CPDStore

May 24, 10:00

Proposed Changes to the UK/Ireland Standards: FRED 82

Speaker: Edward Rands - ECR Professional Ltd

Financial Reporting Exposure Draft (FRED) 82 was issued just before Christmas 2022. It sets out the Financial Reporting Council’s (FRC) proposals for the amendment of FRS 102, FRS 105 and the other accounting standards applicable in the United Kingdom and Republic of Ireland as a result of its latest periodic review of the standards. The proposed changes set out in FRED 82 arise from the FRC’s objective of keeping the UK and Ireland standards broadly in line with the principles underlying international accounting standards, and take account of feedback received via the various outreach activities which the FRC has undertaken since the review process began in March 2021. The most notable areas in which changes are proposed are revenue recognition (where a five-step model based on that used by IFRS 15 is put forward) and accounting for leases (where almost all leases will be brought “on-balance sheet” using methods based on those set out in IFRS 16), but there are numerous other proposed amendments. It is currently anticipated that the revised standards will become effective for accounting periods commencing on or after 1 January 2025.

In this session Edward Rands will cover the following topics:

• Background to the periodic review, FRED 82 and supporting documents
• Proposed changes to revenue recognition – the IFRS 15 model
• Proposed changes to accounting for leases – the IFRS 16 model
• Other proposed changes (including small entities, fair values and going concern)
• A look ahead – where does the review process go from here?

Those attending the session will gain an understanding of the changes proposed, their practical effect and the timescales for their application.

This session will be of particular interest to Preparers of accounts (whether in practice or business) and auditors.

The course level is intermediate to advanced, but also “need to know” in the context of those who prepare or audit accounts.

May 24, 11:00

The Legal Implications and Risks of Multiple Owner Businesses

Speaker: Aly Young - Aly Young Law

More and more small – medium sized businesses are being set up jointly by more than one person. Many family-owned businesses consist of multiple generations. Often the parties are so focused on the operation of the business and getting the financials right, that they don’t consider the legal risks of structuring themselves like this. The session will outline the key issues that can arise within multiple-owner businesses and what solutions there are available.

Aly Young will cover the following topics during this webinar:

• Alternative structures – partnerships, limited companies, limited liability partnerships
• De facto position under the Companies Act i.e. what the rules are if the parties don’t stipulate the arrangements between them
• Issues that can arise (i) changing the common goal or purpose (ii) fallings out (iii) unforeseen events (iv) death or illness (v) sale
• Legal solutions including (i) court action (ii) winding up (iii) negotiation/dispute resolution
• Insurance and opportunities to create operational control/direction

By attending this session you will learn the unforeseen risks that may face multiple owner businesses and how to solve them.

This session will be of most interest to business owners, accountants, tax advisors and auditors.

Course Level: Foundation

May 24, 12:00

Key Financial Reporting Matters 2023

Speaker: Lindsay Webber – OmniPro Practice Support

The current economic environment continues to present accountants with many challenges. This session will focus on some of the top financial reporting issues for the next 12 months, including examples of some of the recent queries our technical team have received.

In this session Lindsay Webber will cover the following topics

• Impairments
• Related parties

• Financial statement presentation
• Including exceptional items
• Including options under s1A

By attending this session, you will have a better understanding of these topical financial reporting issues.

This course will be of most interest to Accountants in practice and business.

Course Level: Intermediate

May 24, 13:30

Restructuring Update

Speaker: Phil Harris, Jack Norton – FRP Advisory Trading Limited

Our economy is somewhat in a state of flux. With inflation at a record high, interest rates on the up and the delayed effects of the pandemic coming home to roost, uncertainty amongst business owners is rife. The result of this is an increase in the number of corporate insolvencies and with no sign of these economic pressures easing in the near future, this number is expected to continue to rise. Understanding the key factors driving these insolvencies and the current stance of all stakeholders is vital for professionals and business owners alike to navigate these uncertain times. FRP’s experts hope to provide you with some insight into the current restructuring space and are on hand to address any queries or concerns you may have regarding your clients or your own business(es).

Jack Norton and Phil Harris will cover the following topics during this session:

• Economic backdrop – a summary of the current challenges being faced in the UK economy.
• Corporate insolvency trends – a review of recent corporate insolvency data and comments on the same.
• HMRC’s current stance – an insight into HMRC’s current approach in relation to corporate insolvency and the recovery of their debts.
• Director disqualifications – an overview of what constitutes unfit conduct, a summary of recent relevant case law, an update on frequent wrongdoing being seen and recommendations for directors.
• Future focus – what do we expect in the coming months/year in the restructuring space and how this might affect the macroeconomic climate.

By attending this session you will obtain an up to date picture of the current economic climate and how this is affecting businesses. You will also understand the current trend of corporate insolvencies and how this trend may continue given the ongoing fiscal pressures being experienced. If you are an accountant/banker, you will also have some insight into potential warning signs for your clients. If you are a business owner, you will learn some valuable practises to avoid being at risk of disqualification.

This session will be of particular interest to accountants (including tax advisors), business owners and bankers.

Course Level: Foundation/Intermediate – assumes a base level knowledge of economics, finance and insolvency but suitable for all participants.

May 24, 14:30

Avoiding Disputes: Private Company Shareholder Agreements and Articles of Association

Speaker: David Impey – Company Law Solicitor

Practitioners frequently have to comply with shareholder agreements and articles of association, or even draft or advise on them, so it's important to understand how the courts interpret these documents to get it right - particularly as a number of recent court decisions have come as a surprise to advisers. This presentation will set out the courts' approaches in different circumstances, flag up both perennial problem areas and some recent shock rulings and provide guidance to help you navigate through the difficulties.

During this session David Impey will cover the following topics:

• How courts interpret articles and shareholder and other agreements
o The basic rules
o Are they different for articles v shareholder agreements?

• When the courts will imply terms
o Implied duties of good faith
o The rise of ‘relational contracts’
o Where are we now?

• Discretions in articles – implied duty of good faith/Braganza
• Other recent disputes and how they could have been avoided

By attending this course you will be better equipped to ensure your clients understand what their agreements and articles mean, and to spot potential problems and issues in them, so you can head legal disputes off early.

This session will be of most interest to General practitioners advising one-person, small, family and other private trading companies.

Course Level: Intermediate

May 24, 15:30

Crypto & Blockchain Accounting & Tax

Speaker: Jason Steedman – Steedman and Company

In this session Jason Steedman will cover the following topics:

• What is crypto / blockchain and why is it so popular?
• HMRC and crypto
• Crypto accounting and tax – challenges for accountants and users
• Solutions, skills and education
• Wrap-up, questions

By attending this session, you will gain an understanding of what crypto assets are, how they work, how they are taxed, and the challenges involved when working with them.

This session will be of most interest to anyone interested in learning about the accounting and tax challenges involved with crypto assets.