reviews)
5
4
3
2
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    SM
    Sue M
    22 Jan 2025
    22 Jan 2025
    It felt like a very shallow dive into a very complex subject. More examples would have helped and where methods of presentation were being compared, it would help if the same data could be used to show how the presentation differs more clearly. Some of the questions seemed to ask things that were not discussed enough beforehand, so some of the time I was looking at FRS102 for answers and some of the time, guessing a bit, as I do not work in this field. I can see that an entire course on deferred tax provisions would be beneficial, as it always seems very complicated. And probably also to include tax provisions on financial instruments. But a short module on this occasion, on a topic I could spend hours on
    HB
    Haresh B
    30 Dec 2024
    30 Dec 2024
    Very good course and the notes were excellent.
    XL
    Xuong L
    02 Dec 2024
    02 Dec 2024
    Good course
Recommended

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Use ACPD101 for 10% off any purchase.