UK GAAP financial statement disclosures manual 1st Edition by Steven Collings 1119132770 9781119132776
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ISBN 10: 1119132770
ISBN 13: 9781119132776
Author: Steven Collings
UK GAAP Financial Statement Disclosures Manual is the practical handbook accounting professionals need to prepare audit-proof financial statements. The recent establishment of the new UK GAAP has brought significant changes to financial reporting, and this guide collects all of the latest guidelines into one place. Clear, concise and heavily geared toward practical application, this book is designed for easy navigation with stand-alone chapters and real-world examples. You’ll find step-by-step guidance for the entire disclosure process, with explicit instruction on what to include, how to include it and why. Financial statements prepared from 2015/2016 in the UK and Republic of Ireland will appear significantly updated, and this manual gives you the guidance you need to understand what’s required to achieve full compliance.
Insufficient or incorrect disclosures are frequently the reason why financial statements are rendered deficient. This book provides practitioners with a reference and guide for all aspects of financial statement disclosure preparation.
- Get up to speed on the most recent UK GAAP guidelines
- Understand the ‘what’ and ‘why’ of disclosure statements
- Study real-world example statements for practical guidance
- Prepare statements that stand up to auditor and regulator scrutiny
Many practitioners fall afoul of regulators’ criticisms with subjective, incomplete, omitted or incorrect disclosures, resulting in sanctions being brought against the practitioner or the firm. Financial statement disclosure emphasis is on transparency at a time when changes in the profession require an entirely new method of preparation. For practitioners who need to stay ahead of the curve, UK GAAP Financial Statement Disclosures Manual is the invaluable reference to keep within arm’s reach.
UK GAAP financial statement disclosures manual 1st Table of contents:
Chapter 1: The Structure of UK GAAP
Introduction
FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland
The EU Accounting Directive
Response by the Financial Reporting Council
The Structure of New UK GAAP
Key Points
Chapter 2: Interaction of the Companies Act 2006
Introduction
Part 15 of the Companies Act 2006
Companies Subject to Audit: Part 16 of the Companies Act 2006
Other Applicable Provisions of the Companies Act 2006
Statutory Formats of the Financial Statements
Abridged and Adapted Financial Statements
The True and Fair Concept
Key Points
Chapter 3: The Directors’ Report and Strategic Report
Introduction
Directors’ Report for Small Companies
Content of the Directors’ Report
Strategic Report
Approval of the Directors’ Report
Key Points
Chapter 4: The Income Statement/Statement of Comprehensive Income
Introduction
Formats for the Income Statement (Profit and Loss Account)
Total Comprehensive Income
Presentation of Items in the Profit and Loss Account
Operating Profit
Exceptional and Material Items
Discontinued Operations
Abridged Profit and Loss Accounts
Adapted Profit and Loss Accounts
Micro-Entities
IAS 1 Presentation of Financial Statements
Key Points
Chapter 5: Statement of Financial Position (Balance Sheet)
Introduction
Formats Permitted by the Companies Act 2006
Presentation of Assets
Net Current Assets and Liabilities
Liabilities
Share Capital and Reserves
Off-Balance Sheet Arrangements
Micro-Entities
Abridged and Adapted Balance Sheets
IAS 1 Presentation of Financial Statements Requirements
Key Points
Chapter 6: The Statement of Changes in Equity
Introduction
Purpose of the Statement of Changes in Equity
Presentation of Information in the Statement of Changes in Equity
Statement of Income and Retained Earnings
Presentation of Information in the Statement of Income and Retained Earnings
Transitional Issues
IAS 1 Presentation of Financial Statements Requirements
Key Points
Chapter 7: The Statement of Cash Flows
