CPDStore Ireland

This session is a follow on from Part 1 and so two other remaining major revisions that are being implemented by FRS 102 and 105 are covered in this session. This will impact the preparation of financial statements for all non-listed companies in Ireland. Some of the changes are fundamental particularly the new definitions of assets and liabilities and how they will be recognised in the financial statements. 

Robert Kirk will cover the following topics during this presentation:

• The introduction of the 5 step approach to revenue recognition
• When to recognise revenue over time as opposed to at a point in time
• Specific examples of how the changes impact on sale and returns, consignment sales etc
• Revised concepts and pervasive principles including new definitions of assets and liabilities and new recognition and derecognition principles
• The implantation of IFRS 13 Fair Value Measurement into Section 2 of FRS 102

By attending this session, it should enable delegates to kickstart their clients well in advance to understand the likely impact the changes will have in preparing their financial statements under the proposed new rules.

The session will be of most interest to preparers of financial statements under FRS 102 and 105 as well as their auditors.

The entry level subject would be at an intermediate level as delegates should have a reasonable understanding of the existing requirements in FRS 102 and 105. It also represents knowledge that all financial accountants need to know.

Course Level: Advanced