Recent Articles
On 27 March 2024, the Financial Reporting Council (FRC) issued its final amendments to UK and Ireland accounting standards arising from the periodic review. The amendments primarily affect FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, but there are consequential amendments to the other standards in the suite of […]
Following the UK’s departure from the EU, the Financial Reporting Council (FRC) is now able to require more disclosure for small companies in the UK. Prior to Brexit, the FRC had stated that it was constrained by the requirements of the EU Accounting Directive, but this is no longer the case. As part of the […]
On 20 May 2024, the Consultative Committee of Accountancy Bodies (CCAB) issued a new edition of Statement of Recommended Practice – Accounting by Limited Liability Partnerships (LLPs SORP). This revised edition is effective for periods commencing on or after 1 July 2024 with early adoption permissible. The headline changes made by the CCAB are as […]
On 27 March 2024, the Financial Reporting Council (FRC) issued the final amendments to UK and Ireland GAAP. The amendments primarily affect FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, but there are consequential amendments to other standards arising from this periodic review such as FRS 105 The Financial […]
On 18 March 2024, the government announced its first set of planned regulatory changes which are designed to ease the burdens placed on business in respect of non-financial reporting. Legislation is planned to be laid this summer to increase the size thresholds that determine the size of a company by 50% to cut complexity and […]
Sometimes, things happen in business whether they are expected or unexpected and it may lead to a claim on the company’s insurance. Other businesses may have insurance cover for losses triggered by a specific event, such as business interruption or third-party claims. The key question for preparers and auditors is whether it is appropriate to […]
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 […]
On 29 September 2023, the Financial Reporting Council (FRC) published a project update on its periodic review of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs in the suite of UK and Ireland GAAP. FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable […]
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 […]
On 4 August 2023, the CCAB issued Draft Statement of Recommended Practice – Accounting by Limited Liability Partnerships. The amended LLP SORP is intended to become effective for accounting periods commencing on or after 1 January 2024 with early adoption permissible. The draft SORP has been updated following the 2021 LLP SORP consultation. The majority […]
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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 […]