Category: Audit
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 […]
In recent months there appears to have been an increase in firms’ clients receiving information from third parties claiming to be able to assist with claims to HMRC in respect of suspected breaches of GDPR. These third parties will assist clients in submitting claims to HMRC which can generate a refund of corporation tax in […]
On 31 January 2022, the Financial Reporting Council (FRC) issued new editions of the following standards: Foreword to Accounting Standards Overview of the financial reporting framework FRS 101 Reduced Disclosure Framework FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 103 Insurance Contracts Implementation Guidance to accompany FRS 103 […]
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with the issue of goodwill in Section 19 Business Combinations and Goodwill. Goodwill has always been a somewhat ‘thorny’ issue due mostly to its subjective nature. Debates on the topic have never really met with overall consensus; for example, under […]
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with deferred tax in Section 29 Income Tax. For micro-entities choosing to prepare financial statements under FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime, deferred tax is irrelevant. FRS 102 requires deferred tax to be recognised on […]
This is the second of a two-part article on provisions and contingencies. Part 1 dealt with provisions and their recognition and how a legal and constructive obligation may be created. This article will examine contingent liabilities and contingent assets. To recap, provisions and contingencies are dealt with in FRS 102 The Financial Reporting Standard applicable […]
Provisions and contingencies have moved up the ranks of importance recently. The requirements for provisions and contingencies are outlined in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in Section 21 Provisions and Contingencies. FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime contains the requirements in […]
This is the first in a series of technical articles which will examine some of the more complex areas of UK GAAP. Intangible assets other than goodwill are dealt with in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in Section 18 Intangible Assets other than Goodwill and in […]
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 […]
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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 […]