Course Summary

Duration8 hours


Course Overview

Session 1: FRS 102 in Practice – The Key Issues

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
  • Related party disclosures

Session Facilitator: Robert J Kirk – Consultant

Session 2: Accounting for Coronavirus – How FRS 102 is Affected

This year, 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 looks 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 perio
  • Impairment
  • Inventories – obsolescence
  • Recovery of debtors/ financial assets fair values
  • Provisions – redundancies, onerous contracts
  • Employee contracts
  • Share based payment
  • Government grants and loans
  • Deferred tax
  • Key judgements
  • Revenue recognition
  • Leases
  • Discontinued operations
  • Disclosure financial instruments – increased risk
  • Dividends
  • Interim reporting
  • Accounting for Brexit

Session Facilitator: Robert J Kirk – Consultant


Session 3: The Differences Between FRS 102 and 105 & Recent Updates to FRS 102

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: Future Developments in Financial Reporting

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:

  • The impact of implementing of IFRS 16 Leases into FRS 102
  • Changes being recommended to the layout and presentation of the profit and loss account and cash flow statement
  • The growing importance of sustainability reporting
  • The future of corporate reporting

In addition a brief coverage of IAASA’s financial reporting decisions (June 2020) and its key observations for December 2020 reporting will be covered in the session

Session Facilitator: Robert J Kirk – Consultant

CDP Course Facilitators:

Robert J 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.