Accounting Update - Spring - Including Disclosures for March 2026 Year Ends

Objectives

This webinar will look at all that is new in UK accounting standards, relevant legislation, Companies House and the real-world accounting problems being faced by practitioners. It will offer practical solutions and be relevant for March 2026 year ends.

Key Topics

FRC ISSUES AMENDMENTS TO FRS 102 AND FRS 105

• Adapted financial statements
• Amendments

FRC ISSUES UPDATED STRATEGIC REPORT GUIDANCE

• Objectives of the guidance
• Purpose of the strategic report
• Key changes from the previous edition

LEASE ACCOUNTING UNDER FRS 102 (SEPTEMBER 2024)

• Operating and finance lease distinction
• On-balance sheet lease accounting
• Short-term leases
• Leases of assets of low value
• Initial application of the new requirements

REVISED CHARITIES SORP ISSUED

• Significant changes
• Module 1: Trustees’ Annual Report
• Module 2: Fund accounting
• Module 3: Accounting standards, policies, concepts and principles including estimates and errors
• Module 5: Recognition of income, including legacies, grants and contract income
• Module 7: Recognition of expenses
• Module 10: Balance sheet
• Module 14: Statement of cash flows
• Module 18: Accounting for heritage assets
• Module 21: Accounting for social investments
• Limited amendments
• Scope and application
• Module 4: Statement of financial activities
• Module 6: Donated goods, facilities and services, including volunteers
• Module 8: Allocating costs by activity in the statement of financial activities
• Module 9: Disclosure of trustee and staff remuneration, related party and other transactions
• Module 11: Accounting for financial assets and financial liabilities
• Module 12: Impairment of assets
• Module 13: Events after the end of the reporting period
• Module 17: Retirement and post-employment benefits
• Module 22: Accounting for charities pooling funds for investment
• Module 23: Overview of charity combinations or interests in other entities
• Module 24: Accounting for groups and the preparation of consolidated financial statements
• Module 25: Branches, linked or connected charities and joint arrangements
• Module 26: Charities as subsidiaries
• Module 27: Charity mergers
• Module 28: Accounting for associates
• Module 29: Accounting for joint ventures
• Glossary
• New modules
• Module 10A: Provisions, contingent liabilities and contingent assets
• Module 10B: Lease accounting
• Editorial and legal updates
• Module 15: Charities established under company law
• Module 20: Total return (investments) – England and Wales only
• What charities should be doing now

NEW DISCLOSURE REQUIREMENTS FOR SMALL ENTITIES IN THE UK

• Encouraged disclosures
• Changes to the disclosure requirements for small entities in the UK
• General
• Statement of compliance
• Going concern
• Current and deferred tax
• Leasing
• Provisions and contingencies
• Share-based payment transactions
• Revenue recognition
• Related parties
• Dividends declared and paid or payable
• Transition information
• Impact of the additional disclosure requirements

GOING CONCERN ISSUES FOR SMES

• The going concern basis of accounting
• Assessing going concern
• Period of assessment
• Material uncertainties
• Periodic review amendments
• Going concern basis is inappropriate
• Going concern basis deemed inappropriate after the reporting date

IMPAIRMENT CONSIDERATIONS

• Value in use calculations
• Cash flow projections
• Recognising and measuring an impairment loss for a CGU
• Reversing an impairment loss
• Recoverable amount based on an individual asset
• Recoverable amount based on a CGU
• Goodwill impairment in a group

AUDIT EXEMPTION REFRESHER

• Small company audit exemption (s477) size thresholds
• Audit exemption thresholds
• Small company audit exemption - Years rule
• Transition to higher thresholds
• Small company audit exemption and group companies
• S479A – Subsidiary audit exemption

Who Should Attend

This webinar is aimed at all accountants and auditors who are involved in preparing and / or financial statements.