Accounting and Auditing Update

This event was recorded on 09 December 2024

Overview

The Financial Reporting Council have issued the periodic review amendments to UK and Ireland GAAP which will affect almost all preparers of financial statements under FRS 102 and FRS 105. In addition, there are ongoing changes to accounting standards that preparers need an awareness of, in addition to the current challenging areas that arise during file reviews.

During the course, worked examples will be used to illustrate the various new accounting treatments that will be required in the financial statements.

This one-day course will also ensure delegates are up to speed on how the periodic review amendments (and other amendments outside of the periodic review) affect them and their clients. It will also equip delegates with the up to date technical knowledge to avoid the many pitfalls that are often found in certain technical areas, in particular:

• Deferred tax
• Accounting for tax in general
• Financial instruments (recognition and measurement)
• Error correction
• Advising on the most appropriate financial reporting framework
• Dividends and avoiding them being unlawful

The course will also cover other updates such as the Economic Crime and Corporate Transparency Act and potential increases to the company size thresholds. There will also be a brief update as to developments in the world of IFRSÒ Accounting Standards.

In addition, auditors will benefit from receiving updates on current developments in the ISAs (UK), in particular:

• ISA (UK) 315 Identifying and Assessing the Risks of Material Misstatement
• ISA (UK) 320 Materiality in Planning and Performing an Audit
• ISA (UK) 500 Audit Evidence
• ISA (UK) 510 Initial Audit Engagements – Opening Balances
• ISA (UK) 600 Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)

The course will also cover other assurance work to refresh delegates’ knowledge on the types of opinions and conclusions that are expressed when carrying out assurance services.

All delegates will receive a full set of course notes and the slides. There will also be an opportunity to pose questions to the speaker on specific points.

Steve Collings

Steve Collings FCCA is a director at Leavitt Walmsley Associates Ltd, a firm of Chartered Certified Accountants based in Sale, Cheshire where he trained and qualified.

Steve specialises in financial reporting (UK GAAP and IFRS), auditing and solicitors’ accounts rules and has lectured extensively to professional accountants in the UK and overseas (most recently in the Caribbean on IFRS and auditing).

Steve is the author of several books on accounting and audit-related issues and has been the author of many articles and whitepapers on financial reporting and auditing topics. He writes extensively for ACCA working closely with our technical advisory department to produce some of our authoritative technical factsheets on financial reporting and audit-related issues for our members. Steve has been awarded Accounting Technician of the Year at the British Accountancy Awards as well as receiving Outstanding Contribution to the Accountancy Profession award.

Steve is on the UK GAAP Advisory Panel at the Financial Reporting Council which has input into the development of UK and Irish accounting standards.

6 CPD units

1 hour of learning = 1 unit of CPD.

ACCA members can use this learning to meet their CPD requirements provided it is relevant to their career. If the event contributes to general knowledge and skills, it should be recorded as non-verifiable CPD. If the learning can be applied in the workplace, it will contribute to verifiable CPD.

Fee: 125 GBP + VAT (145 GBP) per delegate

This event is organised by ACCA UK Continuous Learning Team.

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