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all the current financial reporting standards (FRSs, SSAPs, etc) issued by the Financial Reporting Council have been withdrawn.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
Historical Approach . to . Rural Water and Sewer O&M: Provide training, technical and emergency. assistance . Define success loosely and separately by. various programs. Irregular, incomplete and inconsistent . monitoring of success. Infrequent and irregular feedback to system ....
Nicholas Spykman's Rimland Theory: Spykman thought that the Rimland, the strip of coastal land that encircles Eurasia, is more important than the central Asian zone (the so-called Heartland) for the control of the Eurasian continent.
2.15 Examples Using the for Structure Chapter 2 - Control Structures 2.1 Introduction Before writing a program Have a thorough understanding of problem Carefully plan your approach for solving it While writing a program Know what "building blocks" are available...
Non- fiction guided reading questions. This is a useful prompt to ensure that Reading is covered and taught effectively towards the ELGs. This can be used for guided reading sessions or small adult led sessions.
Nicaragua. In Nicaragua coffee, bananas, sugarcane, cotton, rice and corn are grown and sold as popular exports. A typical Nicaraguan meal is Tortilla. It is filled with rice, scrambled egg, red kidney beans, fried plantain, soft cheese or avocado. Go...
, also called 'blue honeysuckle', 'honeyberry' and 'sweet berry honeysuckles', is a relatively new berry crop to Canada (Bors, 2009) and is a fruit with unique flavor, aroma and nutritional characteristics (Skupien et al., 2009; Lewis 2011).
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