Price: USD 206
- Duration: 6 Hours
Course details
FRS 102 will apply in practical terms from the 1stJanuary 2014 to most non listed companies and public benefit entities in Northern Ireland and the Republic of Ireland. The aim is to ensure that financial accountants are adequately prepared for the switchover from national FRSs and SSAPs.
Benefits
Over a two day period, it will cover the full document in detail as well as providing illustrative examples of how the standard will be applied in practice so that both preparers and users of non listed companies are able to understand the changes from the existing SSAPs and FRSs.
Topics covered
During the first day delegates will be taken through the background to the FRS. In addition, the content of and illustrative set of financial statements (including notes) will be examined to get an overview of the overall changes. Day 1 then concentrates on the transitional arrangements in switching to the FRS 102 as well as covering foreign currency and disclosure aspects. Exclusions from the major IFRSs will also be noted.
Delegates should be aware that Day 1 is a prerequisite for attending Day 2 as the second day will simply be a continuation of what is covered in Day 1.
How covered
The course will be mainly lecture driven but participants are expected to go through a number of workshop examples developed specifically for the course and are encouraged to interact as much as possible with the presenter
Learning Outcomes
Delegates will have a very detailed understanding of the major issues in preparing a set of financial statements under the new standard
Content of Course
Day 1
Background to the development of the new FRSs
FRS 100 Application of Financial Reporting Requirements
FRS 101 Reduced Disclosure Framework
FRS 102 The FRS applicable in the UK and Republic of ireland
Scope
- Content and Illustrative Financial Statements
- Presentation of Financial Statements
- Balance sheet
- Profit and loss account
- Statement of Comprehensive Income
- Statement of Changes in Equity
- Cash flow statement
Notes to the Financial Statements
- Purpose, structure, accounting policies
- Judgments and key sources of estimation uncertainty
Accounting policies, estimates and errors Disclosure standards
- Events after the end of the reporting period
- Related party disclosures
Transitional Arrangements Foreign currency standards
- Foreign currency translation
- Hyperinflationary economies
Exclusions
- Segment reporting
- Interim reporting
- Earnings per share
Specialised Activities
Delegates will be provided with copies of all the slides.
Updated on 08 November, 2015
About Institute of Chartered Accountants of Ireland
Chartered Accountants Ireland (The Institute) is a membership body representing 23,000 influential members throughout the globe. their role is to educate, represent and support their members. their members work in senior positions in practice and industry. they are committed to restoring confidence at every level of the economy. they work with governments and businesses to raise awareness of the importance of sound financial advice.
Chartered Accountants Ireland was established as the Institute of Chartered Accountants in Ireland by Royal Charter in 1888. Its activities and those of its members are governed by its Bye-Laws and by Rules relating to professional and ethical conduct. These provisions are contained in the Handbook which is available to all members.
Chartered Accountants Ireland is governed by a Council and it is responsible for determining policy and monitoring its implementation. Council is lead by the Officer Group and supported by the Management Team and staff. A number of committees with voluntary member involvement also play a key role.
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