Overview

Based on 4 years’ worth of understanding, this new edition of Financial Reporting for Unlisted Companies in the UK and the Republic of Ireland details how the standard should be applied in different circumstances. This is conveyed using many real-life examples from practice. The content has also been restructured so it is more in line with the structure of FRS 102. This edition of the title also incorporates the micro-entities regime, which had not been transposed into company law at the time the 1st edition was written. The book has also been revised with the changes brought in through the FRC’s Triennial Review which was published in December 2017. The principal amendments to the standard are as follows: - The simplification of the measurement of directors’ loans to small entities - A requirement for fewer intangible assets to be separated from goodwill in a business combination - Permit investment property rented to another group entity is to be measured by reference to cost, rather than fair value - There is expansion of the circumstances in which a financial instrument may be measured at amortised cost, rather than fair value - The definition of a financial institution has been simplified. New case law covered includes: - Companies Act 2006 and related SIs - FRS 102 The Financial Reporting Standard Applicable in the UK and the Republic of Ireland (March 2018) - FRS 105 The Financial Reporting Standard Applicable to the Micro-entities Regime (March 2018)

Full Product Details

Author:   Steve Collings
Publisher:   Bloomsbury Publishing PLC
Imprint:   Bloomsbury Professional
Edition:   2nd edition
Weight:   1.280kg
ISBN:  

9781526508836

ISBN 10:   1526508834
Pages:   856
Publication Date:   29 November 2018
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Manufactured on demand  
We will order this item for you from a manufactured on demand supplier.

