Topic areas for P/A Online 2020:-
3-hours of tax with Tony Austin
with Ralph Tiffin and David Potts
Accounting for SME's
with David Potts
Presented by Tony Austin.
Session 1 - General Tax Update and Finance Act 2020
A summary of the major changes in legislation and practice relating to UK income tax, capital gains tax and corporation tax over the last 12 months, including:
- Main provisions of Finance Act 2020
- Legislation taking effect from 6 April 2020
- Rules for off-payroll working effective from 6 April 2021
- CGT 30 day reporting
- Changes to Entrepreneur’s Relief
Session 2 - Business Asset Disposal Relief (formerly Entrepreneurs' Relief)
In certain circumstances, this relief reduces the charge to capital gains tax on gains made by individuals when disposing of a business or a part of a business. An explanation of the latest rules on what used to be called Entrepreneur’s Relief and how they apply in practice.
- An understanding of the current rules
- The effect of recent changes
- Opportunities and pitfalls
2. Financial Reporting
Presented by Ralph Tiffin and David Potts
Session 1 - Financial Reporting in the Age of Covid-19 (Ralph Tiffin)
Financial Statements are meant to truly and faithfully report the past, and with many accounting standards having forward looking requirements, they are meant to at least consider the future.
There are no new “Covid” accounting standards however there have been a few amendments and relaxations to some calculations and more so disclosures.
So what do we have to consider? The answer is the rigorously compliant application of the existing FRS 102 and IFRS standards.
This one hour session looks at the key areas that must be considered and the calculations and disclosures required to ensure a “true and fair view” in these most uncertain times. Examples of what might be done and actions to be taken are included in the notes to the session.
Again this should not be a new approach but the joint pressures of the FRC having to show its teeth and the fact that the Covid effect is for the most part negative as regards income, profits and net asset values means that all of us involved with financial statements need to be alert – to the demands of the standards.
The most obvious standards are the ones that deal with the application of the “going concern concept”. This triggers review of standards relating to measurement and disclosure – in particular of Impairment sand provisions.
The material amount of government assistance requires a review of the standards covering Grants and Financial instruments - Loans
Finally, particularly with the extension of Companies House filing deadlines ,there are likely to be significant calculations or at least disclosures of Events after the end of the Reporting Period.
Session 2 - Key developments under IFRS (David Potts)
This session is designed to provide a clear summary of the most important recent developments in IFRS especially changes to be implemented for 31 December 2020 year ends and beyond and the emerging issues from changes already in place. The focus will be on the issues which are likely to be most relevant to private (and AIM listed) companies reporting under IFRS rather than those larger entities with a full listing. This session will look at:
- IFRS 16 – leases
- IFRS 15 – matters arising
- Changes to the IFRS for SMEs – what is the significance; and
- COVID – 19 – IFRS reporting implications
3. Accounting for SME's
Presented by David Potts.
Session 1 - Key Financial Reporting Issues for SMEs
This session will concentrate on the most important financial reporting issues for Small (Micro) and Medium sized entities. The session will cover the following:
- Developments and changes to FRS 102, FRS 102(1a) and FRS 105
- Company Law developments and possible further developments for 2021 and beyond
- COVID -19 reporting issues including accounting for Business Rates relief, Furlough receipts and rental holidays.
The session will be practical and will only consider those issues of most relevance to smaller entities.
4. Advisory in the next normal
Brought to you by our event partners, Wolters Kluwer. Presented by Dean Shepherd, Lead Product Manager for Compliance at Wolters Kluwer
Session 1 - Advisory in the next normal
Are you set to steer your clients out of uncertain times? Any major change in the business and economic landscape often triggers businesses to review their professional advisers. COVID-19 is no different.
To mitigate the challenges they face, businesses might look to new advisers for fresh ideas and advice on how to survive the change. This is an opportunity for your practice to shine, both to existing clients and to prospects, with valuable insight.
For your clients, business intelligence can mean actionable insights and information that can inform their strategic and tactical decisions about products, pricing, competition, markets, investments and growth. Who better to advise your clients on how to improve their profitability, prepare forecasts and build a strategic narrative? You have the intuition, experience and resources to guide them through the changes and help them put their business in the best financial state possible.
In this session, Dean will discuss how you can become their partner of choice in these troubling times, so you can help them recoup any losses they may have made and, in turn, recoup any short-term losses of your own.
Shape the Debate - 18th November 2020 13:00-14:00. Wolters Kluwer will also be hosting "Shape the Debate" live Q&A with our experts.
P/A Online 2020 - Save £10
7 hours of CPD for £39 +VAT. Simply enter the code PA10 at the checkout to take advantage of this introductory offer.
Special offer available for a limited time only. Normal price of P/A Online is £49 +VAT