Peter Hughes
Chartered Accountant

IFRS/FRS102 training courses

There are four bases on which a UK company may prepare its financial statements:

  1. International Financial Reporting Standards (IFRS). These are compulsory for companies listed on a regulated stock exchange in the EU and preparing group financial statements.

  2. FRS101. This was issued in November 2012 and is available for unlisted companies which are subsidiaries or parents. It is a simplified version of IFRS: the accounting policies are those of IFRS, but there are simplified disclosure requirements. FRS101 is helpful to an unlisted company which is in an IFRS group, as it can adopt the same accounting policies as the group (thus making the group accounts easier to compile) without as many disclosures in the notes to the accounts.

  3. UK Generally Accepted Accounting Principles (GAAP). This presently consists of FRSs, SSAPs, UITFs and company law, but there will be a major change in UK GAAP in 2015, as most FRSs, SSAPs and UITFs will be replaced by FRS102.

  4. The Financial Reporting Standard for Smaller Entities (FRSSE). This is available only to entities which fall below the small company criteria as outlined in the Companies Act 2006. Broadly, an entity must satisfy two of the following three criteria in two successive years: turnover no more than 6.5 million; gross assets no more than 3.26 million; average employees no more than 50.


My courses provide a three-way comparison of IFRS, current UK GAAP and FRS102, or alternatively compare any two of these. The FRSSE may additionally be covered. It is possible to request a course looking at any of them in isolation. I also outline the disclosure simplifications of FRS101.

The following accounting areas will typically be outlined, although you can choose which to include and which to omit.

The course materials will include a document outlining the main differences between IFRS, current UK GAAP and FRS102 and the FRSSE (if relevant to your company).