P/A Online 2021

Presented by David Potts

Although 2020 was a relatively quiet year for UKGAAP with no major developments in FRS 102 or FRS 105 nothing else about the year can be considered straightforward. We have all experienced two major events the like of which none of us will have seen before, Brexit and the COVID-19 pandemic. These events have inevitably created significant financial reporting issues; going concern reporting, how to present exceptional and unusual transactions, new government support measures and asset valuations amongst them. This session is designed to summarise all the most up-to-date, relevant guidance and to give a clear idea as what would be expected in the financial report of an SME (including Micro entities).

Presented by Mike Ulrich

Issues in respect of the accounting and disclosure of director transactions often arise with owner-managed SMEs. There are often “misunderstandings” as to how the requirements apply and the failure to disclose certain of these transactions is, in the presenter’s opinion, one of the most common disclosure errors made in the financial statements. It is also not unusual for the disclosures to be in addition to that required by FRS 102, and a true and fair view, resulting in “sensitive” disclosures being placed in the public domain. The relationship between the company and its directors is such that directors settle company transactions personally and the company settles director personal transactions. This can give rise to issues in respect of the disclosure of transactions and the recognition and recording of dividends. The disclosure requirements of FRS 105, FRS 102 section 1A and FRS 102 section 33 are different.

Presented by Val Steward

This session will deal with more topical accounting and disclosure issues relevant to dealing with small companies. The session will look at five areas of the accounts in detail considering the following for each:

• Accounting requirements
• Disclosure requirements
• Common errors

The five accounting areas being covered will be:

• Intangible assets
• Fixed assets
• Investment properties
• Long term contracts
• Deferred tax

This session will include a summary of the major changes in legislation and practice relating to UK income tax, capital gains tax and corporation tax since FA 2020 was passed, looking at changes to that legislation taking effect from April 2021.

Changes to tax legislation announced in the Chancellor’s Budget, scheduled to be announced on 3 March 2021.

5th topic also included - view the full course description here