Effectively FRS 102 introduces further levels of subjectivity to the old UK GAAP rules and there is less in the way of guidance where 'subsequent expenditure' is concerned. Going forward, Section 17, Property, Plant and Equipment is the key reference in FRS 102.

By completing this module you will be able to:

• understand the differences between FRS 102 and previous UK GAAP;
• identify the recognition criteria to recognise expenditure on the balance sheet;
• understand the circumstances in which expenditure must be recognised in profit and loss; and
• handle issues relating to major inspections and overhauls.

This CPD module takes 20 minutes to complete and is followed by a short quiz to ensure thorough learning. Any CPD learning is also automatically added to Your CPD Tracker.

The CPD course lecturer is Steve Collings FMAAT FCCA, audit and technical partner at Leavitt Walmsley Associates Ltd where he trained and qualified. Collings became a member of the Association of Accounting Technicians (AAT) in 2001 and qualified as a chartered certified accountant in 2005. 

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