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Interpretation and Application of UK GAAP. For Accounting Periods Commencing On or After 1 January 2015. Wiley Regulatory Reporting

  • ID: 3024866
  • Book
  • Region: United Kingdom, Great Britain
  • 546 Pages
  • John Wiley and Sons Ltd
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Comprehensive coverage of the new UK GAAP framework

On January 1st 2015, all United Kingdom Financial Reporting Standards, Statements of Standard Accounting Practice and Urgent Issues Task Force Abstracts were replaced by a brand new Financial Reporting Framework. This fundamental shift in the reporting landscape brings significant challenges, not only for those entities which report under UK GAAP, but also for UK entities which report under IFRS.

The focus of this book is to provide preparers of financial statements with concise and transparent information that will allow a clear understanding of how the new UK GAAP works, and how it fits into the broader picture of all the different frameworks which are currently applicable in the UK and the Republic of Ireland.

Coverage includes:

  • Examination of all of the core principles at all levels of UK GAAP, from major listed company requirements, right down to the very small, owner–managed business
  • The key differences between old and new UK GAAP
  • Reporting under the brand new FRS 100 Application of Financial Reporting Requirements, FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland

Throughout the book, real–world examples bring the accounting treatments to life, while a list of disclosure requirements at the end of each chapter provides further, practical guidance on the preparation of accounts under all standards applicable in the UK.

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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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Steven Collings
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