2. Accounting for Specialised Transactions (new code)
Liz MacFadyen February 2016

3. Updates to AST Revised Unit Specification
Existing 3 Outcome topics retained
Revisions within each Outcome
Revised and updated Exemplar (ASP)
For use in Session 2016 / 17 onwards

4. Basis of updates to AST FRS102 revisions Currency of content
Feedback from practitioners at Network Events and via Unit Comment Forms
Retaining current exemptions from professional accounting bodies

5. Overview of changes
Range/content of Evidence Requirements reduced in some Outcomes
However
Removal of sampling of ER ie candidates will be assessed on all ER at each assessment event

6. Outcome 1 – Shares and debentures
Issue of shares (but no forfeited shares)
Bonus share issue including explanation
Issue of debentures (but no redemption of debentures)

7. Outcome 1 assessment Updates to ledgers for:
Firstly the issue of ordinary share capital
Secondly the issue of bonus shares and debentures
Thereafter prepare the updated extract from the Statement of Financial Position and the Statement of Changes in Equity

8. Outcome 2 - Leases Refer to FRS102 Section 20
Minimal changes to this Outcome
However candidates are assessed for both lessee and lessor
Theory questions reduced accordingly

9. Outcome 3 – Long-term contracts
Refer to FRS102 Section 23
No longer use formulae relating to >80% and 30%-80%
Use ‘percentage of completion’ method (using a cost basis)
Candidates are assessed on a profitable contract and a loss making contract

10. Other matters
Revisions to AST will reflected in revised Graded Unit 3 Exemplars, as required
Discussion and Questions?