It has long been accepted that the UK and Ireland needs a system of GAAP that embraces elements of IFRS while still retaining links with company legislation and the best elements of the existing system.
The outcome, proposed for implementation in 2015, is a three tier system:
- Tier 1 – Full EU endorsed IFRS
- Tier 2 – FRS 102, which is a variant of the IFRS for SMEs
- Tier 3 – The Financial Reporting Standard for Smaller Entities (FRSSE).
The session will consider the new structure and its links with company law. It will also:
- Identify which tiers are appropriate for UK entities
- Highlight the key differences between UK GAAP, the IFRS for SMEs and FRS 102
- Consider the issues for transition
- Review the proposals under FRS 101 that reduce disclosures for qualifying subsidiaries
- Consider the likely changes to the FRSSE and related accounting practices
Recordings are £20 + VAT.