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Oct

28

New UK GAAP: The story so far

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New UK GAAP: The story so far

The transitions to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime is currently being undertaken by practitioners acting for small and micro-entities who chose not to early-adopt the new reporting regime. Feedback so far on the implementation […]

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Sep

6

SRA Accounts Rules: More change on the way

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SRA Accounts Rules: More change on the way

On 13 June 2017, the Solicitors Regulation Authority (SRA) announced further changes which will be made to the SRA’s Handbook. The changes follow extensive consultation by the SRA and the first phase has now been announced.  This will include creating shorter, clearer principles and codes as well as much simpler accounts rules.   What is […]

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Jun

28

Group Accounts Under FRS 102

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Group Accounts Under FRS 102

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with the issue of consolidated financial statements (group accounts) in Section 9 Consolidated and Separate Financial Statements and Section 19 Business Combinations and Goodwill.  This article will not go into the detail of preparing consolidated financial statements because the principles […]

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Jun

28

Revised auditing standards in the UK

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Revised auditing standards in the UK

The Financial Reporting Council (FRC) has issued revised International Standards on Auditing (UK) (ISAs (UK)) which apply for periods commencing on or after 17 June 2016.  Changes to ISAs (UK) are not the only changes that auditors need to be aware of as the FRC have also issued a revised Ethical Standard which replaces the […]

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May

8

FRC makes urgent amendment to FRS 102

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FRC makes urgent amendment to FRS 102

On 8 May 2017, the Financial Reporting Council (FRC) issued an amendment to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Amendment to FRS 102 (May 2017): Directors’ loans – optional interim relief for small entities.  This amendment is only available to small companies and relates to loans from […]

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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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