Category: Accounting and standards
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. FRED 82 proposes changes to UK and Ireland accounting standards, the most notable of which relate to on-balance sheet lease […]
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. This 346-page document contains some significant proposals for change following the Requests for Views phase which ended on 31 October […]
Accounting and disclosure issues relating to taxation are dealt with in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in Section 29 Income Tax. The majority of FRS 102, Section 29 is devoted to deferred tax. Deferred tax has been a contentious issue for many years and there are […]
The issue of intra-group loans often raises its head when looking at the accounting treatment for financing transactions under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. One of the most common questions asked is whether such loans are to be treated as current or non-current in the borrowing […]
Related party disclosures have long-since been a contentious issue and over the years accounting standards have invariably been expanded to ‘catch all’ related party transactions. FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Section 1A Small Entities only requires limited related party disclosures to be made in the financial […]
This article was written for Accounting Technician magazine. FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with the issue of financial instruments and classifying them as liabilities or equity in Section 22 Liabilities and Equity. This section also deals with the issue of ‘compound financial instruments’ (see below) […]
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with the cash flow statement (or ‘statement of cash flows’ as it is referred to in FRS 102) in Section 7 Statement of Cash Flows. The cash flow statement has been the subject of a thematic review by the Financial […]
A common question asked by practitioners is how to treat transaction costs that arise when a client takes out a bank loan. FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with financial instruments in Section 11 Basic Financial Instruments. It is fair to say that Section 11 is […]
This article featured in International Accountant magazine in the spring of 2022 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with investment property in Section 16 Investment Property and property, plant and equipment in Section 17 Property, Plant and Equipment. Micro-entities choosing to prepare their financial statements under […]
The Financial Reporting Council (FRC) are currently underway with the next periodic review of UK and Ireland accounting standards. The ‘Request for Views’ phase which started in March 2021 ended on 31 October 2021 and over 450 stakeholder comments have been recorded during this phase. Initial feedback suggests that the standards are working well, but […]
Enter your email address below to receive updates each time we publish new content.
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 […]