The Financial Reporting Update 2024
Registering for The Financial Reporting Update at CPD Fest 2024 couldn’t be more straightforward. We have three packages for you to choose from – 8 hours, 16 hours and 24 hours of CPD – allowing you to customise the event to your own specific needs. Once purchased, pick ‘n’ mix the topics of most interest and relevance to you from any of the sessions running across the week of CPD Fest 2024.
CPD Fest Packages:
The 12 Gifts Of CPD Fest
Over the coming weeks we are going to give you advance access to hugely valuable extracts from the note packs The CPD Fest & The Essential Advisors’ Mix.
With The 12 Gifts of CPD Fest you will get guides, financial statements, checklists, tools, tax papers, letters of engagement and reports all the way up to and including the kitchen sink!
Registration for The 12 Gifts Of CPD Fest is free, quick and straight forward and you can do so here:
Event Details:
Session 1: FRS 102 - Amendments to Lessee Accounting March 2024
Time: 09:00 – 10:40
Speaker: Professor Robert J Kirk – Consultant
Major revisions have been published to FRS 102 and 105 with an introduction date from 1st January 2026. This will impact the preparation of financial statements for all non-listed companies in Ireland. Some of the changes are fundamental (particularly on leasing) and this could impact the ability of companies to meet bank covenants.
Robert Kirk will cover the following topics during this session:
- The incorporation of the recognition and measurement rules of IFRS 16 Leases into FRS 102
- The abolition of operating leases for lessees
- Understanding the distinction between a lease agreement and a service contract
- How to deal with a change in economic incentives on asset and liability recognition
- How to account for modifications of existing leases
By attending this session, it should enable delegates to kickstart their clients well in advance to understand the likely impact the changes will have in preparing their financial statements under the proposed new rules.
The session will be of most interest to preparers of financial statements under FRS 102 as well as their auditors.
The entry level subject would be at an intermediate level as delegates should have a reasonable understanding of the existing requirements in FRS 102 and 105. It also represents knowledge that all financial accountants need to know.
Course Level: Advanced
Session 2: FRS 102 & 105 - Amendments to Revenue and Concepts and Principles March 2024
Time: 11:00 – 12:40
This session is a follow on from Part 1 and so two other remaining major revisions that are being implemented by FRS 102 and 105 are covered in this session. This will impact the preparation of financial statements for all non-listed companies in Ireland. Some of the changes are fundamental particularly the new definitions of assets and liabilities and how they will be recognised in the financial statements.
Robert Kirk will cover the following topics during this presentation:
- The introduction of the 5 step approach to revenue recognition
- When to recognise revenue over time as opposed to at a point in time
- Specific examples of how the changes impact on sale and returns, consignment sales etc
- Revised concepts and pervasive principles including new definitions of assets and liabilities and new recognition and derecognition principles
- The implantation of IFRS 13 Fair Value Measurement into Section 2 of FRS 102
By attending this session, it should enable delegates to kickstart their clients well in advance to understand the likely impact the changes will have in preparing their financial statements under the proposed new rules.
The session will be of most interest to preparers of financial statements under FRS 102 and 105 as well as their auditors.
The entry level subject would be at an intermediate level as delegates should have a reasonable understanding of the existing requirements in FRS 102 and 105. It also represents knowledge that all financial accountants need to know.
Course Level: Advanced
Session 3: FRS 102 & 105 - Other Changes March 2024
Time: 13:40 – 15:20
Speaker: Professor Robert J Kirk – Consultant
This session is a follow on from Parts 1 and 2 and will cover most of the remaining major amendments to FRS 102 and 105. This will impact the preparation of financial statements for all non-listed companies in Ireland. Some of the changes are material particularly the changes to business combinations, uncertain tax treatment and supplier finance arrangements and how they will be recognised and disclosed in the financial statements.
Robert Kirk will cover the following topics during this webinar:
- Tying in IFRS 3 Business Combinations into FRS 102
- Incorporating IFRIC 23 into income tax section
- Disclosure for supplier finance arrangements
- Explain conflict between revised section 2 and provisions/intangible assets
- Accounting for R&D expenditure credits – tax or grant?
