Recent Articles
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 […]
The Economic Crime and Corporate Transparency Act (ECCTA) is a huge piece of legislation, which will need around 50 Statutory Instruments to be passed in order to implement all the measures. Among other things, the ECCTA aims to improve transparency by making more financial information available to the public. One of the most commonly asked […]
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 […]
In March 2024, the Financial Reporting Council (FRC) issued its final amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Section 7 Statement of Cash Flows. This amendment was finalised at the same time as the periodic review amendments (but was subject to a separate consultation so did […]
In March 2024, the Financial Reporting Council (FRC) published its final amendments to UK and Ireland accounting standards following its periodic review. These amendments are effective for 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. The revised lease […]
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 […]
There are a number of company law changes that are on the horizon in the coming months. The increase in company size thresholds was recently covered in this article and these changes are expected to come into effect on 6 April 2025. In addition, there are other amendments to company law planned as part of […]
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 accounting standards arising from its periodic review. The periodic review amendments become effective for accounting periods commencing on or after 1 January 2026 with early adoption permissible. It is also worth noting that on 10 September 2024, the […]
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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 […]