Recent Articles
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with the cash flow statement (or ‘statement of cash flows’ as it is referred to in FRS 102) in Section 7 Statement of Cash Flows. The cash flow statement has been the subject of a thematic review by the Financial […]
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 […]
A common question asked by practitioners is how to treat transaction costs that arise when a client takes out a bank loan. FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with financial instruments in Section 11 Basic Financial Instruments. It is fair to say that Section 11 is […]
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 […]
The Financial Reporting Council (FRC) are currently underway with the next periodic review of UK and Ireland accounting standards. The ‘Request for Views’ phase which started in March 2021 ended on 31 October 2021 and over 450 stakeholder comments have been recorded during this phase. Initial feedback suggests that the standards are working well, but […]
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 28 February 2022, BEIS published a White Paper on corporate transparency and register reform. This White Paper outlines the government’s plans to enhance the role of Companies House with a view to increasing transparency of UK corporate entities. At the time of writing, there had been no timetable set for implementation. Notable reforms proposed […]
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 […]
The two ‘main’ accounting standards in UK GAAP are FRS 102 The Financial Reporting Framework applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime. It is worth noting that the Financial Reporting Council (FRC) recently issued new editions of these standards (being the January […]
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 […]
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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 […]