Category: Audit
The Financial Reporting Council (FRC) issued its amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in March 2024. The amendments become mandatory for accounting periods commencing on or after 1 January 2026. The two headline changes, of course, relate to lease accounting and revenue recognition. This article […]
The periodic review amendments finalised by the Financial Reporting Council (FRC) in March 2024 have begun to take effect. Of course, the two ‘headline’ changes relate to the new lease accounting requirements for lessees under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (which do not apply under FRS […]
In March 2024, the Financial Reporting Council (FRC) finalised its periodic review of UK and Ireland accounting standards. The amendments arising from this review apply to accounting periods commencing on or after 1 January 2026. Early adoption is permissible provided all the periodic review amendments are applied at the same time. Consequently, the SORP-making bodies […]
In July 2025, the Financial Reporting Council (FRC) issued an Exposure Draft of a Practice Note Guidance for audits of smaller and/or less complex entities. This draft Practice Note (PN) has been developed following the launch of a year-long campaign in January 2025 by the FRC to help SMEs access audit services and reduce reporting […]
On 4 June 2025, the Financial Reporting Council (FRC) held a webinar International Standard on Auditing for Less Complex Entities. This webinar was part of the FRC’s current campaign on providing support to UK SMEs to access audit services. In recent years, audit firms involved in the audit of SMEs have complained about the proportionately […]
Over the last few years, auditing has become increasingly difficult. A lot of this difficulty and extra work has been as a result of the Financial Reporting Council’s (FRC) attempts to restore confidence in the auditing profession following recent high-profile corporate scandals. As auditing standards become more rigorous in nature, the costs of doing an […]
On 9 December 2024, the UK government published The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 (SI 2024/1303) which come into force for financial years beginning on or after 6 April 2025. The previous Conservative government proposed increasing the company size thresholds in March 2024. There was, of course, a general election […]
In March 2024, the Conservative government announced plans to implement various regulatory changes that are designed to ease the burdens placed on businesses in respect of non-financial reporting. One of those changes, which was of particular interest to accountants, was an increase in the thresholds that determine the size of a company. The current company […]
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 […]
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 […]
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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 […]