Technical update - IFRS and UK GAAP

Found this one hour webcast update kindly shared by wwwDeloitte.com (use STOJUL13 as the recording ID).  It has useful information, especially about the proposed changes for accounting treatment for leases and FRS102 the new standard to replace UKGAAP .

SME accounting changes - the new UK GAAP: FRS 102 explained | AccountingWEB

Summary of main changes planned for UKGAAP (bringing UKGAAP in line with IFRS).

The new UK GAAP: FRS 102 explained | AccountingWEB:

The full standard is available here.

Technical Accounting and Auditing Standards Update

Full day technical update organised by ACCA and South Coast Audit.  Presented by Charles Gubbins BSc CA.

AM: Mainly IFRS updates with some UKGAAP.
PM: Governance and audit.

Particular points of interest:

• Treatment of leases still moving.  Moving towards capitalisation of all leases but distinction between operating and finance leases will remain.
• Profit and loss account to change again and become 'Statement of Profit or Loss and other comprehensive income'.
• Sustainability: not a requirement to report this yet but need to be in a position to do so.  In particular, business mileages, gas, electricity and this information for any major subcontractors.
• UK Corporate Governance code

Certificate

Revision of differences between IFRS and UK GAAP

Found this concise summary although it deals only with policy differences and seems to miss out leases.  Many of the changes are actually to do with disclosure.

For a really thorough analysis, look at this site which has a pdf of a detailed report comparing and contrasting UKGAAP to IFRS.  The executive summary is on pages 4 to 8 of 96.  The report was written in Nov 2010.

Grant Thornton Technical Update Seminar

A 3 part seminar:

Overview of The Future of UK Financial Reporting Standards
Presented by Michelle Sansom of the UK Accounting Standards Board

Specifics relating to the future of UK Financial Reporting Standards
Presented by Philip Allen, Assurance Senior Manager at Grant Thornton

Outsourcing and Rightsourcing
Presented by Mike Morrison, CEO and James Bowkes, FD, ISG Technology

1.5 hours

Grant Thornton webinar about forthcoming changes to UK GAAP

Attended Grant Thornton webinar about forthcoming changes to UK GAAP (accounting standards). The final standard will not be issued until 2011 and will not come into force until 2014 or 2015.

The webinar was recoded and can be viewed by following this link.

When the new rules come become effective, organisations will have three choices of accounts: public bodies and those with public shareholdings will use IFRS. Smaller entities will be able to use FRSSE and those in the middle will use the new FRSME.

Key points about FRSME:

• Fixed assets will be measured at cost, less accumulative depreciation and any impairments not revalued
• Goodwill will be written off over five years and other intangibles over 10 years unless a very good reason is given.

Grant Thornton's summary of the main points is available by following the link below:

How will moving from UK GAAP to the FRSME from

July 2013 impact on my company’s accounts?

CIMA Members in Pactice Conference

2 day event covering a range of subjects including technical updates.

Technical Update

A BPP/Grant Thornton update covering the latest changes to IFRS and UK GAAP.