Business Accounting (F84M 34) Introduction of FRS102 Changes

Business Accounting (F84M 34) Introduction of FRS102 Changes

Business Accounting (F84M 34) Introduction of FRS102 Changes to accounting terminology and layouts New financial statement formats and accounting terminology

For accounting periods beginning on or after 1 January 2015, all the current financial reporting standards (FRSs, SSAPs, etc) issued by the Financial Reporting Council have been withdrawn. From January 2015 the UK GAAP framework will be articulated on the following standards: FRS 100;

FRS 101; FRS 102; FRS 103; and FRSSEE 2015. FRS 102 is the Financial Reporting Standard Applicable in the UK and the Republic of Ireland, and is the single financial reporting standard that replaces almost all the existing standards. What does FRS102 mean for the

Business Accounting Unit? Changes to terminology that has always been used in Unit Specifications Changes to all titles and layouts of financial statements Changes to terminology used in ratios

SQA support so far Update letter (August 2014) advising centres of changes Sample layouts issued for sole traders, partnerships, limited companies and plcs Revised formulae issued for ratios Suggested layouts and ratios used in revised exemplars (ASPs), where appropriate

Upcoming Changes From August Session 2015/16 implement revised Unit Specifications for HNC (level 7) in all centres Exemplar 1 / ASP 1 (Elite plc) has been updated centres must use these new assessments or devise/update their own as appropriate Exemplar 2 (Humbro plc) has not yet been updated

How does this affect Business Accounting? Outcome 1 Financial Statements for a limited company Significant changes to layouts: P&L Income Statement BS Statement of Financial Position plus

Statement of Changes in Equity Terminology for example: Stock Inventory Debtors Trade receivables Creditors Trade payables How will this affect Business

Accounting? Outcome 2 Cash budgets and break-even No changes Outcomes 3, 4 and 5 Users, Sources of Finance, Ratio Analysis Significant changes New layouts and terminology for P&L, BS, Cash Flow provided in assessment

New terminology in ratio formulae Impact Use new Unit Specification from August 2015 Use updated ASP or write/update assessment instruments Terminology and new layout need to be updated in all

teaching materials, formative assessments, reassessments for Outcomes 1 and 3, 4 and 5 Modifications to Unit Specification Assessment conditions set out in the Unit Specification for Outcomes 3, 4 and 5 have been modified for clarification Currently The assessment evidence should be

generated under supervised conditions. Changed to The assessment evidence should be generated under open book supervised conditions. Modifications to Unit Specification Guidelines suggest that the assessment of Outcomes 3, 4 and 5 may be combined.

However, where a centre chooses to assess any (or all) of the Outcomes independently, a different case study/scenario must be used at each assessment event. Future changes? HND Units to be modified for Session 2016/17

Preparing Financial Forecasts (F84R 35) Has still to be reviewed in detail, but no major changes anticipated Questions? Liz MacFadyen

March 2015 www.sqa.org.uk I 0303 333 0330

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