The Irish Financial Reporting Conference 2016

Course Content

Introduction & Overview


Charities SORP & FRS 102

  • Section 1: Trustees Report
  • Section 2: Fund Accounting
  • Section 3: Accounting Standards, Policies, Concepts and Principles including the Adjustment of Estimates and Errors
  • Section 4: Statement of Financial Activities
  • Section 5: Recognition of Income, including Legacies, Grants and Contract Income
  • Section 6: Donated Goods, Facilities and Services including Volunteers
  • Section 7: Recognition of Expenditure
  • Section 8: Allocating Costs by Activity in the SOFA
  • Section 9: Disclosure of Trustee and Staff Remuneration, Related Party and Other Transactions
  • Section 10: Balance Sheet
  • Section 11: Accounting for Financial Assets and Financial Liabilities
  • Section 12: Impairment of Assets
  • Section 13: Events after the End of the Reporting Period
  • Section 14: Statement of Cash Flows

Presenter: Robert Kirk, University of Ulster


Tax & FRS 102

  • Revenue Legislation
  • FRS 102 Taxation Implications
  • Transitional Arrangements
  • FRS 102 Taxation Disclosure

Presenter: Paul Murphy, Martin J Kelly & Co


7 Most Common Transition Adjustments

  • Example 1: Loans at Non-Market Rates on Transition
  • Example 2: Non-Puttable Ordinary
  • Example 3: Sale with Unusual Credit Terms
  • Example 4: Fair Value and Tax Adjustments
  • Example 5: Fair Value as Deemed Cost
  • Example 6: Previous GAAP Revaluation as Deemed Cost
  • Example 7: Holiday Pay Accrual

Presenter: Des O'Neill, OmniPro


Directors & Related Part Transactions

  • Directors Loans and Transactions with Directors
  • Transition Issues - Directors & Inter-company Loans
  • S.33 Related Party Disclosures
  • Definition of Related Parties - Person
  • Definition of Related Parties - Entities
  • Other Issues Under S.33
  • The Big Issue - Abridged Financial Statement Disclosures

Presenter: Des O'Neill, OmniPro


The Audit Implications of FRS 102

  • Acceptance & Continuance
  • Audit Plan
  • Audit Execution
  • Audit Completion
  • Opinion Forming
  • The Impact of Companies Act 2014 and FRS 102 on SME Audits

Presenter: Des O'Neill, OmniPro


FRS 102 - Practical Adjustments

  • Example 1: Prior Period Error
  • Example 2: Revising a Residual Value of an Asset
  • Example 3: Purchase with Unusual Credit Terms
  • Example 4: Reclassification of Spare Parts from Inventory to PPE
  • Example 5: Lease Incentives Since Date of Transition
  • Example 6: Customer Loyalty

Presenter: Garret Wynne & John Murphy, OmniPro


Round Table Q & A

Courses
Program Details
  • Max Subscription Days:
    180
  • Credits:
    8.0
  • Code:
    OPFRCO16
  • Price:
    €130.00 by Stripe