RSSArchive for June, 2012

Jun

27

Revenue Recognition: changes on the horizon

Revenue Recognition: changes on the horizon

Revenue recognition has been in the headlines quite a lot over the last five years or so, not only in IFRS, but also in UK GAAP.  In November 2011, the IASB issued an exposure draft containing proposals to change the way an entity recognises revenue and applies to entities with contracts with customers except leases, […]

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Jun

26

Accounting for events after the reporting period

Accounting for events after the reporting period

One of the most common questions I receive from practitioners relates to ‘post balance sheet events’ or ‘events after the reporting period’. For firms of practitioners using UK GAAP these are dealt with in FRS 21 Events After the Balance Sheet Date with the international equivalent being IAS 10 Events After the Reporting Period. Users […]

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Jun

25

Finishing the audit: points not to forget

Finishing the audit: points not to forget

This is the first of two articles and relates to the completion of the external audit because this is an area that is prone to oversight, sometimes due to fee pressure or misunderstanding of the clarified International Standards on Auditing (UK and Ireland) ISAs.  This article aims to flag up a few of the common […]

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Jun

20

10 things you may not know about the FRSSE (effective April 2008)

10 things you may not know about the FRSSE (effective April 2008)

The Financial Reporting Standard for Smaller Entities (FRSSE) (effective April 2008) has been with us since 1997. It’s become a much-loved standard for the profession because it offers a lot less onerous disclosure requirements than full UK GAAP and simplifies a lot of areas. The reduced reporting requirements inherent in the FRSSE often mean that […]

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Jun

19

Solicitors Accounts Rules and Reporting Accountants: the importance of risk management

Solicitors Accounts Rules and Reporting Accountants: the importance of risk management

Solicitors, and indeed reporting accountants, who act for law firms for the purposes of preparing the Solicitors Accountants Report and Reporting Accountants Checklist are aware that there is a new compliance regime that has been introduced from 6 October 2011.  Significant changes were made to the Solicitors Accounts Rules from this date to reflect the ‘outcomes-focused’ […]

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Jun

15

Leasing: changes on the horizon

Leasing: changes on the horizon

Back in 2010, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) issued an exposure draft ‘2010 Leases’ which caused an element of outcry among those that report under IFRS.  Indeed, the proposals contained in the exposure draft were of such a radical nature that if they were implemented, other […]

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Jun

11

Clarified ISAs: emerging issues

Clarified ISAs: emerging issues

The ‘clarified’ International Standards on Auditing (ISAs) have been with us for nearly two years.  However, issues are emerging which frequently trip audit firms up – sometimes due to audit software omitting a requirement of the ISAs or incorrectly interpreting part of an ISA.  This article aims to flag up the more common issues which […]

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Jun

11

What HMRC know about financial statements

What HMRC know about financial statements

During the course of a tax investigation inspectors may query the accounting treatment of certain points in the financial statements. In certain cases, the inspector will refer the matter(s) to the revenue accountants who will then interpret the relevant accounting standards. Where HMRC accountants disagree with an accounting treatment, they will then provide details of […]

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Jun

6

Preparing to pass AAT Paper FNST

Preparing to pass AAT Paper FNST

The Financial Statements (FNST) paper at Level 4 of the Association of Accounting Technicians (AAT) qualification has come in for a certain element of criticism from students who appear to be struggling with the unit.  The AAT refer to ‘Learners’ of this unit, but I will refer to them as ‘candidates’ for the purposes of […]

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Jun

5

Solicitors Accounts Rules: What accountants need to know

Solicitors Accounts Rules: What accountants need to know

Many accountants will act as reporting accountant for solicitor clients who operate client accounts.  In this role they will prepare the accountants report and checklist that is submitted to the Solicitors Regulation Authority (SRA) no later than six months after the client’s year-end. In October 2011, the Solicitors Accounts Rules (SARs) were changed considerably to […]

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