Recent Articles
This article was written for the Association of Accounting Technicians (AAT) magazine ‘Accounting Technician’. A dividend is a type of return on investment to the shareholders of a business. In practice they are also one of the most common types of income for director-shareholders of private entities. Many directors who are shareholders receive a mix […]
This is the final article in the series which looks at the reforms of Companies House. The first article examined how Companies House proposes to clamp down on fraud and the second article looked at how the powers of the registrar may change to give the registrar more power to challenge information submitted to Companies […]
This is the second of three articles which examines the government’s proposals to reform Companies House to help combat economic crime and make the register more useful. One of the proposals includes reforming the powers of the Registrar of Companies (‘the registrar’). The consultation introduces the proposals by confirming they are looking at amending the […]
On 9 December 2020, the Government launched three consultations in respect of Companies House and the register of companies. These consultations aim to support reforms to clamp down on fraud and give businesses greater confidence in transactions. Under the proposals, directors will not be able to be appointed until their identity has been verified and […]
As the transition period for Britain’s exit from the EU ends at 11pm on 31 December 2020, what does this mean for financial reporting going into 2021? Brexit has somewhat been subordinated in the mainstream media because of Covid-19 but over recent weeks it has been given more prominence in the headlines. Will a deal […]
On 17 November 2020 the Financial Reporting Council (FRC) issued a Press Release stating that the preparation of cash flow statements needs to significantly improve. This release followed the FRC’s review of corporate reporting for 2019/20. While the review focuses on those entities which report under IFRS, the content of the FRC’s corporate reporting review […]
On 19 October 2020, the Financial Reporting Council (FRC) issued three sets of amendments to UK and Irish GAAP. Two of the amendments are unlikely to have a major impact on reporting entities in the UK in the immediate future; whereas the changes to FRS 102 The Financial Reporting Standard applicable in the UK and […]
An issue which seemingly gets flagged up quite a lot during file reviews and the reviews of financial statements is the use of Emphasis of Matter (EoM) paragraphs in the auditor’s report. In a number of cases these paragraphs are often used incorrectly and this article aims to highlight how they should be used in […]
Micro-entities preparing financial statements under FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime are still required to comply with the disclosure requirements in respect of directors’ advances, credit and guarantees. This is often an area which poses a lot of questions and the law governing this area is to be found in […]
On 23 July 2020, the Financial Reporting Council (FRC) issued two Exposure Drafts proposing amendments to accounting standards as follows: FRED 75 Draft amendments to FRS 104 – Going concern; and FRED 76 Draft amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions. FRED 75: Amendments to FRS 104 FRS 104 Interim Financial […]
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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 […]