Category: Accounting and standards
Many shareholders receive dividends and practitioners both large and small will be involved in advising on dividend extraction as part of tax planning strategies or other issues. It is certainly not uncommon to see a dividend-salary structure for a director-shareholder, particularly in owner-managed businesses. In practice there are two types of dividend: An interim dividend […]
Questions concerning related parties and their disclosure are quite common when it comes to preparing the financial statements. Arguably, queries relating to related party disclosures in a small company which is applying the presentation and disclosure requirements of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Section 1A Small […]
At a recent virtual conference, there were a stream of questions coming through from delegates around the issue of property valuations. Some accountants were querying the accounting treatment for investment property, while others were saying they had received challenges through reviews of financial statements as to the accounting treatment they had applied (including deferred tax […]
The global pandemic has led to significant business disruption over the last year or so, and for some businesses the seemingly never-ending Covid-19 horror continues to reap havoc. While many businesses have begun to re-open there are still some restrictions in place. At the time of writing, the next stage in the English Government’s roadmap […]
On 23 March 2021, the Financial Reporting Council (FRC) issued confirmation that they intend to commence the next periodic review of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The last triennial review was completed in December 2017 with the amendments taking effect for accounting periods commencing on or […]
This article was written for the Association of Accounting Technicians (AAT) magazine ‘Accounting Technician’. A dividend is a type of return on investment to the shareholders of a business. In practice they are also one of the most common types of income for director-shareholders of private entities. Many directors who are shareholders receive a mix […]
This is the final article in the series which looks at the reforms of Companies House. The first article examined how Companies House proposes to clamp down on fraud and the second article looked at how the powers of the registrar may change to give the registrar more power to challenge information submitted to Companies […]
This is the second of three articles which examines the government’s proposals to reform Companies House to help combat economic crime and make the register more useful. One of the proposals includes reforming the powers of the Registrar of Companies (‘the registrar’). The consultation introduces the proposals by confirming they are looking at amending the […]
On 9 December 2020, the Government launched three consultations in respect of Companies House and the register of companies. These consultations aim to support reforms to clamp down on fraud and give businesses greater confidence in transactions. Under the proposals, directors will not be able to be appointed until their identity has been verified and […]
As the transition period for Britain’s exit from the EU ends at 11pm on 31 December 2020, what does this mean for financial reporting going into 2021? Brexit has somewhat been subordinated in the mainstream media because of Covid-19 but over recent weeks it has been given more prominence in the headlines. Will a deal […]
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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 […]