Category: Audit
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 […]
On 14 December 2018, the Consultative Committee of Accountancy Bodies (CCAB) issued a revised Statement of Recommended Practice – Accounting by Limited Liability Partnerships (LLPs SORP). The SORP has been amended to reflect changes to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland due to the FRC’s triennial review. […]
The treatment of directors’ loans under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland still causes an element of confusion for some practitioners and was an area which was amended as part of the Financial Reporting Council’s (FRC) triennial review of UK GAAP. This article addresses some of the […]
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with investment property in Section 16 Investment Property. There appears to be quite a lot of confusion surrounding the accounting for investment property under FRS 102 and hence this article will examine the accounting treatment for such properties and also […]
The ICAEW have issued their 2018 audit monitoring report which examines the findings of their audit inspections during 2017. ICAEW conducted 619 monitoring visits, 611 as a UK Recognised Supervisory Body and eight under the Crown Dependencies’ recognised auditor oversight regime. ICAEW comment in their report that while audit quality remains relatively consistent overall, there […]
The Education and Skills Funding Agency (ESFA) have issued the Academies Accounts Direction for accounting periods ending 31 August 2018. This Accounts Direction requires academy trusts to: Prepare an annual report and financial statements to 31 August 2018. Have those financial statements audited by an independent statutory auditor. Arrange to have an independent review of […]
The Charity Commission for England and Wales has issued guidance in the form of Independent examination of charity accounts: Directions and guidance for examiners (CC32) which applies mandatorily for independent examiner’s reports signed by the examiner and dated on or after 1 December 2017. This article will cover some of the key aspects of CC32 […]
The Financial Reporting Council (FRC) completed the first triennial review of UK GAAP in December 2017. The majority of the amendments to FRS 102 are effective for accounting periods starting on or after 1 January 2019 with early adoption permissible. With the exception of directors’ loans to a small company and the gift aid payment, […]
Property, plant and equipment are dealt with in Section 17 Property, Plant and Equipment in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Section 17 allows a reporting entity to measure property, plant and equipment (PPE) under the cost model or the revaluation model as was the case under […]
On 14 December 2017, the Financial Reporting Council (FRC) issued the final amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland which have arisen as part of the FRC’s first triennial review. The amendments are incremental improvements and clarifications and should not be viewed as wholesale changes. The […]
Enter your email address below to receive updates each time we publish new content.
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 […]