RSSArchive for October, 2012

Oct

29

Academies 2011/12 reporting part 3: the notes

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Academies 2011/12 reporting part 3: the notes

The first two articles in this series considered the reports required to be prepared by the governors’ and the detailed financial statements that accompany these reports (excluding the auditor’s report which is beyond the scope of these articles).  This final article considers the detailed disclosure requirements that academies are required to make in their annual […]

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Oct

25

Academies 2011/12 reporting part 2: the financial statements

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Academies 2011/12 reporting part 2: the financial statements

Academies 2011/12 Year-End: What you need to know about the financial statements The first article considered the relevant reporting requirements contained in the Academies: Accounts Direction 2011/12 issued in August 2012 (AAD).  This second article considers the financial statements that are prepared by the governors’ and covers the following: Statement of financial activities Income and […]

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Oct

23

Academies 2011/12 reporting part 1: the report

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Academies 2011/12 reporting part 1: the report

This is the first of three articles which explain the requirements of the Academies: Accounts Direction 2011/12 (AAD) and focuses on the reporting aspects of academies.  The second article will consider the financial statements themselves and the final article will look at the detailed notes that are required in academies’ financial statements. Introduction 1 August […]

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Oct

22

Frequently Asked Questions on IFRS

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Frequently Asked Questions on IFRS

Purchase this book on Amazon A concise FAQ guide to IFRS principles and practices written by Steven Collings, winner of Accounting Technician of the Year at the British Accountancy Awards 2011, this book is a comprehensive guide to International Financial Reporting Standards (IFRS) which became mandatory in the EU in 2005, and they will almost […]

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Oct

22

Financial reporting problems highlighted – part 2

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Financial reporting problems highlighted – part 2

In the second article of a series of three, Steve Collings considers the findings of the Financial Reporting Review Panel’s (FRRP) Annual Report issued in September 2012 which can serve to highlight issues that accountants dealing with clients in the SME sector which may help during the course of any regulatory review. While the FRRP’s […]

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Oct

14

Financial reporting problems highlighted

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Financial reporting problems highlighted

In September 2012, the Financial Reporting Review Panel (FRRP) issued their annual report outlining their conclusions on the accounts they have inspected.  The scope of the FRRP is to ensure that the reports and accounts published by public and large private companies comply with the requirements of Companies Act 2006, which also includes applicable accounting […]

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Oct

10

The new UK GAAP: October update

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The new UK GAAP: October update

On 3 October 2012, the UK’s Financial Reporting Council (FRC) issued an Exposure Draft containing some limited amendments to the proposed draft FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland together with their anticipated timings for the implementation of the new standards. Timing In their Press Release, the FRC […]

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Oct

8

Problematic financial reporting issues

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Problematic financial reporting issues

In a lot of cases, particularly with clients who operate in the ‘SME’ sector, the preparation of financial statements is often straight forward.  However, situations may arise when complex financial reporting problems become apparent and some practitioners may have difficulty in deciphering the correct accounting treatment. In this article, I will look at three of […]

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