Category: Audit
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 […]
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 […]
On 17 November 2020 the Financial Reporting Council (FRC) issued a Press Release stating that the preparation of cash flow statements needs to significantly improve. This release followed the FRC’s review of corporate reporting for 2019/20. While the review focuses on those entities which report under IFRS, the content of the FRC’s corporate reporting review […]
On 19 October 2020, the Financial Reporting Council (FRC) issued three sets of amendments to UK and Irish GAAP. Two of the amendments are unlikely to have a major impact on reporting entities in the UK in the immediate future; whereas the changes to FRS 102 The Financial Reporting Standard applicable in the UK and […]
An issue which seemingly gets flagged up quite a lot during file reviews and the reviews of financial statements is the use of Emphasis of Matter (EoM) paragraphs in the auditor’s report. In a number of cases these paragraphs are often used incorrectly and this article aims to highlight how they should be used in […]
On 23 July 2020, the Financial Reporting Council (FRC) issued two Exposure Drafts proposing amendments to accounting standards as follows: FRED 75 Draft amendments to FRS 104 – Going concern; and FRED 76 Draft amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions. FRED 75: Amendments to FRS 104 FRS 104 Interim Financial […]
As businesses continue to deal with the significant level of disruption caused by the Covid-19 pandemic, HM Revenue and Customs have now started to send payments out to employers in respect of the Coronavirus Job Retention Scheme (CJRS) for employees that have been furloughed. For self-employed individuals, it is expected that the self-employed income support […]
Introduction On 23 March 2020, the SORP-making body of the various charities’ commissions in the UK issued advice in the form of Implications of COVID-19 control measures and charity financial reporting. This advice concerns the financial reporting implications of COVID-19 (Coronavirus) that should be considered by trustees when they are preparing the charity’s financial statements. […]
In these challenging times where businesses are facing tremendous disruption due to the Coronavirus, there will invariably be some assets that are showing indicators of impairment, hence may need to be written down to recoverable amount by way of an impairment loss in the entity’s financial statements. This could be particularly the case with an […]
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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 […]