FRS 102

FRS 102 “The Financial Reporting Standard Applicable in the UK and Republic of Ireland” is a single coherent financial reporting standard replacing old UK GAAP. Derived from the IFRS for SMEs, the Financial Reporting Council has made significant modifications to address company law requirements and incorporate additional accounting options This module aims to practically apply the concepts and pervasive principles of FRS 102 to accounting transaction problems and financial statement. It will identify the key accounting differences between IFRS and FRS 102. 

1. Identify and evaluate the differences between International financial Reporting standards and FRS 102

2. Apply the concepts and pervasive principles of FRS 102 to accounting transaction problems and financial statement

3. Evaluate proposed changes to FRS 102