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Understanding Financial Statements in the Age of New UK GAAP

A two day course / workshop on how new GAAP affects financial reporting in the UK, how it impinges on management reporting and practices.

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  • Format: Bespoke training


A two day course / workshop on how new GAAP affects financial reporting in the UK, how it impinges on management reporting and practices.

What are the issues?

  • New titles for statements
  • New terminology
  • New accounting treatments
  • New accounting policies
  • Disclosures about judgements in selecting your accounting policies
  • Disclosures about bases of material estimates used in the accounts
  • Disclosures about
  • Disclosures about the key assumptions concerning the future
  • What goes in the strategic report

We now have Statements of Financial Position, Statements of Comprehensive Income and the return of Cash Flow Statements not quite as revolutionary as you might fear they can still be termed Balance Sheets, P&L accounts and Cash flow Statements.

Below is the content of the Standard – do you need to know it ALL?

No, old UK GAAP was pretty sensible and new UK GAAP follows on. However apart from possible terminology changes there are treatments of assets, liabilities income and expense that are different and will impinge on the number and presentation in the accounts and also affect management practices and reporting.

As with the introduction of IFRS it is possible that the scaremongers and the ultra-virtuous will make more of the move than is needed – you need to know what has to be done and the real effects of transitioning to FRS 102

Who it will help and how it will help?

Whatever their role CEO, directors and executives have to understand financial statements. They should also understand the accounting policies as presented in the accounts and the effect of these polices on their day to day responsibilities – eg how sales or revenue can be booked, how construction contracts should be reported, how financial instruments, eg hedging, should be accounted for.

Any board member who approves the financial statements – you may not be the one who signs but you do approve them – or ought to!

  • You may know what is going on but do your financial statements tell the same story?
  • You’ll be able to questions your CFO or FD as never before.


Scope, concepts and pervasive principles of FRS 102

The 4 principal financial statements, what they contain, how they are presented and what they convey

  • Statement of Financial Position
  • Statement of Comprehensive Income and Income Statement
  • Statement of Changes in Equity and Statement of Income and Retained Earnings
  • Statement of Cash Flows
  • 1A – small company exemptions

Accounting policies, notes to the financial statements

All directors should understand and be able to sign up to the entities accounting policies
You should know what they mean and how they affect you

Balance sheet items

  • Inventories
  • Investment Property
  • Property, Plant and Equipment
  • Intangible Assets other than Goodwill
  • Leases -_May be different it depends on how zealous you are_
  • Provisions and Contingencies
  • Liabilities and Equity

P&L – Income statement items

  • Revenue
  • Government Grants
  • Borrowing Costs
  • Share-based Payment
  • Impairment of Assets
  • Employee Benefits
  • Income Tax
  • Foreign Currency Translation
Consolidated financial statements, business combinations and goodwill
  • Investments in Associates
  • Investments in Joint Ventures

Financial instruments

  • Amortised cost and other important arithmetic

Disclosure issues

  • Events after the End of the Reporting Period
  • Related Party Disclosures

Discolours surrounding judgements, estimates and underlying assumptions

The Strategic report

  • Its aim
  • Content
  • Styles of report

Transitioning to the new UK GAAP

Run Understanding Financial Statements in the Age of New UK GAAP Bespoke training for your team

1 day

Typical duration

Pricing from:

  • GBP 450
  • Per attendee
  • Course tailored to your requirements
  • At your choice of location, or online


We don't have any currently scheduled dates for this course but we can customise it to your requirements and deliver it on an in-house basis for any number of your staff or colleagues.

Contact our in-house training expert Aleksandra Beer to discuss your requirements:

Multiple colleagues?
Talk to one of our training experts to discuss how to:

Run this course conveniently and cost-effectively in-house for your staff and colleagues

Aleksandra BEER
Training expert

+44 (0)20 7749 4749