FRS 102: deferred tax - CPD module

The latest CCH Daily CPD module covers deferred tax under new UK GAAP (including FRS 102 and FRS 105), looking at the difference between old UK GAAP requirements and FRS 102. The Lecturer is Steve Collings

Deferred tax under old UK GAAP (FRS 19 and FRSSE) was accounted for using the timing difference approach. Timing differences arise from the inclusion of gains and losses in an entity’s tax calculation that have been included in the financial statements.

FRS 102 is based on FRS 19 and FRSSE requirements for deferred tax as well as revaluations of non-monetary assets, values in business combinations and investments in subsidiaries, associates, branches and joint ventures.

By completing this module you will be able to:

  • Explain the impact of early-adopting the new Companies Act 2006
  • Describe the timing difference plus approach
  • Explain why micro-entities are unable to account for deferred tax
  • Describe the disclosures that need to be made in the financial statements

Lecturer is Steve Collings, FMAAT FCCA, audit and technical partner at Leavitt Walmsley Associates Ltd where he trained and qualified. Collings became a member of the Association of Accounting Technicians (AAT) in 2001 and qualified as a chartered certified accountant in 2005. In 2010, he became a Fellow of the Association of Chartered Certified Accountants (ACCA).

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Accountancy Daily |Published by Croner-i


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