Category: Accounting and standards
In these unprecedented times, the impact of Covid-19 (Coronavirus) is probably not at the forefront of most accountants’ minds in terms of how it affects financial reporting. However, there are some issues which need to be considered where this virus is concerned and this article aims to summarise some of the main issues practitioners are […]
Goodwill is probably one of the most subjective issues in financial reporting and generates a lot of debate and questions in accountancy update courses when the issue is being discussed. Problems inherent with goodwill go back as far as 1901 when the issue surrounding goodwill was tested in the case of Commissioners of Inland Revenue […]
In March 2018, the Financial Reporting Council (FRC) issued revised editions of UK GAAP which reflects the changes made as part of the triennial review. The triennial review amendments come into mandatory effect for accounting periods commencing on or after 1 January 2019, hence December 2019 year ends will be the first affected by the […]
This is the second of two articles which examines the accounting implications of directors’ loans to and from a business under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The first one in the series looked at the company law aspects and the relevant disclosure requirements. Loans to or […]
This is the first of a two-part article which considers the company law and accounting aspects of directors’ current accounts. This first article considers the company law requirements and the second article will consider the impact of FRS 102 on directors’ current accounts and the accounting issues. Many companies have directors’ current accounts in operation […]
Many practitioners ask whether an error that has been noted in the financial statements of a client for the previous year can be corrected in the current year or if it has to be corrected retrospectively as a prior year adjustment. Error correction is dealt with in FRS 102 The Financial Reporting Standard applicable in […]
Going concern has certainly moved up the ranks in the accounting profession in recent years, particularly in light of some well-publicised corporate collapses. The concept of going concern applies to the financial statements and is not just an ‘audit-specific’ issue and therefore directors have certain responsibilities in respect of going concern; particularly where the financial […]
It is fair to say that related parties have long-since been a contentious issue and, unfortunately, it seems that this is also the case under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland as well. At the outset it is worth noting that if a small entity has an […]
There are two sections in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland which deal with properties – Section 16 Investment Property and Section 17 Property, Plant and Equipment. This article addresses some of the queries that have been raised by accountants in respect of fair values and revaluation […]
Whilst the issues relating to Brexit rages on through Parliament, there have been a couple of developments issued by regulatory bodies as to how accounting and auditing will (or may) be affected by Brexit. This article summarises those developments. The Financial Reporting Council and the Department for Business, Energy and Industrial Strategy have published letters […]
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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 […]