Course Summary

Duration8 hours


Course Overview

Session 1: Practical Problems in Implementing FRS 102

The world of financial reporting is still rapidly developing, and accountants need to be able to be right up to date if they are to prepare the financial statements fairly. 

Lessons can be learnt from the previous years’ published financial statements and this session will cover the following topical issues with ‘live’ examples taken from Irish published accounts over the past 12 months: 

  • Basis of preparation and statement of compliance
  • Key judgements and sources of estimation uncertainty
  • The Primary Statements
  • Investment property
  • Directors Loans
  • Business combinations
  • The use of exceptional items
  • Employee benefits

    Session Facilitator: Robert J Kirk – Consultant

    Session 2: Covid 19 Financial Reporting Implications under FRS 102

    In last two years, because of the Covid 19 pandemic, financial reporting has become considerably more difficult and risky from both preparers and auditors viewpoints. Major issues have emerged on whether entities can survive and meet the going concern requirement as well as having to look into more depth on issues such as impairment, provisions etc. This session will look at the following key issues affected by the pandemic:

    • Going concern – factors to consider
    • Classification of assets and liabilities – current or non-current?
    • Events after the reporting period
    • Impairment
    • Inventories – obsolescence
    • Recovery of debtors/ financial assets fair values
    • Provisions – redundancies, onerous contracts
    • Employee contracts
    • Government grants and loans
    • Deferred tax
    • Key judgements
    • Revenue recognition
    • Leases
    • Discontinued operations
    • Disclosure financial instruments – increased risk
    • Dividends
    • Interim reporting

    Session Facilitator: Robert J Kirk – Consultant

    Session 3: Financial Reporting Differences for Micro Companies

    A number of problems arise when companies have to migrate from the micro regime of reporting under FRS 105 to the smaller entity regime inn FRS 102 Section 1A or even full FRS 102. It is important that accountants are aware of the main differences between the two standards as there are no transitional arrangements when switching from one regime to another. The key differences discussed are:

    • Investment property
    • Property, plant and equipment
    • Intangible assets
    • Development and borrowing costs
    • Trade and asset acquisition
    • Financial instruments
    • Equity settled share based payment
    • Forward foreign exchange contracts
    • Deferred tax
    • Defined benefit pension plans
    • Government grants
    • Live example of ROI and NI micro disclosure

    In addition this session will also cove.r the most recent changes to FRS 102 on interest rate reform, multi employer pension schemes and rent concessions under Covid-19

    Session Facilitator: Robert J Kirk – Consultant

    Session 4: Financial Reporting – The Latest Developments

    Financial accountants need to be prepared to implement future changes to their reporting and to advise their Directors/Clients of their likely impact when planning ahead. The major changes likely to impact the future preparation of financial reporting under FRS 102 will include:

    • Changes being recommended to the layout and presentation of the profit and loss account and cash flow statement
    • Pilot Approach to disclosure – IAS 19 and IFRS 9
    • The growing importance of sustainability reporting
    • Management Commentary

    In addition a brief coverage of IAASA’s financial reporting decisions (Jan 2021) and its key observations for December 2021 reporting will be covered in the session

    Session Facilitator: Robert J Kirk – Consultant

    CPD Course Facilitators:

    Robert Kirk

    Robert Kirk BSc (Econ) FCA CPA trained in Belfast with Price Waterhouse & Co, and subsequently spent two years in industry in a subsidiary of Shell (UK) and four further years in practice. He is currently Professor of Financial Reporting in the School of Accounting at the University of Ulster and has been lecturing on the CIMA Mastercourses Accounting Standards and Accounting Standards in Depth since 1985. He has authored four editions of Accounting Standards in Depth; UK Accounting Standards: A Quick Reference Guide; and International Reporting Standards in Depth Volume 1 Theory and Practice and Volume 2 Solutions.