Category: Audit
One of the most frequent criticisms when it comes to regulators and reviewers reviewing audit work is evidence of a lack of professional scepticism. Professional scepticism is something that cannot be taught, and ISA (UK) 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing […]
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 […]
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. 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 […]
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 […]
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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 […]