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UK GAAP vs IFRS Norms

Category: Accounting and Finance
Duration: 5 Days

Related courses : IFRS Norms A to Z, Mastering IFRS Norms, IFRS Norms key concept

Synopsis

This five-day training program provides a comprehensive comparison between UK GAAP (Generally Accepted Accounting Practice) and IFRS (International Financial Reporting Standards). It focuses on the key differences and similarities between the two frameworks, covering areas such as financial statements, recognition and measurement of assets and liabilities, revenue recognition, and financial instruments. Participants will gain practical insights into how the transition from UK GAAP to IFRS impacts financial reporting, and how to navigate both frameworks depending on regulatory requirements.

Learning Objectives 

  • Understand the fundamental differences and similarities between UK GAAP and IFRS.

  • Learn how key financial statements are prepared under both frameworks.

  • Analyze how UK GAAP and IFRS treat assets, liabilities, revenue, and financial instruments.

  • Develop the ability to transition financial reporting from UK GAAP to IFRS.

  • Gain insights into the regulatory and legal contexts influencing the choice of UK GAAP or IFRS.

  • Apply comparative knowledge in real-world financial reporting scenarios.

Training Program

London View

Day 01

Introduction to UK GAAP and IFRS

  • Overview of UK GAAP and IFRS

    • History and development of UK GAAP and IFRS.

    • Scope and application: when and where each framework is used.

  • Conceptual Framework

    • Underlying assumptions and principles of UK GAAP and IFRS.

    • Differences in the conceptual approach: UK GAAP’s more rules-based approach vs. IFRS’s principles-based approach.

  • Financial Statement Presentation

    • Key differences in how financial statements are presented under UK GAAP (FRS 102) and IFRS (IAS 1).

  • Practical Case Study:
    Compare the presentation of financial statements under UK GAAP and IFRS for a mid-sized company.

Day 02

Recognition and Measurement of Assets

  • Tangible Fixed Assets and Investment Property

    • UK GAAP (FRS 102) vs. IFRS (IAS 16, IAS 40) on recognition, measurement, depreciation, and revaluation.

  • Intangible Assets

    • Key differences in recognizing and measuring intangible assets under UK GAAP (FRS 102) and IFRS (IAS 38).

  • Impairment of Assets

    • Comparing how impairment is recognized and measured under UK GAAP (FRS 102) and IFRS (IAS 36).

  • Practical Exercise:
    Perform impairment tests and calculate depreciation for assets using both UK GAAP and IFRS.

Optometry measurement device
Revenue Recognition and Leases.jpg

Day 03

Revenue Recognition and Leases

  • Revenue Recognition

    • UK GAAP (FRS 102) vs. IFRS 15 (Revenue from Contracts with Customers).

    • Key differences in the five-step revenue recognition model in IFRS vs. the approach under UK GAAP.

  • Leases

    • Recognition of leases under UK GAAP (FRS 102) vs. IFRS 16.

    • Treatment of leases for lessors and lessees, and the impact on financial statements.

  • Practical Workshop:
    Apply revenue recognition principles under both UK GAAP and IFRS, and analyze the impact of lease contracts on financial reporting.

 Day 04

Financial Instruments and Investments

  • Financial Instruments

    • Classification, measurement, and recognition of financial instruments under UK GAAP (FRS 102) and IFRS 9.

    • Key differences in impairment and hedge accounting.

  • Investments

    • Treatment of investments in associates, joint ventures, and subsidiaries under UK GAAP (FRS 102) and IFRS (IFRS 10, IFRS 11, IFRS 12).

  • Practical Case Study:
    Evaluate and classify financial instruments for a company using both UK GAAP and IFRS, focusing on key differences in treatment.

Monitoring market fluctuations
Consolidation, Disclosure, and Transition.jpg

 Day 05

Consolidation, Disclosure, and Transition

  • Consolidated Financial Statements

    • Differences in consolidation rules under UK GAAP (FRS 102) and IFRS (IFRS 10).

    • When consolidation is required and how non-controlling interests are treated.

  • Disclosure Requirements

    • A comparison of mandatory disclosures under UK GAAP and IFRS.

    • Segment reporting and related party disclosures.

  • Transitioning from UK GAAP to IFRS

    • Key steps and challenges in transitioning from UK GAAP to IFRS.

    • Differences in first-time adoption of IFRS (IFRS 1) and adjustments required during the transition.

  • Final Case Study:
    Prepare a consolidated financial statement for a group of companies, addressing key differences in the treatment of subsidiaries, joint ventures, and disclosures under both UK GAAP and IFRS.

Key Points

  • Numerous practical examples illustrating the different studied concepts

  • Practical cases to draw parallels with the concepts learned

Who is this training for ?

  • Finance professionals responsible for preparing financial statements under UK GAAP or IFRS.

  • Auditors and financial controllers looking to understand differences between UK GAAP and IFRS.

  • Corporate accountants transitioning from UK GAAP to IFRS reporting.

  • Investment professionals seeking to interpret financial statements prepared under both standards.

Prerequisities

  • Basic knowledge of financial reporting principles is required.

  • Familiarity with accounting standards (UK GAAP or IFRS) is beneficial but not necessary.

Teaching Methods

  • Training structured around skill transfer

  • Acquisition of operational skills through practice and experimentation

  • Collaborative learning during synchronous sessions

  • Multi-stage learning path to allow engagement, learning, and transfer

  • Training promoting participant engagement for better anchoring of lessons

Satisfaction and Evaluation

  • Skill evaluation will be conducted throughout the training by the participant (self-evaluation) and/or the trainer according to the training methods.

  • Online training evaluation on your participant space:

    • Immediate evaluation at the end of the training to measure your satisfaction and perception of skill improvement against training objectives. With your agreement, your overall rating and comments will be published on our site via Verified Reviews.

    • Post-training evaluation 40 days later to validate the transfer of your acquired skills in the workplace

  • Attendance tracking and issuance of an individual training certificate or a certificate of completion

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LONDON

128 City Road, EC1V 2NX London

+447543285457

contact@finacademy.uk

PARIS

38 Rue Boulard, 75014, Paris

+33656779917

contact@finacademy.uk

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