ICAS has the perfect course to keep CAs up to speed with the ever-changing tax and reporting landscape, hears Fiona Nicolson

Change is a constant feature of a CA’s working life. It’s vital, therefore, that their technical knowledge remains on point to ensure they maintain their high standards. 

The Technical Update for Accountants in Business course, run by ICAS in partnership with BPP, helps CAs and other finance professionals stay at the top of their game. Run annually, it covers what’s new in financial reporting and taxation, alongside other topical issues. Its objective is to ensure attendees are fully up to speed with all the important changes that have taken place over the previous 12 months and are prepared for any effect on their organisation and clients. 

This year’s course, which takes place online over two consecutive mornings, 4–5 July, is run by John Moffat CA, a director at JRM Training and Professional Services, and Michael Steed, Head of Tax at BPP. 

Financial reporting

Moffat, who covers the financial reporting elements of the course, says: “We’ve just come through a quieter period, but changes have arisen recently.”

His sessions will include an in-depth overview of changes to financial reporting standards FRS 102 and FRS 105, issued in March this year, as well as an insight into the new international standard, IFRS 18, which followed in April. “The FRS 102 amendment is of particular significance, as it brings UK GAAP [generally accepted accounting principles] into closer alignment with international standards, which aids comparability,” explains Moffat.

Some of the main topics include fair-value measurement, impairment, judgements and estimates, and provisions and issues arising from current economic circumstances. Attendees can expect a discussion on the importance of preparing annual reports and accounts to the highest standards: “Regulators are continuing to focus heavily on quality,” he says.

Moffat will highlight the reputational risk that can result from firms taking shortcuts, which could affect employees’ careers as well. “If someone is working for a company that doesn’t do things properly, it can reflect on them too,” he emphasises.

In addition, delegates will find out what they need to know about the Economic Crime and Corporate Transparency Act (ECCTA), as well as the revised corporate-governance code. 

On ECCTA, which became law last October, Moffat comments: “At the moment, for smaller companies, you can lodge accounts at Companies House that exclude the P&L – but that’s not proposed to be allowed in the future.”

“Fraud was historically something as basic as misappropriation, whereas now it can also take the form of overriding controls or changing the way things are reported in financial statements”

John Moffat CA

It’s early days for ECCTA, as the first raft of changes were only introduced in March. “Everyone’s finding their feet with it,” he says. “But by the time this course runs, we’ll have much more information to share.” 

Fraud is another key subject that Moffat plans to explore within the course. “Fraud was historically something as basic as misappropriation, whereas now it can also take the form of overriding controls or changing the way things are reported in financial statements,” he says. “We’ll be looking at awareness of fraud for both financial reporting and auditing, how companies are addressing the risks and how auditors are tackling them.”

This may be an online course, but attendees should feel free to share their views and express their opinions. “We encourage interactive discussion,” confirms Moffat. “If you’re not up to date with technical standards, it will affect the quality of your work and the reporting carried out by the organisation.”

Taxation topics 

Steed specialises in taxation and his sessions will divide into corporate and personal tax. In the former, he will review the 2023 corporation tax landscape; capital allowances in 2024; tax reliefs for R&D expenditure; and contractor taxes.

Key personal tax issues under the microscope will include changes to the high-income child benefit charge; amendments to the furnished holiday lettings regime; the non-domiciled tax system; NICs changes; an update on employee expenses and benefits; the case for electric vehicles; and working from home and hybrid working.

Reflecting on recent developments, Steed says: “A year ago we had some major changes to the corporation tax landscape. It’s only now that we’re coming to the end of the first accounting periods that are affected by that change, so CAs will be looking for confirmation that they’re making the right calls.”

On the personal tax side, details about the scrapping of the non-domiciled tax regime in April 2025 could be particularly useful for delegates who advise high-net-worth individuals. “It’s going to be replaced by a foreign income and gains system,” says Steed. “From then, you’ve got four years to bring your overseas income and gains into the UK without being taxed on them.”

In conclusion, he says: “Tax is a fast-moving beast that can pounce on you when you least expect it. So, it’s incumbent on all finance professionals to stay up to date. The more you know, the better prepared you are for whatever might arise.” 

Learn more and book your place for Technical Update for Accountants in Business