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Understanding the New UK & Ireland GAAP Institute of Chartered Accountants of Ireland
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Understanding the New UK & Ireland GAAP

Institute of Chartered Accountants of Ireland

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Price: AED 378
  • Duration: 4 Hours

Course details

 

You, your organisation and your clients need to prepare for a fundamental change in the way financial results are reported. From 1 January 2015, companies who do not already follow International Financial Reporting Standards (IFRS) or Financial Reporting Standard for Smaller Entities (FRSSE), will be required to comply with new FRSs. These new standards, in particular FRS 102, will effectively replace the existing UK and RoI Generally Accepted Accounting Practice (GAAP).

More about this Event

In her course, Lisa Weaver helps you to understand the new regime, the background to the decision to adopt it and how it was developed. The course looks at the main principles of each of the main FRSs and enables you to think through the choices available to you so that you can start to make informed decisions about how you are going to implement the new standards before 1 Jan 2015 deadline.

Understanding the New UK & Ireland GAAP enables you to:

  • Understand the background and history behind the decision to adopt the new regime
  • Find out about the new FRSs, and their main principles and requirements
  • Understand what the key dates and transition implications are
  • Find out what disclosures are necessary in the first FRS102 statements

Learning Outcomes

The new regime

  • Why change at all?
  • How was the regime developed?
  • What are the new FRSs?

Overview of FRS 100, FRS 101 and FRS 102

  • How do the new FRSs relate to each other?
  • What are the main principles and requirements of FRS 100?
  • What are the main principles of FRS 101?
  • What are the main pros and cons of FRS 101?
  • What are the main principles of FRS 102?

Choices, timings and transitional requirements

  • Which part of the new regime should we adopt?
  • When are the new standards effective and what is the transitional period?
  • What adjustments are made on transition to FRS 102?
  • What disclosures are necessary in the first FRS 102 statements?

 

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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