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Aug

12

FRS 102 and related parties for small companies

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FRS 102 and related parties for small companies

One of the notable impacts of the EU Accounting Directive (‘the Directive’), which is reflected in the Companies Act 2006, is to reduce the levels of disclosures which a small company is required to make in its financial statements.  FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland is mandatory […]

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Jul

18

FRS 101: Proposals for change

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FRS 101: Proposals for change

FRS 101 Reduced Disclosure Framework enables a qualifying entity to take advantage of reduced disclosures in its own individual financial statements.  The term ‘qualifying entity’ is defined in the Glossary to FRS 101 as: ‘A member of a group where the parent of that group prepares publicly available consolidated financial statements which are intended to […]

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Jun

21

SRA Accounts Rules: More changes planned

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SRA Accounts Rules: More changes planned

In June 2016, the Solicitors Regulation Authority (SRA) issued a consultation Looking to the Future: SRA Accounts Rules Overview.  This consultation represents the third (and final) phase of the SRA’s review of the Accounts Rules. Phase one made minor changes to the format of the annual accountant’s report and introduced exemptions for certain firms from […]

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May

18

New UK GAAP for small and micro-entities: Issues to consider

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New UK GAAP for small and micro-entities: Issues to consider

Introduction Many practitioners are now preparing to move their small company and micro-entity clients over to the new UK GAAP in the form of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland or FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.  As the new reporting regimes […]

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Apr

23

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The introduction of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland has resulted in some questions being asked by accountants concerning some of the accounting treatments within the new regime.  One of the most frequently asked questions relates to items of fixed assets that were previously carried under the […]

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Mar

7

New small companies’ regime – points to note

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New small companies’ regime – points to note

Over the last few months many practitioners have been getting to grips with the new small companies’ reporting regime.  The Companies Act 2006 was revised following the transposition of the EU Accounting Directive and the new regime becomes mandatory for accounting periods starting on or after 1 January 2016, although earlier adoption is permissible for […]

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Feb

10

IFRS 16 Leases

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IFRS 16 Leases

In January 2016, the International Accounting Standards Board (IASB) issued their long-awaited new leasing standard.  The issuance of this standard marked the end of approximately 10 years of work by the IASB and the US standard-setters (the Financial Accounting Standards Board) to develop an accounting standard that stopped off-balance sheet finance from taking place.  At […]

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Feb

9

Audit thresholds set for change

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Audit thresholds set for change

As most accountants will be aware, the small companies’ regime has been subject to rather a lot of change over the last few months due, in large part, to the transposition of the EU Accounting Directive into company law. The main change that has been brought about by the EU Accounting Directive is an increase […]

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Jan

12

FRS 102/105 Are you ready?

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FRS 102/105 Are you ready?

A new year – a new UK GAAP comes onto the scene.  FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland is now with us and many practitioners across the country will be gearing up to handle the challenges that this new financial reporting framework brings with it.  The last […]

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Nov

23

LLP Regulations set for change

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LLP Regulations set for change

On 20 November 2015, the Department for Business Innovation and Skills (BIS) issued a consultation document De-regulatory changes for Limited Liability Partnerships (LLPs) and Qualifying Partnerships. This consultation document seeks feedback on proposals to make de-regulatory changes to LLPs and other qualifying partnerships in an attempt, by Government, to reduce the administrative burdens on businesses.  […]

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