- Changes to FRS 102 Section 1 exemptions
- Changes to FRS 105
- Changes to UK reporting for small entities
By attending this session, it will be easier for delegates to understand how this important new topic can be implemented in practice.
The session will be of most interest to preparers of financial statements under FRS 102 as the amendments will undoubtedly have a significant impact on an entity’s financial statements.
The entry level subject would be at an intermediate level as delegates should have a reasonable understanding of the existing requirements in FRS 102 and 105. It also represents knowledge that all financial accountants need to know.
Course Level: Advanced
Session 4: IFRS - The Latest Developments in IFRS Standards 2024 including IFRS 18 and 19
Time: 15:40 – 17:20
Financial accountants need to constantly be aware of the most recent developments in financial reporting so that they can advise their clients on the likely impact of any likely changes on their financial statements. This session will cover the most recent and future major changes to IFRS.
Robert Kirk will cover the following topics during this presentation:
- IFRS 18 Presentation and Disclosure in Financial Statements (April 2024)
- IFRS 19 Subsidiaries without Public Accountability: Disclosure (May 2024)
- Exposure Draft: Climate-related and Other Uncertainties in the Financial Statements (July 2024)
- Exposure Draft: Business Combinations—Disclosures, Goodwill and Impairment (March 2024)
- Exposure Draft: Contracts for Renewable Electricity (May 2024)
In addition, a brief coverage of IAASA’s financial reporting decisions (Jan 2024) and its key observations for December 2024 reporting will be covered in the session.
By attending this session, delegates will be made aware of the likely changes arising from the most recent developments in financial reporting and will be able to advise their clients on the probable impact the changes will have on their financial statements.
The session will be of most interest to preparers of financial statements under IFRS as well as their auditors.
The entry level subject would be at an intermediate level as delegates will be assumed to have a reasonable knowledge of the content of existing IFRS. It also represents knowledge that all financial accountants need to know.
Course Level: Advanced
CPD Course Speaker
Professor Robert J Kirk - Consultant
Robert qualified in first place in 1975 as an Irish Chartered Accountant after graduating in Economics from Queens University. He trained in practice with Price Waterhouse and later worked in industry with a subsidiary of Shell (UK). His teaching career started with Business and Accounting Training (now Griffith College) in Dublin where he taught mainly on the professional examination courses for ICAI, CPA, CIMA and ACCA in Belfast and Dublin. In 1984 he was appointed a full time lecturer in Queens University and later moved to Ulster University in 1992 as a Senior Lecturer. In 1994 he was appointed to the Chair in Financial Reporting at Ulster.
Robert specialises in the teaching of and research into the development of accounting standards in the United Kingdom. He has published 18 books and numerous articles in both academic and professional journals. His latest publication (co authored with Stephen McNamee) is the second edition of ‘A practical guide to UK and Irish Gaap’ (May 2020) (552pp) published by Chartered Accountants Ireland.
He has lectured extensively within Ireland and Great Britain on the subject of accounting standards to such diverse organisations as British Gas Plc, The Post Office, British Aerospace Plc, East Midlands Electricity, The Prison Service, the Department of Enterprise and Employment, Sheffield Teaching Hospital, NATO, Royal Bank of Scotland, Bank of Ireland, John Laing Plc, Barclays Bank, Deloitte & Touche (Dublin) and Reed International Plc and has become one of the main CPD speakers in that field over the last fifteen years for The Institute of Chartered Accountants in Ireland (ICAI), The Chartered Institute of Management Accountants (CIMA) and the Institute of Certified Public Accountants in Ireland (CPA). He also lectured on several occasions for The Chartered Institute of Public and Finance Accountants (CIPFA) and The Chartered Association of Certified Accountants (ACCA).
In the last few years he has lectured on international financial reporting standards to major companies in Cyprus, United States, Bahrain, South Africa, Zambia and Ghana.
The Financial Reporting Update 2024 is brought to you in association with:
