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EVENT DETAILS  
COURSE TITLE

WORKING WITH FRS 105 THE FINANCIAL STANDARD APPLICABLE TO THE MICRO ENTITIES REGIME

DATE Friday 11 November 2016
VENUE Denbies Wine Estate, Dorking
SPEAKER Guy Loveday
COURSE CODE NO11C5
COURSE FEE

£99+VAT. (Click here for information on the Flexiticket discount scheme - fees as low as £44.40+VAT per place)

TIMING
Registration Course starts Coffee Course ends
09:00 09:30 11:00 12:30
OBJECTIVES

A new standard – FRS 105 – has been issued for companies which are entitled and choose to follow the micro entity regime. There are considerable advantages as compared to the accounting requirements now being imposed upon small companies by FRS 102 Section 1A. CAN YOU AFFORD TO IGNORE IT?

WHO SHOULD ATTEND?

Accountants who are involved in the preparation of financial statements in accordance with FRS 105.

TOPICS
  • Complying with the micro entity minimum accounting requirements
  • Choosing to disclose additional material
  • The remarkable approach to truth and fairness under the micro entity regime
  • The consequences of revaluations and fair value adjustments being prohibited
  • Appreciating the accounting simplifications:
    • Deferred tax
    • Forward exchange contracts
    • Non – market rate loans
    • Transaction costs
  • Onerous contracts provisions concerning interest rate swaps
  • The downside – what you cannot do under FRS 105:
    • Accounting policy selection
    • Government grants
  • Positive issues arising out of differences between FRS 105 and revised FRSSE:
    • Reconsideration of residual values
    • Revenue recognition – interpreting paragraph 18.14
    • Revenue recognition – the real estate example
  • Problem areas arising out of the differences between FRS 105 and revised FRSSE
    • Correction of errors
    • Component accounting
    • Major inspection costs
    • Exchanges of assets
    • Lease incentives
  • Latest guidance on the use of FRS 105 by unincorporated businesses

 

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