Author Archive: Steve Collings

Steve Collings is the audit and technical director at Leavitt Walmsley Associates Ltd and the author of 'Interpretation and Application of International Standards on Auditing'. He is also the author of 'IFRS For Dummies' and 'The AccountingWEB Guide to IFRS'. More about Steve's publications can be found by clicking on the 'Published Work' tab on the homepage. Steve is also a regular contributor of articles to www.accountingweb.co.uk, the UK's largest resource for professional accountants on a free subscription basis and is a member of the Society of Authors.

Steve is an Editorial Board member for Wiley Insight IFRS and sits on the AAT's Financial Reporting Technical Panel.

In 2011 Steve was named 'Accounting Technician of the Year' at the British Accountancy Awards and won 'Outstanding Contribution to the Accountancy Profession' by the Association of International Accountants in 2013. Follow Steve on Twitter - @stecollings

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Jan

10

LLP SORP 2018

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LLP SORP 2018

On 14 December 2018, the Consultative Committee of Accountancy Bodies (CCAB) issued a revised Statement of Recommended Practice – Accounting by Limited Liability Partnerships (LLPs SORP).  The SORP has been amended to reflect changes to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland due to the FRC’s triennial review. […]

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Dec

11

Directors’ loans under FRS 102

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Directors’ loans under FRS 102

The treatment of directors’ loans under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland still causes an element of confusion for some practitioners and was an area which was amended as part of the Financial Reporting Council’s (FRC) triennial review of UK GAAP.  This article addresses some of the […]

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Nov

12

FRS 102 Investment Property

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FRS 102 Investment Property

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with investment property in Section 16 Investment Property.  There appears to be quite a lot of confusion surrounding the accounting for investment property under FRS 102 and hence this article will examine the accounting treatment for such properties and also […]

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Oct

22

Changes to the LLP SORP

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Changes to the LLP SORP

On 1 August 2018, the Consultative Committee of Accountancy Bodies (CCAB) issued a consultation Draft Statement of Recommended Practice – Accounting by Limited Liability Partnerships (LLPs SORP).  Comments on the draft LLP SORP are open until 17 October 2018 and can be emailed to admin@ccab.org.uk.  The revisions to the LLP SORP have arisen primarily from […]

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Aug

10

Auditing Deficiencies Uncovered

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Auditing Deficiencies Uncovered

The ICAEW have issued their 2018 audit monitoring report which examines the findings of their audit inspections during 2017.  ICAEW conducted 619 monitoring visits, 611 as a UK Recognised Supervisory Body and eight under the Crown Dependencies’ recognised auditor oversight regime. ICAEW comment in their report that while audit quality remains relatively consistent overall, there […]

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Jul

11

Academies Accounts Direction 2017/18

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Academies Accounts Direction 2017/18

The Education and Skills Funding Agency (ESFA) have issued the Academies Accounts Direction for accounting periods ending 31 August 2018.  This Accounts Direction requires academy trusts to: Prepare an annual report and financial statements to 31 August 2018. Have those financial statements audited by an independent statutory auditor. Arrange to have an independent review of […]

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Jun

11

Charity Commission Guidance for Independent Examiners

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Charity Commission Guidance for Independent Examiners

The Charity Commission for England and Wales has issued guidance in the form of Independent examination of charity accounts: Directions and guidance for examiners (CC32) which applies mandatorily for independent examiner’s reports signed by the examiner and dated on or after 1 December 2017.  This article will cover some of the key aspects of CC32 […]

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May

7

FRS 102 for small companies: Related party transactions

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FRS 102 for small companies: Related party transactions

An issue which seems to cause an element of confusion surrounds the disclosure of related party transactions for a small company.  This article discusses some of the points which practitioners should consider as the requirements in Section 1A Small Entities of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland […]

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Apr

4

FRS 102 Directors’ loans and gift aid

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FRS 102 Directors’ loans and gift aid

The Financial Reporting Council (FRC) completed the first triennial review of UK GAAP in December 2017.  The majority of the amendments to FRS 102 are effective for accounting periods starting on or after 1 January 2019 with early adoption permissible.  With the exception of directors’ loans to a small company and the gift aid payment, […]

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Mar

14

FRS 102 or FRS 105?

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FRS 102 or FRS 105?

Under UK GAAP, most micro-entities have the option of reporting under FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime or FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.  Queries from practitioners usually involve questioning which standard is more suitable to their micro-entity clients.  This article aims […]

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