Recent Articles
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with deferred tax in Section 29 Income Tax. For micro-entities choosing to prepare financial statements under FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime, deferred tax is irrelevant. FRS 102 requires deferred tax to be recognised on […]
This is the second of a two-part article on provisions and contingencies. Part 1 dealt with provisions and their recognition and how a legal and constructive obligation may be created. This article will examine contingent liabilities and contingent assets. To recap, provisions and contingencies are dealt with in FRS 102 The Financial Reporting Standard applicable […]
Provisions and contingencies have moved up the ranks of importance recently. The requirements for provisions and contingencies are outlined in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in Section 21 Provisions and Contingencies. FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime contains the requirements in […]
The two ‘main’ accounting standards in the suite of UK GAAP consist of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime. Both standards are applied widely throughout the UK and Republic of Ireland and questions often arise […]
This is the first in a series of technical articles which will examine some of the more complex areas of UK GAAP. Intangible assets other than goodwill are dealt with in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in Section 18 Intangible Assets other than Goodwill and in […]
Many shareholders receive dividends and practitioners both large and small will be involved in advising on dividend extraction as part of tax planning strategies or other issues. It is certainly not uncommon to see a dividend-salary structure for a director-shareholder, particularly in owner-managed businesses. In practice there are two types of dividend: An interim dividend […]
Questions concerning related parties and their disclosure are quite common when it comes to preparing the financial statements. Arguably, queries relating to related party disclosures in a small company which is applying the presentation and disclosure requirements of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Section 1A Small […]
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 […]
On 23 March 2021, the Financial Reporting Council (FRC) issued confirmation that they intend to commence the next periodic review of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The last triennial review was completed in December 2017 with the amendments taking effect for accounting periods commencing on or […]
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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 […]