Accounting and Compliance for OMBs - Problems and Practical Solutions - Key Points

Preparers of UK GAAP accounts, whether under full FRS 102, FRS 102(1A) for small entities or FRS 105 for micro-entities, need to know how to tackle the most common issues that arise in practice.

The course content will reflect on common problems and emerging issues and will cover the key points concerning:

• Company size criteria
• Audit exemptions – including small companies
• Accounting policies, estimates and judgements – getting the disclosure balance right
• Property plant and equipment – initial recognition including component accounting, estimating useful life and residual value
• Investment properties – how to present fair value changes, dealing with transfers and mixed-use property and deferred tax
• Intangibles and goodwill – how to approach recognition and amortisation including research and development
• Financial instruments, including loans, investments, and share-based payments
• Presentation and disclosure issues under FRS 102 and FRS 102(1A)
• Revenue recognition
• Related party disclosures
• Other key differences between accounting and disclosure for micro entities (FRS 105) and small entities (FRS 102(1A)
• Filing issues – focus on small companies

The content for online courses predating 2022 may vary.