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Mar

24

FRS 102: Changes on the Cards

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FRS 102: Changes on the Cards

On 23 March 2017, the Financial Reporting Council (FRC) issued FRED 67 Draft Amendments to FRS 102 – Triennial Review 2017. FRED 67 proposes several amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and also some amendments to FRS 105 The Financial Reporting Standard applicable to the […]

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Feb

20

FRS 102 and tax

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FRS 102 and tax

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland is now tightening its grip on small companies that are mandatorily required to prepare their financial statements under the standard for accounting periods starting on or after 1 January 2016 (i.e. December 2016 year-ends will be the first ones prepared under […]

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Feb

4

The New LLP SORP

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The New LLP SORP

On 26 January 2017, the Consultative Committee of Accountancy Bodies (CCAB) issued a revised Statement of Recommended Practice – Accounting by Limited Liability Partnerships (LLPs SORP).  The revised LLP SORP reflects amendments to legislation by virtue of SI 2016/575 The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016.  The revised LLP SORP […]

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Dec

14

2016 Roundup of accounting and audit changes

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2016 Roundup of accounting and audit changes

As we approach the end of 2016, this article considers some of the key changes surrounding accounting and financial reporting that practitioners will face in 2017 (some for the first time).  This article also recaps on some of the other issues that have been examined in previous articles, but which seem to continue to crop […]

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Nov

3

FRS 102: Pitfalls to avoid

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FRS 102: Pitfalls to avoid

As 2016 draws to a close, many companies will either be preparing to complete their second set of accounts under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; for example those companies that first adopted the standard for their 31 December 2015 year-ends; or be preparing to adopt the […]

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Sep

28

FRS 102: Changes proposed

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FRS 102: Changes proposed

The Financial Reporting Council (FRC) have issued a Consultation Document Triennial review of UK and Ireland accounting standards – Approach to changes in IFRS and this consultation forms part of the FRC’s triennial review of FRS 102 which is now underway.  The FRC are keen to hear from accountants to help formulate possible improvements to […]

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Aug

31

Changes to the LLP SORP

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Changes to the LLP SORP

In August 2016, the Consultative Committee of Accountancy Bodies (CCAB) issued Draft Statement of Recommended Practice – Accounting by Limited Liability Partnerships which is open for comment until 1 November 2016.  The proposals make amendments to the latest edition of the SORP which was last issued on 15 July 2014. SI 2016/575 The Limited Liability […]

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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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