Table of Contents

1: The Development of UK GAAP Development of current UK GAAP The EU Accounting Directive Structure of current UK GAAP The FRC triennial review Small entities Effects of major IFRS changes Summary - What is different from the previous UK GAAP? 2: The Differences Between FRS 102 and previous UK GAAP Introduction Terminology changes Accounting changes 3: The Concepts and Pervasive Principles Introduction Objective of financial statements The qualitative characteristics The elements of financial statements Recogition and measurement of items within the financial statements Subsequent measurement of items within the financial statements Offsetting Going concern Fair value guidance Summary - What is different from the previous UK GAAP? 4: Financial Statement Presentation Introduction True and fair view Important considerations Identification of the financial statements Discontinued operations Additional legal requirements Interim financial reports Summary - What is different from the previous UK GAAP? 5: Statement of Financial Position (balance sheet) Introduction Format and content Specific issues Summary - What is different from the previous UK GAAP? 6: Statement of Comprehensive Income and Income Statement Introduction and scope Format options General requirements The two-statement approach The single statement approach Summary - What is different from the previous UK GAAP? 7: Statement of Changes in Equity and Statement of Income and Retained Earnings Scope Statement of changes in equity Statement of income and retained earnings Summary - What is different from the previous UK GAAP? 8: Statement of Cash Flows Introduction Definition Preparation of the statement of cash flows Summary - What is different from the previous UK GAAP? 9: Consolidated and Separate Financial Statements Introduction and scope Definitions Requirement to present consolidated financial statements Exclusions from consolidation Special purpose entities Consolidation procedures Non-controlling interests Measurement Acquisition of subsidiaires and shares in subsidiaries Disposal of shares in subsidiaries Group reconstructions Other issues Disclosure requirements Separate financial statements Summary - What is different from the previous UK GAAP? 10: Accounting Policies, Estimates and Errors Introduction Definition Disclosure requirements Judgements, estimates and uncertainties Summary - What is different from the previous UK GAAP? 11: Financial Instruments - Introduction Introduction Summary - What is different from the previous UK GAAP? 12: Accounting for Basic Financial Instruments Introduction Initial recognition of financial assets and financial liabilities Initial measurement of financial assets and financial liabilities Subsequent measurement: debt instruments Impairment Subsequent measurement: investments in shares Derecognition of financial assets and financial liabilities Basic financial instruments: further considerations Offsetting Disclosure requirements Summary - What is different from the previous UK GAAP? 13: Complex Financial Instruments Introduction Examples of non-basic financial instruments Initial recognition Subsequent measurement Determining fair value Derecognition of financial assets and financial liabilities Impairment Offsetting Hedge accounting Disclosure requirements Summary - What is different from the previous UK GAAP? 14: Inventories Introduction and scope Definitions General principles Summary - What is different from the previous UK GAAP? 15: Associates and Joint Ventures Scope Definition of an associate Equity accounting an associate Individual financial statements: investor is a parent Individual financial statements: investor is not a parent Associate held as part of an investment portfolio Presentation - associates Disclosure requirements - associates Definition of a joint venture Jointly controlled operation Jointly controlled assets Jointly controlled entities Individual financial statements Equity accounting a joint venture Transactions between a venturer and a joint venture Investor who does not have joint control Disclosure requirements - joint ventures Summary - What is different from the previous UK GAAP? 16: Investment Property Introduction and scope Definition of an investment property Initial recognition Subsequent measurement Transfers to or from investment property Group situations More complex situations Disclosure requirements Summary - What is different from the previous UK GAAP? 17: Property, Plant and Equipment Introduction Recognition Initial measurement Subsequent measurement Depreciation Impairment Derecognition Disclosure requirements Specific considerations Summary - What is different from the previous UK GAAP? 18: Intangible Assets Other than Goodwill Introduction and scope Initial recognition Initial measurement Internally generated intangible assets Subsequent measurement Amortisation Derecognition Software and website costs Disclosure requirements Summary - What is different from the previous UK GAAP? 19: Business Combinations and Goodwill Scope Business combinations Purchase method of accounting Allocating the purchase price Goodwill Group reconstructions Disclosure requirements - purchase method Disclosure requirements - group reconstructions Summary - What is different from the previous UK GAAP? 20: Leases Introduction and scope Classification Substance over form Lessee accounting - finance leases Lessee accounting - operating leases Lessor accounting - finance leases Lessor accounting - operating leases Manufacturers and dealers Investment properties Disclosure requirements Summary - What is different from the previous UK GAAP? 21: Sale and Leaseback Transactions Introduction Sale and leaseback as a finance lease Sale and leaseback as an operating lease Disclosure requirements Summary - What is different from the previous UK GAAP? 22: Provisions and Contingencies Introduction Definitions Recognition in the financial statements Estimating provisions Discounting Subsequent measurement Contingent assets Contingent liabilities Onerous contracts Future operating losses Disclosure requirements Summary - What is different from the previous UK GAAP? 23: Liabilities and Equity Introduction Financial liabilities Equity Acquisition of a company's own shares Summary - What is different from the previous UK GAAP? 24: Revenue Introduction Basic measurement principles Exchanges of goods and services Customer loyalty awards Construction contracts Specific issues relating to revenue recognition Summary - What is different from the previous UK GAAP? 25: Government Grants Introduction Definitions Recognition and measurement Summary - What is different from the previous UK GAAP? 26: Borrowing Costs Introduction Definitions Recognition Summary - What is different from the previous UK GAAP? 27: Share-based Payment Introduction Scope Recognition Vesting conditions Measurement principles Modifying the terms and conditions Share-based payment transactions with cash alternatives Group plans Government-mandated plans Disclosures Summary - What is different from the previous UK GAAP? 28: Impairment of Assets Introduction Impairment of inventory Impairment of assets other than inventory Reversal of impairment losses Disclosure requirements Summary - What is different from the previous UK GAAP? 29: Employee Benefits Introduction Recognition and measurement Examples of short-term employee benefits Post-employment benefits Introductions, changes, curtailments and settlements Defined benefit pension plan assets Reimbursements Other long-term employee benefits Termination benefits Group plans Disclosures Summary - What is different from the previous UK GAAP? 30: Taxation Introduction Current tax Deferred tax Timing difference plus approach Permanent timing differences Revaluations of non-monetary assets Business combinations Unremitted earnings Deferred tax assets Defined benefit pension schemes Share-based payment Disclosure requirements Summary - What is different from the previous UK GAAP? 31: Foreign Currency Translation Introduction and scope Presentation currency Functional currency Reporting individual foreign currency transactions Foreign operations which are an extension of the reporting entity Foreign operations which are autonomous Intra-group transactions Net investment in a foreign operation Disclosure requirements Summary - What is different from the previous UK GAAP? 32: Events after the End of the Reporting Period Introduction Definitions Adjusting events Non-adjusting events Dividends Disclosure requirements Summary - What is different from the previous UK GAAP? 33: Related Parties Introduction Scope Definitions Examples of related party transactions Disclosure requirements Summary - What is different from the previous UK GAAP? 34: Specialised Activities Introduction Agriculture Extractive industries Service concession arrangements Financial institutions Retirement benefit plans Heritage assets Public benefit entities Other entities Summary - What is different from the previous UK GAAP? 35: Reduced Disclosure Framework Introduction and scope Reduced disclosures under FRS 102 Reduced disclosures under FRS 101 Summary - What is different from the previous UK GAAP? 36: First-time Adoption of FRS 102 Introduction Procedures at the date of transition Adjustments at the date of transition Exceptions from retrospective application Exemptions from retrospective application Disclosure requirements Summary - What is different from the previous UK GAAP?

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Author Information

Steve Collings is the audit and technical partner at Leavitt Walmsley Associates Ltd. He is also a member of the UK GAAP Technical Advisory Group at the Financial Reporting Council. He has authored several titles for Bloomsbury, he lectures widely and is an acknowledged expert in both UK GAAP and IFRS.

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