Top 10 things accountants get wrong in financial statements

Overview

Since the introduction of current UK GAAP, several common issues have arisen during reviews of financial statements. ACCA requires member firms to produce financial statements of a high standard and these financial statements are reviewed during routine monitoring visits. In a lot of cases, deficiencies are noted and in more serious cases, regulatory action can be taken if standards are not improved.

This one-hour webinar will focus on the some of the more common areas where pitfalls can be found. It will also address some of the more challenging accounting issues that are currently being faced by practitioners, including:

• Accounting for deferred tax
• Property revaluations
• Notes to the financial statements and accounting policies
• Financial instruments
• Related parties (including related party disclosures for small entities applying FRS 102, Section 1A Small Entities)
• Advising on FRS 102 versus FRS 105
• Dealing with error correction in the financial statements
• Website development costs
• Goodwill
• Post-balance sheet events (events after the end of the reporting period).

The webinar is designed to address those issues which often arise during file reviews and after the webinar delegates should be in a better position to produce financial statements that can stand up to scrutiny by file reviewers including ACCA monitoring officers.

Speaker

Steve Collings FMAAT FCCA

Steve is the audit and technical partner at Leavitt Walmsley Associates Ltd where he trained and qualified. Steve specialises in auditing and financial reporting (UK GAAP and IFRS) and Solicitors Accounts Rules as well as having an interest in taxation issues for small and medium-sized businesses.

Steve became a member of the Association of Accounting Technicians in 2001 and qualified as a Chartered Certified Accountant in 2005. In 2010 Steve became a Fellow of the Association of Chartered Certified Accountants (ACCA).