ACCOUNTING STANDARDS UPDATE
What will I get out of it ?
• understanding of the current situation of UK GAAP as it applies to all sizes of entity, highlighting the mandatory standards and those where there is a choice
• overview of changes that have been announced and/or implemented in the last two years
• knowledge of the latest plans for GAAP in the UK and EU
• guidance on practical issues that have arisen in financial reporting over the last 18 months.
Key features
• the current UK reporting framework, covering
– the FRSSE
– UK GAAP
– international GAAP
• highlighting the ‘musts and maybes’ within each category
• financial instruments
• which standards apply to which companies
• key differences that remain and changes that have been made following the credit crunch
• a reminder of key elements of group accounting standards (for those medium sized groups preparing consolidated accounts for the first time under Companies Act 2006)
• FRED 41 Related Party Disclosures – likely to be finalised in 2009
• specific financial reporting issues
– disclosures required under the Companies Act 2006
– distributable profits
– going concern – the concept and potential disclosures
– legitimate choices for accounting treatments that exist within UK GAAP (i.e. not creative accounting!).
COMPANY RISK AND PRACTICAL AUDITING
What will I get out of it ?
• understanding of risk models currently used in auditing and their relevance to audits of proprietary and larger companies
• ability to spot and deal with ‘significant risks’ without blowing the budget!
• guidance on linking risk assessment to the detailed audit process
• knowledge of specific audit procedures and issues.
Key Features
• audit risk and business risk – similarities and differences and the relevance of each to companies and auditors
• the process of risk identification and assessment and establishing what a ‘significant’ risk is
• producing documentation that establishes the clear link between risk and the audit procedures performed to address the risk
• specific audit processes and issues
– analytical procedures
– extent of reliance on management representations
– going concern
– the audit report – recent and proposed changes.
Lecturer
Charles Gubbins BSc CA
Associate, Kaplan Hawksmere
Download the booking form/circular for the Autumn Update: Accounting and Auditing Conference event
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