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New UK GAAP Conference



This conference has now passed.

For more information on this conference or others,
please contact Felicity Beale on 0116 258 1200 or felicity.beale@mercia-group.co.uk

New UK GAAP is now a reality for the reporting entities in the UK, therefore it really is crunch time for you and your clients.
This conference is specifically designed for partners and those in management roles with responsibility for clients using UK GAAP. The conference will provide a thorough insight into the changes, help you develop your knowledge and look at the practical implications in key areas.

  • Legal Issues
  • Adopting FRS 102: An Audit Partner’s Perspective
  • Tax implications of New UK GAAP
  • The Micro-Entity: New UK GAAP’s Ugly Duckling?
  • Transition to FRS 102 - The Double Entries!
  • Issues for Charities, LLPs and Pension Schemes

 

Full Agenda

9.30am

Welcome and Introduction by Conference Chairperson

 

9.35am

Legal Issues and Implications of New UK GAAP

Kathryn Cearns

This session will cover some of the main legal implications of New UK GAAP, including:

  • An overview of the regimes for different companies in the context of the Companies Act
  • Applying true and fair at the micro and small level
  • A summary of group issues including where choices are available
  • Requirements to consult shareholders in relation to reduced disclosures
  • Distributable profits implications, covering both risks and potential balance sheet strengthening
  • Implications for contractual arrangements that depend on accounts

 

10.30am

Adopting FRS 102: An Audit Partner’s Perspective

Alex Peal, James Cowper Kreston

Alex will share his experience of the practical issues arising in the context of adopting FRS 102. This will include:

  • Approach to training staff
  • Client related issues
  • Software
  • Difficult aspects of the new standard
  • Audit issues arising

 

11.15am Coffee

 

11.30am

Tax implications of New UK GAAP

Jo Houghton, Mercia Group Limited

This session will outline the tax implications of adopting New UK GAAP, reflecting current tax legislation. In particular the session will review the treatment of:

  • Intangible assets
  • Lease incentives
  • Loan relationships
  • Foreign exchange on forward contracts

 

12.15pm

The Micro-Entity: New UK GAAP’s Ugly Duckling?

David Smith, Mercia Group Limited

There once was an ugly duckling, with disclosures that would make you frown, and accountants said, just 3 pages? Micro? Get out of town!

However, changes for small entities have prompted businesses and advisors to take a second look at UK financial reporting’s ugly duckling. In this session, David will look at the practicalities and potential pitfalls for entities reporting under FRS 105 for the first time, asking whether micro-entity reporting is a very fine swan (indeed), or just the least ugly option.

 

1.00pm Lunch

 

2.00pm

Transition to FRS 102 - The Double Entries!

John Selwood, Revolution Solutions Limited

John will use a case study to show the detailed workings behind first time adoption. This session will cover:

  • Deemed cost valuations of fixed assets
  • Investment properties
  • Investments in shares
  • Goodwill
  • Lease incentives
  • Holiday pay accruals
  • Foreign exchange contracts and transitions
  • Interest rate swaps and hedge accounting
  • The practicalities of accounting for non-distributable reserves

 

3.25pm Tea

 

3.30pm

Issues for Charities, LLPs and Pension Schemes

Mike Ulrich

This session will outline the key accounting issues that will arise for charities, LLPs and pension schemes on adoption of FRS 102. Following the changes to company financial reporting, the removal of the FRSSE and the introduction of Section 1A in FRS 102 it is anticipated that there will be changes for charities and LLPs in 2016. These changes will also be covered in summary in the session.

 

4.30pm Close of conference

 

CPD hours: 6

Kathryn Cearns

Kathryn is a consultant on corporate reporting and governance in both the private and public sector. Until 2014 she was a partner-level consultant at Herbert Smiths Freehills, the international law firm.
She now undertakes non-executive roles, particularly focused on the areas of audit and risk, writes for a wide variety of publications and online services in the legal and accounting fields and specialises in training relevant accounting requirements to non-accountants, particularly lawyers.

Kathryn is the Chair of the Financial Reporting Advisory Board, HM Treasury and she has various roles at the ICAEW including Chair of the Financial Reporting Committee, Deputy Chair of the Financial Reporting Faculty and member of the Technical Advisory Board.


 

 

Jo Houghton

Jo trained and qualified with Coopers and Lybrand in Business Services and then moved into Corporate Tax. After leaving Coopers she spent several years working in industry in the tax department of a large multi-national group before moving back into practice at PwC. In the later years of her time at PwC Jo worked in the tax section of the national training department. She is also a Qualified Teacher.


 

Alex Peal

Alex Peal is an audit partner and head of audit & assurance at James Cowper Kreston. He acts for a wide range of companies in the SME sector as well as charities and academy schools. He is a member of the ICAEW Audit Faculty Committee.


 

 

John Selwood

John Selwood is a Chartered Accountant and independent training consultant, who lectures for major accountancy practices, professional bodies, training companies and publishers.

Previously, he has been the technical partner for a top thirty firm of accountants and head of an accountancy network. John is a member of the ICAEWs Audit and Assurance Faculty’s Practitioner Services. He also regularly writes for Audit & Beyond and is the author of Core Auditing Standards.


 

David Smith

David lectures on Mercia’s range of audit and accounting courses around the country. He is the editor of the Mercia Audit Manual, Chair of Mercia’s Audit Manual Committee and is also responsible for our Assurance and Academies Specialist Assignment Manuals. David has recently worked with the ICAEW to produce guidance on issues for auditors arising from the implementation of FRS 102.


 

Mike Ulrich

Mike has been involved in presenting courses to professional accountants for over 20 years, covering a wide range of company law, auditing and accounting topics. As well as general courses on auditing and accounting issues he also presents courses in respect of charities, pension schemes, solicitors, service charges, and LLPs.

He is a technical consultant on accounting and audit matters to a number of firms providing answers to real life issues. He also undertakes compliance reviews, both audit and audit exempt, for a number of firms
and provides advice and guidance as required. Both of these provide him with an insight into those topics which are of practical interest to practitioners.