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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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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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