Recent Articles
Written for Bloomsbury Professional The significant level of disruption caused by the Covid-19 pandemic cannot be under-estimated. Since government lockdown restrictions started in March 2020, non-essential businesses have had to close causing concern for many, especially entities operating in the retail sector (which was already experiencing a decline in business activity pre-Covid-19). Other sectors have […]
As businesses continue to deal with the significant level of disruption caused by the Covid-19 pandemic, HM Revenue and Customs have now started to send payments out to employers in respect of the Coronavirus Job Retention Scheme (CJRS) for employees that have been furloughed. For self-employed individuals, it is expected that the self-employed income support […]
Introduction On 23 March 2020, the SORP-making body of the various charities’ commissions in the UK issued advice in the form of Implications of COVID-19 control measures and charity financial reporting. This advice concerns the financial reporting implications of COVID-19 (Coronavirus) that should be considered by trustees when they are preparing the charity’s financial statements. […]
In these challenging times where businesses are facing tremendous disruption due to the Coronavirus, there will invariably be some assets that are showing indicators of impairment, hence may need to be written down to recoverable amount by way of an impairment loss in the entity’s financial statements. This could be particularly the case with an […]
The impact of Covid-19 (Coronavirus) has been significant, placing significant pressure on businesses throughout the country through ‘lockdown’ restrictions. Indeed, on 16 April 2020 the government announced that these restrictions would be in place for a further three weeks; hence the next review will take place on Thursday 7 May 2020. This article is the […]
In these unprecedented times, the impact of Covid-19 (Coronavirus) is probably not at the forefront of most accountants’ minds in terms of how it affects financial reporting. However, there are some issues which need to be considered where this virus is concerned and this article aims to summarise some of the main issues practitioners are […]
Goodwill is probably one of the most subjective issues in financial reporting and generates a lot of debate and questions in accountancy update courses when the issue is being discussed. Problems inherent with goodwill go back as far as 1901 when the issue surrounding goodwill was tested in the case of Commissioners of Inland Revenue […]
In March 2018, the Financial Reporting Council (FRC) issued revised editions of UK GAAP which reflects the changes made as part of the triennial review. The triennial review amendments come into mandatory effect for accounting periods commencing on or after 1 January 2019, hence December 2019 year ends will be the first affected by the […]
This is the second of two articles which examines the accounting implications of directors’ loans to and from a business under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The first one in the series looked at the company law aspects and the relevant disclosure requirements. Loans to or […]
This is the first of a two-part article which considers the company law and accounting aspects of directors’ current accounts. This first article considers the company law requirements and the second article will consider the impact of FRS 102 on directors’ current accounts and the accounting issues. Many companies have directors’ current accounts in operation […]
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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 […]