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Accounting Update 2011

Accounting Update 2011. Update on the New UK Accounting Framework. Presented by Steve Carlyle steve@clearlytraining.co.uk www.clearlytraining.co.uk. Course Outline. Current UK Accounting Framework The changes Overview of the new standards. IFRS users.

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Accounting Update 2011

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  1. Accounting Update 2011 Update on the New UK Accounting Framework Presented by Steve Carlyle steve@clearlytraining.co.uk www.clearlytraining.co.uk

  2. Course Outline • Current UK Accounting Framework • The changes • Overview of the new standards

  3. IFRS users • Companies quoted on the UK Stock Exchange • Companies quoted on the Alternative Investment Market (AIM) • Local Authorities from 2010/11 • All other public sector organisations from 2009/10 • Voluntary users e.g. Subs of overseas groups

  4. UK FRSSE users • Companies that qualify to use the FRSSE • Applies to companies where • Turnover £6,500k or less • Balance Sheet Total £3,260k or less • Employees 50 or less • Must meet the criteria for two years unless newly incorporated; AND • Choose to use the option

  5. UK GAAP users • Any UK organisation: • Not required to use IFRS; AND • That has not chosen to use the UK FRSSE

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