Event Overview:
This essential seminar provides a comprehensive analysis of the latest Financial Reporting Standards (FRS) updates, translating complex regulatory amendments into actionable knowledge for accounting and finance professionals. We will demystify the practical implications of key changes effective from 2024 through 2027—including amendments to FRS 1, FRS 12, FRS 107, FRS 21, and FRS 109, as well as the transformative new standard, FRS 118. Through detailed analysis and real-world case studies, participants will learn to navigate critical areas such as liability classification, leaseback accounting, supplier finance disclosures, and the treatment of ESG-linked financial instruments. Leave this session fully equipped to ensure compliance, enhance reporting transparency, and confidently implement the new standards.

Event Outline:

• Effective from 1 January 2024
• • FRS 1 (Amendments): Classification of Liabilities as Current or Non-current, including the impact of covenants.
  • FRS 12 (Amendments): Lease Liability in a Sale and Leaseback Transaction.
  • FRS 107 (Amendments): Disclosure of Supplier Finance Arrangements.
• Effective from 1 January 2025
• • FRS 21 (Amendments): Accounting for Lack of Exchangeability.
• Effective from 1 January 2026
• • FRS 109 (Amendments): Classification of Financial Assets with Environmental, Social, and Governance (ESG) Features; and Settlement of Liabilities through Electronic Payment Systems.
• Effective from 1 January 2027
• • FRS 118: A new comprehensive standard on presentation and disclosure, replacing FRS 1 (Presentation of Financial Statements) with a fundamental shift in how revenue and income are reported.

Key Takeaways:

• Navigate the Timeline: Gain a clear, structured understanding of the phased implementation from 2024 to 2027, enabling strategic planning and seamless adoption.
• Decode Complex Standards: Move beyond technical language with clear explanations and practical case studies that illustrate how to apply the updates in real-world scenarios.
• Mitigate Risk: Learn to correctly implement critical changes to avoid errors in liability classification, lease accounting, and the reporting of ESG-linked assets.
• Future-Proof Your Expertise: Gain a first-mover advantage in understanding the profound shift in financial statement presentation and disclosure introduced by FRS 118.

Who Should Attend:

• Accountants & Auditors: Ensure accurate and timely application of new standards.
• Financial Controllers & CFOs: Align reporting strategies with the latest regulatory shifts.
• Compliance & Finance Managers: Mitigate risks and leverage updates for strategic advantage.
• Investment Analysts & Advisors: Accurately interpret financial statements prepared under the revised frameworks.

This seminar is ideal for professionals seeking clarity on how these pivotal changes will impact financial statements, tax implications, and overall business decision-making.

 This workshop qualifies for 7.0 CPE hours in Financial and Sustainability Reporting Standards and Pronouncements (Category 1).