RSSArchive for July, 2012

Jul

19

Financial analysis: the key points

Financial analysis: the key points

A company’s financial position and performance can be of significant interest to various stakeholders. For example, banks and other financial institutions, employees, tax authorities and potential investors.  Some stakeholders are looking at specifics, whereas other stakeholders may just want an overview of the financial position (using the balance sheet) or financial performance (using the profit […]

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Jul

16

Acting for academies: practitioner update

Acting for academies: practitioner update

The introduction of the Academies Act 2010 has seen a significant increase in the number of schools opting out of local authority control and converting to academy status.  Many firms are now involved with the audit and accounts preparation of such academies and for those that do act for academies, there have been some updates […]

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Jul

16

Accounting for investment property under new UK GAAP

Accounting for investment property under new UK GAAP

Many (if not all) accountants are aware that UK GAAP in its current form is set for significant change and it is likely that the Financial Reporting Council (FRC) will announce this year that the new ‘Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102) will be implemented for accounting periods […]

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Jul

12

Getting related party disclosures right first time

Getting related party disclosures right first time

My recent article about 10 things you may not know about the FRSSE prompted a wave of questions relating to various disclosure requirements.  In this article I will cover some of the typical issues concerning related party disclosures and incorporate some of the more commonly asked questions. Related parties and related party transactions Most of […]

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Jul

9

Audit planning: points to note

Audit planning: points to note

This is the second of two articles (the first one relating to audit completion) that considers the area of audit planning.  Audit planning is probably one of the most crucial aspects of an audit because without undertaking a sufficient programme of planning, the auditor runs the risk of going in blind which in turn increases […]

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Jul

6

Steve’s guide to complex financial instruments

Steve’s guide to complex financial instruments

Financial instruments can be one of the most complicated areas in the world of accounting, simply because of their nature and accounting treatment.  Understanding what a financial instrument is can sometimes be hard work, but essentially when a company raises finance, a third party is providing it, hence a financial instrument.  As well as cash, […]

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Jul

5

Assessing going concern: what ‘small’ clients need to know

Assessing going concern: what ‘small’ clients need to know

One of the most fundamental concepts in the preparation and presentation of accounts is the concept of going concern.  While this concept is a ‘fundamental’ concept, it is one that often causes the most amount of confusion amongst practitioners – particularly in respect of the disclosure requirements. Over the last couple of years we have […]

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Jul

4

Common disclosure errors

Common disclosure errors

Over the years financial statements have become increasingly longer due to the more extensive disclosure notes that are needed to comply with both the Companies Act 2006 and many complicated accounting standards. It is understandable why many firms (including sole practitioners) may get a disclosure note incorrect, or even miss it completely and this article […]

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Jul

2

Ethical standards for auditors: PASE explained

Ethical standards for auditors: PASE explained

The way audits are conducted by firms of professional auditors has become more regulated over the years, with the overarching objective of this regulation being to ensure that audits are conducted, not only to the highest standards befitting a professional firm, but also in accordance with strict ethical guidelines. The Ethical Standards (ESs) issued by […]

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