Financial Skills: Financial Reporting under UK GAAP

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Course Overview

This course explores in overview the key elements of UK GAAP by It is aimed at accountants who are involved in preparing accounts under UK GAAP and require an understanding of all major UK accounting standards that are currently in force. This course will be ideal for participants whose UK GAAP knowledge is currently out of date or who are preparing accounts under UK GAAP for the first time.

Course Outline

FINANCIAL REPORTING FRAMEWORKS

• The ASB's Statement of Principles -a balance sheet approach?
• Reporting substance over form (FRS 5) -including revenue recognition
• Accounting Policies (FRS 18) -what's happened to prudence?

REPORTING FINANCIAL PERFORMANCE

• Primary financial statements (FRS 3) -a struggle with the STRGL?

ACCOUNTING FOR FIXED ASSETS

• Tangible fixed assets (FRS 15) -the end of valuations?
• Goodwill and other intangible fixed assets (FRS 10) -impairment v amortisation
• Fixed asset impairments (FRS 11) -how measurable?

ACCOUNTING FOR PROVISIONS, LIABILITIES AND CONTINGENCIES

• Accounting for provisions (FRS 12) -avoiding big bath accounting
• Events after the balance sheet date (FRS 11) -no dividend accruals

ACCOUNTING FOR EMPLOYEE COSTS

• Accounting for retirement benefits (FRS 17) -deficits on balance sheet
• Accounting for share option schemes (FRS 20) -employee benefits now come at a cost

CURRENT ISSUES

• International harmonisation
• Convergence FREDs

Financial Skills: Financial Reporting under UK GAAP / CM9447