Category: Accounting and standards
On 27 March 2024, the Financial Reporting Council (FRC) issued the final amendments to UK and Ireland GAAP. The amendments primarily affect FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, but there are consequential amendments to other standards arising from this periodic review such as FRS 105 The Financial […]
On 18 March 2024, the government announced its first set of planned regulatory changes which are designed to ease the burdens placed on business in respect of non-financial reporting. Legislation is planned to be laid this summer to increase the size thresholds that determine the size of a company by 50% to cut complexity and […]
Sometimes, things happen in business whether they are expected or unexpected and it may lead to a claim on the company’s insurance. Other businesses may have insurance cover for losses triggered by a specific event, such as business interruption or third-party claims. The key question for preparers and auditors is whether it is appropriate to […]
On 29 September 2023, the Financial Reporting Council (FRC) published a project update on its periodic review of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs in the suite of UK and Ireland GAAP. FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable […]
Dilapidation provisions have proven to be somewhat a challenging area; due, in large part, to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland not specifically dealing with the issue in Section 20 Provisions and Contingencies despite them being in scope of that section. Background to provisions A provision is […]
On 4 August 2023, the CCAB issued Draft Statement of Recommended Practice – Accounting by Limited Liability Partnerships. The amended LLP SORP is intended to become effective for accounting periods commencing on or after 1 January 2024 with early adoption permissible. The draft SORP has been updated following the 2021 LLP SORP consultation. The majority […]
Deferred tax issues are dealt with in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in Section 29 Income Tax. Micro-entities preparing their financial statements under FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime are prohibited from recognising deferred tax in their financial statements. It is […]
During a recent conference, there were lots of questions asked about why we take certain gains and losses to profit and loss and why certain gains and losses are taken via reserves (e.g. a revaluation reserve) and reported as other comprehensive income (OCI). Some delegates in the conference questioned the usefulness of all these different […]
On 15 December 2022, the Financial Reporting Council (FRC) issued FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review. Comments on FRED 82 are open until 30 April 2023 and all interested parties are encouraged to send in constructive […]
The Economic Crime and Corporate Transparency Bill is making steady progress through Parliament. This Bill contains proposals to reform Companies House and equivalent Registrars for Scotland and Northern Ireland. Part of the Companies House reforms involve changing the filing requirements for small companies (including micro-entities). The idea behind these changes is to improve transparency by […]
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New book published: Group Accounts under UK GAAP
My latest book, Group Accounts under UK GAAP was published on 8 June 2022 by Bloomsbury Professional. I wrote this book to help aid practitioners and preparers of consolidated financial statements under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in preparing technically compliant group accounts. The requirement for […]
Accounts and Audit of Limited Liability Partnerships
Purchase this book. Accounts and Audit of Limited Liability Partnerships, Fourth Edition offers comprehensive guidance on how to apply UK GAAP to limited liability partnerships, clearly explaining the new requirements resulting from the implementation of FRS 102. The principles and practice of accounting for members’ interests, retirement benefits and groups are also addressed in detail. […]
Steve publishes his seventh book!
Leavitt Walmsley Associates’ Technical Director and acclaimed author, Steve Collings, published his seventh title on 11 February 2014. Co-authored, and published by Bloomsbury Professional, the book entitled Financial Reporting for Unlisted Companies in the UK and Republic of Ireland deals with the biggest overhaul of accounting rules in the last 40 years. Recently awarded the accolade […]