07 August 2015 
Rachel Ward, Learning and Development Manager
Many of you will be aware that BUFDG commissioned the production of training material to support institutions implementing FRS102 and the new SORP. We are pleased to advise the final version of these comprehensive resources are now available to all members.
Many thanks to all who contributed to their development with useful comments and suggestions. For those who received a copy of the early draft format, details of the specific changes made can be found here.
The Story so far and non-financial considerations
Revenue, Government Grants and Non Exchange Transactions
Local Government Pension Scheme
Fixed Asset First Time Adoption Section
Short Term Employee Benefits (Holiday pay etc)
Arrangements Containing a Lease
Service Concession Arrangements
The information contains a number of adjustments that most or all Universities will have to make for the FRS102 conversion and contain practical interpretations and examples. In some cases there are ongoing changes and others that are specific for first time adoption.
The slides are supported by a typical conversion spreadsheet which moves from current UK GAAP to FRS102 and demonstrates how each of the adjustments impacts the balance sheet, statement of comprehensive income, statement of equity and cash flow.
Examples have been identified from knowledge of anticipated changes and frequent issues raised by those institutions who are quite advanced in their conversion process. It does not however replace the need for institutions to undertake their own detailed assessment to ensure that all required adjustments are captured.
Please note that this information is for guidance only and each institution should exercise their own professional judgement and be responsible for applying FRS102 and the new SORP. These materials have not been considered or approved by the SORP Board and are expected to be updated from time to time by BUFDG Financial Reporting Group.
We hope you find them helpful!
