CPD Course Overview

CPD Allocation

8 Hours

Fee

€210 (or 8 CPD Club points)

Date

11/10/2017

Time

09:15 - 17:30


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Course Content

This workshop, taking place one year on from the mandatory transition date for FRS 102, looks at what the issues and challenges have been for Irish accountants in implementing what is undoubtedly the most significant change to the financial reporting framework in Ireland's history.

For accountants and directors, the transition from Old Irish GAAP has demanded changes to the accounting treatment of many items in a company’s financial statements. These include financial instruments, goodwill, deferred taxation, investment property, intangible assets, leases, employment benefits, prior period adjustments, foreign currency, exceptional items and specialised activities.

Following swiftly on the heels of FRS 102, accountants are now adapting to more changes for small entities with Section 1A of FRS 102 and a simplified accounting and disclosure regime for micro-companies with FRS 105.

If this wasn’t enough, the Companies Accounting Act 2017, enacted this May, has some additional implications for financial reporting, not covered in the new standards.

Against the backdrop of significant change for accountants and companies, this workshop will explore

  • The practical application of FRS 102, one year on, focusing on typical problem areas and the most common mistakes made by accountants applying the new standard during 2016 and 2017
  • The impact of S. 1A of FRS 102 and FRS 105 for you and your clients
  • The requirements of the Companies Accounting Act 2017 in relation to financial reporting

Relevant, industry-leading insights for your practice 

The workshop is facilitated by Des O’Neill, Founder, OmniPro, and John Murphy, one of the lead accountants on our practice support, tax and corporate restructuring teams. Des and John have invested hundreds of hours researching and developing the latest updates to OmniPro’s online financial reporting information products and resources, and they will be sharing their industry-leading insights with delegates at this event.

Sessions will be broken into 20 to 40 minute slots, illustrated with practical examples and time for questions and answers, providing an engaging, hands-on opportunity to gain insights directly relevant to your practice or business.


A supporting 500+ page notes pack to take away

Participants will be provided with a take-away notes pack, filled with over 500 pages of original material, including

  • Sample full and abridged financial statements for FRS102, FRS 102 S. 1A and FRS 105 companies and for charities
  • Templates, tools, checklists and quick guides
  • Practical transition and accounting treatment examples
  • A comparison table for the Companies (Accounting) Act 2017 versus the Companies Act 2014

Workshop Programme

09.15 - 09:40 Introduction and Notes Review
09.40 - 10.10 Section 11 of FRS 102: Basic Financial Instruments
Participants will be taken through the implementation of the amortised cost model with two practical examples
10.10 - 11.00 Section 1A of FRS 102
A review of the reduced reporting and disclosures framework for small entities
11.00 - 11.20 Break, Tea & Coffee
11.20 - 11.40 Preparing Abridged Accounts Under FRS 102and FRS 102 S. 1A
Additional requirements under the Companies Accounting Act 2017
11.50 - 12.10 Accounting for Investment Property and for Property, Plant and Equipment       
Practical examples of the application of Sections 16 and 17 of FRS 102
12.10 - 13.00 FRS 105
A review of the new regime for micro-companies
13.00 - 14.00 Lunch
14.00 - 14.20 Preparing Abridged Accountants Under FRS 105
Additional requirements under the Companies Accounting Act 2017
14.20 -15.20 Consolidated and Separate Financial Statements
Consolidation procedures, accounting for acquisitions and disposals and the presentation of non-controlling interests under S.9 of FRS 102
15.20 - 15.30 Section 11 Financial Instruments Investments
To Include examples of S.12 complex financial instruments that are commonly confused with S.11 basic financial instruments
15.30 - 15:50 Break, Tea & Coffee
15:50 - 16.20 Accounting Issues for Charities
An overview of regulations and a review of a sample set of accounts 
16.20 - 17.50 Prior Period Adjustments and Exceptional Items
Disclosures in your statutory and abridged financial statements
16.50 - 17.20
Other Problematic Areas
Practical examples illustrating the treatment of intangible assets and goodwill under S.18 and S.19 of FRS 102; preference shares, liabilities and equity using S.22; long-term contracts and construction contracts under S.23; impairment reviews under S.27 and related-party transactions under both S.33 of FRS 102 and the Companies Act 2014.
17.20 - 17.30 Close

CPD Speakers

Des O’Neill: Co-Founder and Managing Director, OmniPro

Having worked for a number of years in practice, Des O’Neill co-founded OmniPro to develop tools, techniques, products and services, empowering accountants to achieve their best. Over 15 years, he has grown the company to a multi-million-euro turnover business and established OmniPro as Ireland’s largest independent provider of CPD for accountants.

Des speaks regularly, at national and international fora, on practice development, auditing, accounting, company law and regulation. He is passionate about bringing innovation to the profession and empowering accountants to achieve what they want in their careers and practice.


John Murphy: Tax, Corporate Restructuring and Practice Support, OmniPro

As a lead member of our technical support team, John relishes problem-solving to help accountants develop innovative client solutions and sharing his technical knowledge on tax, financial reporting and auditing.

He provides support, training and advice to OmniPro clients on financial reporting, auditing and company law matter and conducts company valuations.  In addition, as a Chartered Tax Adviser, he advises on a range of issues from income tax, tax planning, restructuring and exit planning to Revenue audits. 

A Chartered Accountant and Qualified Financial Adviser, John has over a decade’s Big 4 experience with EY and PwC, providing tax and audit services for a portfolio of clients, ranging in scale from SMEs to multinationals.