This module focuses on the first accounts prepared under FRS 102, which has replaced Old UK GAAP and is now the adopted accounting framework. It provides guidance for selecting and applying the accounting policies used in preparing financial statements and also covers changes in accounting estimates and corrections of errors in prior period financial statements.

Specific sections cover tangible fixed assets, investment property, debtors, creditors, taxation and foreign currency translation.

By completing this module you will be able to:

• explain that policies must be based on the FRS 102 framework – not old UK GAAP;
• detail the new terminology used;
• outline why significant judgments and the use of estimates need to be explained; and
• describe how ‘clutter’ may be cut - redundant or irrelevant policies should be removed.

The CPD moderator is Ralph Tiffin

This 15-minute module can be tracked on Your CPD Tracker to keep a personal record of your learning.

The lecturer is Ralph Tiffin, BSc FCA AMIMechE, a principal at McLachlan+Tiffin, chartered accountants and auditors. He is also a consultant to companies in the UK and overseas on subjects ranging from project appraisal, applying International Financial Reporting Standards (IFRS), budgetary control systems through to fraud prevention.

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