Accounting and Compliance for OMBs - Problems and Practical Solutions

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 include:

• 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