RSSCategory: Accounting and standards

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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Mar

14

FRS 102: Property, Plant and Equipment

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FRS 102: Property, Plant and Equipment

Property, plant and equipment are dealt with in Section 17 Property, Plant and Equipment in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.  Section 17 allows a reporting entity to measure property, plant and equipment (PPE) under the cost model or the revaluation model as was the case under […]

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Dec

14

FRC amends FRS 102

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FRC amends FRS 102

On 14 December 2017, the Financial Reporting Council (FRC) issued the final amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland which have arisen as part of the FRC’s first triennial review.  The amendments are incremental improvements and clarifications and should not be viewed as wholesale changes. The […]

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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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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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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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