UK GAAP for Small & Micro Entities
Cost for BPP PD Members: £239 + VAT 3 CPD Hours
(£299.00 + VAT for non BPP PD Members Click Here for details of our membership scheme).
This course is essential for those who are involved in the preparation and audit of small company financial statements.
Small companies are now getting grips with the new financial reporting regime - FRS 102 Section 1A for small companies which has replaced the former Financial Reporting Standard for Smaller Entities (the FRSSE).
This course will take you through the steps in producing accounts compliant with Section 1A of FRS 102 and the revised small companies regime in the Companies Act 2006. The course will be illustrated by example financial statements, suggested wordings of notes and balance sheet statements and short examples dealing with key issues relating to small companies. The course will also cover filing requirements and options, pitfalls to be avoided, Staff Education Notes, guidance and feedback from the Financial Reporting Council and the accountancy bodies.
The course will update you on the practical implications of the amendments to FRS 102 which were announced in December 2017. The principal effective date for these changes is accounting periods beginning on or after 1 January 2019 with earlier application permitted in certain cases.
This course deals with issues relating to small companies (including micro-entities) and small groups.
- Review of key areas of change and impact on financial statements of small companies
- FRS 102, Section 1A, presentation and disclosure requirements
- Additional recommended disclosures
- Practical examples of illustrative financial statements and disclosure notes for full shareholder accounts and filed accounts (‘filleted accounts’)
- Loans to small companies from director/ shareholders and persons within a directors group of close family members that includes at least one shareholder
- Investment properties – December 2017 amendments
- Deferred tax
- Reminder of transition from FRSSE to FRS 102
- The micro-entities option – FRS 105 and feedback from Companies House on incorrect application of filing requirements.
Learning outcomes include:
- Practical tips on options available and how to take maximum advantage of exemptions
- Reminder of transition issues
- Help with a number of practical areas, including feedback from Regulators, Accountancy bodies and Companies House.
"A CPD certificate of completion will be provided by BPP Professional Education Limited upon request, following attendance."