Online Course on FRS 102:
Choosing between the alternatives
Have you decided which of the new accounting frameworks your or your client’s organisation should follow?
The removal of UK GAAP makes a decision necessary and to make it you’ll need to be aware of the key differences between FRS 102, FRS 101 or full IFRS. The decision should be made based on the specific accounting situations you or your client face, as one framework won’t suit all businesses.
This course will help you to understand the impact of each framework on assets, liabilities, income and expenditure, so that by the end of the course
you will be in a position to decide which framework best suits your organisation.
FRS 102: Choosing between the alternatives enables the learner to:
• Understand the different approaches to financial reporting including the levels of guidance, formats and disclosure levels
• Consider the advantages and disadvantages of each financial reporting framework
• Gain an insight into the different reporting requirements required for financial instruments, and the effect this has on reporting
“Useful comparisons with UK GAAP and IFRS.”
“It met my objectives as I like to keep up with the latest developments.”
“Explained the differences and what FRS 102 offers.”
|You can review this course using the questionnaire in the course completion area.|
Learning outcomes of FRS 102: Choosing between the alternatives
Concepts and formats
• What are the different strategic approaches to financial reporting?
• How are different levels of guidance provided by each reporting framework?
• What are the differences in formats and documents required by each reporting framework?
• What are the different levels of disclosures required by each reporting framework?
• What are the transitional requirements to a new reporting framework?
Assets and liabilities
• What are the different reporting and disclosure requirements for financial instruments?
• How does the IFRS developments in financial instrument reporting effect these differences?
• What are the different approaches to accounting for associates and joint
• How do these different approaches impact the financial statements?
• What are the different approaches to impairment and the impact on the financial
• What does the reporting of liabilities in respect of provisions and convertible debt
• What are the different approaches to accounting for leases and how are they
impacted by the current developments?
Income and expenditure
• How is reported profit impacted by the different approaches to borrowing costs?
• What are the similarities and differences between each reporting framework
in accounting for employee benefits and share based payments?
• What are the similarities and differences in accounting for deferred taxation?
• What is the impact of foreign transaction on reported profits and reserves?
• What does the disclosure of related party transactions state?
• What accounting is required for events after the reporting period?
• What are the different approaches to establishing control?
• What are the different approaches to the initial recognition and subsequent measurement of goodwill?
• What are the different consolidation exemptions?
• How do I account for acquisitions and disposals and related gains, losses, surpluses and deficits?
About the Author of FRS 102: Choosing between alternatives,
Lincoln Miles is a professional financial reporting trainer who has provided accountancy training for 15 years.
Lincoln specialises in UK GAAP, IFRS and US GAAP and runs a training and consulting business that provides services in the UK, Poland, Bulgaria, Greece, Slovakia, Romania Czech Republic and the Channel Islands.
Learners take their own route through the topics covered in the course. They will learn at their own pace through a variety of activities designed to accommodate a range of learning styles.
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