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Practical problems in implementing new UK GAAP – getting the first accounts right

With three versions of FRS 102 and a new standard for micro-companies FRS 105, those involved with preparation of the first financial statements under new UK GAAP have choices to make, valuations to prepare, accounting adjustments and disclosures to make.

In this seminar we will use illustrative accounts, case studies and illustrations to give practical guidance to ensure that the first financial statements are right.

Content will include:

• ·         Making the right accounting policy and transitional exemption choices
• ·         Financial instruments in practice
• ·         Intangible assets – will there be more intangibles and if so how are they classified, valued and amortised?
• ·         Property plant and equipment – applying the new rules including the deemed cost transitional exemption options
• ·         Government grants – understanding the options
• ·         Employee benefits – is holiday pay a real issue? What about pension costs and other issues?
• ·         Deferred tax – understanding the changes and revising the basics
• ·         Making the transitional adjustments and explaining transition