FRS 102 amendments training - discussion by https://padlet.com/meganebrown1/v5m32puhjfm6r2hl en-us 2024-08-19 08:41:12 UTC 2024-08-20 14:52:21 UTC hello@padlet.com https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081587151 Tailored sessions for different levels - more in depth training for associates

]]> 2024-08-20 14:33:43 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081587151 Tailoring to clients https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081587869 Defining which clients are most likely to be impacted, what to look out for

]]> 2024-08-20 14:34:22 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081587869 Worked examples based upon our AS clients showing adjustments to accounts etc https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081588182 2024-08-20 14:34:36 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081588182 Training teams on how to communicate changes to clients in an easy to understand way. https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081588520 2024-08-20 14:34:54 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081588520 Leaflet / flyer we can share with our clients about the changes. https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081589295 2024-08-20 14:35:33 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081589295 https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081589977 Identify most affected clients first - transition fee?

]]> 2024-08-20 14:36:01 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081589977 https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081589984 Worked examples, further explanation of how the transition, like leases, affects the retained earnings - is this a restatement?

]]> 2024-08-20 14:36:02 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081589984 Use Teams to post our examples and share ideas https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081590243 2024-08-20 14:36:17 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081590243 Different term lengths https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081590507 Examples on different useful life of ROU asset and lease liability

]]> 2024-08-20 14:36:31 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081590507 https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081590693 Rough idea of how much it would cost our client to have advice from FAAS

]]> 2024-08-20 14:36:42 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081590693 Conversations at clearance meetings https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081590825 2024-08-20 14:36:51 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081590825 https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081590862

  • Practical example of what the actual disclosure would look like in the first year of impact. What does it actually look like?

  • Would you have to amend the comparative?

  • What a low value lease would be defined as? (May be a case by case basis)

  • How do we share this amongst the group when we learn new items? Making sure if we learn in small groups, then we share this with the rest of UKAS

    • ]]>     2024-08-20 14:36:52 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081590862     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081591007

  • Guidance on how to communicate the changes to our pool of clients?

  • Flyers to send out to clients to summarise the changes/LinkedIn content - with the ability to follow up with the UKAS team if needed.

    • ]]>     2024-08-20 14:36:57 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081591007     Webinar https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081591193 2024-08-20 14:37:07 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081591193 https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081591752 Worked examples

    ]]>     2024-08-20 14:37:34 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081591752     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081592205 Sending illustrative accounts to clients

    ]]>     2024-08-20 14:37:56 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081592205     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081592625 Send CPD to them

    ]]>     2024-08-20 14:38:20 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081592625     Include on a findings document to brief them before the meeting https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081592825 2024-08-20 14:38:28 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081592825 Revenue recognition https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081593248 Examples of performance obligations and determining transaction prices

    ]]>     2024-08-20 14:38:47 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081593248     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081594348 Revenue recognition - maybe have some questions that we can send to the client at planning stage and compare it against the 5 steps.

    ]]>     2024-08-20 14:39:36 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081594348     Identify relevant clients https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081594375 2024-08-20 14:39:37 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081594375 https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081594765

  • First exercise: which clients are going to be impacted by it? Then have conversations with the client - we can help them with it but there will be additional fees/costs

  • one off transition fees

  • need to maximise fees or we will absorb costs

  • discuss in clearance meeting if have this in next 3-6 months


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  • fact sheet which we can send to our clients with all of the changes and that we will be in contact soon

    • ]]>     2024-08-20 14:40:14 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081595240     Review client base and identify which clients are most affected and contact them sooner rather than later. Look at pricing structure too. https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081595251 2024-08-20 14:40:15 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081595251 https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081595507

  • flyer with all changes on

    • ]]>     2024-08-20 14:40:26 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081595507     Standard approach to transitional fee eg £xx per lease in place. https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081595591 2024-08-20 14:40:30 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081595591 https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081595722

  • fact sheet

    • ]]>     2024-08-20 14:40:37 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081595722     Early conversations about the transition and fees will be impacted as a result. Get the clients buy in to this but also making them realise the impact on accounts and wider implications. https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081596455 2024-08-20 14:41:01 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081596455 Identifying it upfront https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081596529 If someone comes to us with regards to leases, we have the conversation to discuss charging extra for consultation and accounting support

    ]]>     2024-08-20 14:41:04 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081596529     Example revenue contracts https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081596564 2024-08-20 14:41:06 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081596564 https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081597035 Look out for clients with covenants that might change with these adjustments

    ]]>     2024-08-20 14:41:33 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081597035     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081597544 a 'red flag list' of things to look out for to identify when a client will be affected

    ]]>     2024-08-20 14:41:57 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081597544     Timeline regarding transition https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081597682 2024-08-20 14:42:07 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081597682 https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081597716 Template that we can send to the client, for them to fill in, which does the restatement workings

    ]]>     2024-08-20 14:42:08 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081597716     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081597866 get out on site and discuss with clients

    ]]>     2024-08-20 14:42:16 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081597866     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081598294 Flag when a client is going into a lease in 2025 - so they're aware of this going forwards

    ]]>     2024-08-20 14:42:35 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081598294     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081598550 Training on disclosures

    ]]>     2024-08-20 14:42:50 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081598550     Pushback https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081598768 How to deal with pushback from clients with regards to adopting the new guidance

    ]]>     2024-08-20 14:43:02 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081598768     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081599353

  • dummy run with some clients? if we were to do it for december 2024 what would it look like

    • ]]>     2024-08-20 14:43:32 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081599353     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081600817 Agree a fee structure for involvement in transition - do we do a standard fee per lease?

    ]]>     2024-08-20 14:44:43 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081600817     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081601052

  • lunch and learn to approach?

    • ]]>     2024-08-20 14:44:55 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081601052     https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081602432 Transition champion group - could they deliver training to clients, or get involved with clients where current team doesn't feel comfortable with changes yet?

    ]]>     2024-08-20 14:45:54 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081602432     Do we currently understand our clients revenue recognition policy and what performance obligations they have with their clients? https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081612911 2024-08-20 14:52:21 UTC https://padlet.com/meganebrown1/v5m32puhjfm6r2hl/wish/3081612911