Description
Get up to date on the latest UK GAAP, with practical application guidance
Interpretation and Application of UK GAAP is a comprehensive, practical guide to applying UK GAAP at all levels, for accounting periods commencing on or after January 1, 2015. This book examines all of the core principles for every business, from subsidiaries of major listed companies right down to the very small, owner-managed business. Each chapter includes a list of relevant disclosure requirements to facilitate understanding, and real-world examples bring theory to life to provide guidance toward everyday application. Readers gain practical insight into the preparation of accounts under the EU-adopted IFRS, FRSs 100, 101, and 102, the FRSSE, and the Companies Act 2006, with expert guidance as to which requirements apply in which situations, and to which companies, and the type of disclosure each scenario requires. The book also includes detailed analysis of the planned changes to the Small Companies' Regime which are scheduled to take effect in 2016.
With sweeping changes coming into effect from January 1st 2015, financial statement preparers must have a sound appreciation of how the new UK GAAP works. This book provides a complete guide, with the latest regulations and straightforward advice on usage.
- Understand UK GAAP application at all levels
- Learn how to handle all relevant key accounting treatments
- Refer to complete disclosure requirement lists for each topic
- Get up to date on the latest area-specific practices
With new accounting practices in many broad areas including investment property, inventory valuations, deferred tax, fixed assets, and more, auditors and accountants need an awareness of how the new financial reporting regime will affect them. Interpretation and Application of UK GAAP is the most comprehensive reference, with the latest information and practical guidance.
Table of Contents
About the Author vii
Foreword ix
Preface xi
Acknowledgements xiii
Introduction xv
1 General Requirements of the Companies Act 2006 1
2 The Statutory Audit Requirement and Accounting Principles 27
3 The Primary Financial Statements and Disclosure Notes 43
4 Financial Reporting for Smaller Companies 65
5 Summary of the Key Differences between FRS 102 and ‘Old’ UK GAAP 83
6 Consolidated and Separate Financial Statements 103
7 Accounting Policies, Estimates and Errors 125
8 Revenue Recognition 137
9 Assets Held for Sale and Discontinued Operations 153
10 Employee Benefits 159
11 Income Tax 177
12 Intangible Assets 199
13 Property, Plant and Equipment and Investment Properties 213
14 Borrowing Costs 237
15 Impairment of Assets 241
16 Government Grants 261
17 Financial Instruments 267
18 Inventories and Work-in-Progress 299
19 Share-based Payment 309
20 Leases 321
21 Provisions and Contingencies 341
22 Statement of Cash Flows 351
23 Investments in Associates and Joint Ventures 365
24 Related Parties 379
25 Specialised Activities 395
26 Liabilities and Equity 421
27 Events after the Reporting Period 443
28 Foreign Currency Translation 457
29 Small Company Abbreviated Financial Statements 467
30 Reduced Disclosure Framework 485
31 First-Time Adoption of FRS 102 491
Index 505
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