The Practicalities of Accounting and Compliance for OMBs

Course outline:

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
• Accounting areas we often see challenges issues for OMBs, including:
• Property plant and equipment
• Investment properties                 
• Intangibles and goodwill
• Financial instruments, including loans, investments, and share-based payments
• Revenue recognition
• Deferred tax
• Presentation and disclosure issues under FRS 102 and FRS 102(1A), including related party transactions
• Evaluating other key differences between accounting and disclosure for micro entities (FRS 105) and small entities (FRS 102(1A)
• Filing issues and other company law issues impacting OMBs

CPD Hours: 3