Recent Articles
Many practitioners ask whether an error that has been noted in the financial statements of a client for the previous year can be corrected in the current year or if it has to be corrected retrospectively as a prior year adjustment. Error correction is dealt with in FRS 102 The Financial Reporting Standard applicable in […]
Going concern has certainly moved up the ranks in the accounting profession in recent years, particularly in light of some well-publicised corporate collapses. The concept of going concern applies to the financial statements and is not just an ‘audit-specific’ issue and therefore directors have certain responsibilities in respect of going concern; particularly where the financial […]
It is fair to say that related parties have long-since been a contentious issue and, unfortunately, it seems that this is also the case under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland as well. At the outset it is worth noting that if a small entity has an […]
There are two sections in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland which deal with properties – Section 16 Investment Property and Section 17 Property, Plant and Equipment. This article addresses some of the queries that have been raised by accountants in respect of fair values and revaluation […]
In March 2019, the Solicitors Regulation Authority (SRA) announced changes to the SRA Accounts Rules which are going to take effect from 25 November 2019. The SRA have removed many of the prescriptive rules in an attempt to reduce the burden on solicitors and law firms and allow solicitors greater freedom to use their professional […]
In March 2019, the Financial Reporting Council (FRC) issued an exposure draft of Proposed International Standard on Auditing (UK) 570 (Revised) Going Concern. This exposure draft contains proposals to enhance the requirements of auditors and the revised ISA (UK) 570 is expected to be effective for audits of financial statements for periods commencing on or […]
Whilst the issues relating to Brexit rages on through Parliament, there have been a couple of developments issued by regulatory bodies as to how accounting and auditing will (or may) be affected by Brexit. This article summarises those developments. The Financial Reporting Council and the Department for Business, Energy and Industrial Strategy have published letters […]
On 14 December 2018, the Consultative Committee of Accountancy Bodies (CCAB) issued a revised Statement of Recommended Practice – Accounting by Limited Liability Partnerships (LLPs SORP). The SORP has been amended to reflect changes to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland due to the FRC’s triennial review. […]
The treatment of directors’ loans under FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland still causes an element of confusion for some practitioners and was an area which was amended as part of the Financial Reporting Council’s (FRC) triennial review of UK GAAP. This article addresses some of the […]
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with investment property in Section 16 Investment Property. There appears to be quite a lot of confusion surrounding the accounting for investment property under FRS 102 and hence this article will examine the accounting treatment for such properties and also […]
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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 […]