Introduction
Preparing the Statement of Cash Flows
Cash and Cash Equivalents
Reconciliation to the Balance Sheet
Non-Cash Transactions
Foreign Currency Transactions
Consolidated Statement of Cash Flows
Specific Items in the Statement of Cash Flows
Illustrative Statements of Cash Flows
Key Points
Chapter 8: The Auditor’s Report
Introduction
Concept of Materiality
Elements of the Audit Report
Types of Audit Opinion
Emphasis of Matter Paragraphs
Other Matter Paragraphs
Proposed Changes to the Auditor’s Reporting Regime
Key Points
Chapter 9: Accounting Policies, Estimates and Errors
Introduction
Accounting Policies for a Micro-Entity
Selecting Accounting Policies
Changing an Accounting Policy
Changing an Accounting Estimate
Disclosing Accounting Policies
Disclosing Changes in Accounting Policy
Disclosing Changes in Accounting Estimates
Disclosing Information Relating to Error Correction
Key Points
Chapter 10: Operating Segments
Introduction
Objective and Scope of IFRS 8
Chief Operating Decision-Maker
Identifying Reportable Segments
Disclosure Requirements
Information Considered to be Commercially Sensitive
Key Points
Chapter 11: Directors’ Remuneration Report
Introduction
Voting On Directors’ Remuneration
Reporting on Directors’ Remuneration
Scheme Interests
Other Disclosures (Not Subject to Audit)
Information Relating to Benefits to Directors
Chairperson’s Statement
Key Points
Chapter 12: Taxation
Introduction
Overview of Current Tax
Overview of Deferred Tax
Presentation of Taxes in Comprehensive Income And Equity
Presentation in the Balance Sheet
Offsetting
IAS 12 Income Taxes
Disclosure Requirements
Key Points
Chapter 13: Fixed Assets and Investment Property
Introduction
General Recognition Principles
Presentation of Fixed Assets in the Balance Sheet
Revaluation of Fixed Assets
Disclosure Requirements for Fixed Assets
Disclosure Requirements for Entities Reporting Under Section 1A of FRS 102
Fixed Assets Disclosures for Micro-Entities
IAS 16 Property, Plant and Equipment
Investment Property
Investment Property Classification
Presentation of Investment Property in the Balance Sheet
Disclosures Relating to Investment Properties
Key Points
Chapter 14: Government Grants
Introduction
Government Assistance
Recognition Principles
Presentation of Grants
Repayment of Grants
IAS 41 Agriculture and Grants
Disclosure Requirements
Key Points
Chapter 15: Financial Investments
Introduction
Simple Financial Investments
Investments in Subsidiaries
Investments in Associates
Investments in Joint Ventures
Disclosure Requirements: Simple Investments
Disclosure Requirements: Parents and Subsidiaries
Disclosure Requirements: Investments in Associates
Disclosure Requirements: Investments in Joint Ventures
Key Points
Summary of Standards and Reporting Regimes
Chapter 16: Financial Instruments
Introduction
Types of Basic Financial Instruments
Presentation of Financial Instruments Under UK GAAP
Disclosure Requirements
Companies Act Disclosure Requirements
Hedge Accounting
Micro-Entities
IFRS 7 Financial Instruments: Disclosures
Key Points
Chapter 17: Leasing
Introduction
Classification of Leases
Finance Lease Disclosures Under FRS 102: Lessees
Finance Lease Disclosures Under FRS 102: Lessors
Operating Lease Disclosures Under FRS 102: Lessees
Operating Lease Disclosures Under FRS 102: Lessors
Micro-Entity Issues
Sale and Leaseback Transactions
IAS 17 Leases Disclosure Requirements
IFRS 16 Leases
Key Points
Chapter 18: Inventories
Introduction
Basic Principles and Accounting Policies
Presentation
Disclosure Requirements (FRS 102/FRS 105)
IAS 2 Disclosure Requirements
Key Points
Chapter 19: Provisions and Contingencies
Introduction
Accounting for a Provision
Provisions and Contingencies in the Financial Statements
Restructuring Provisions
Estimating a Provision
Future Operating Losses
Prejudicial Disclosures
Disclosure Requirements
Summary of the Treatment of Contingencies
Key Points
Chapter 20: Transactions with Directors
Introduction
Directors’ Advances, Credit and Guarantees
Dividends to Directors
Directors’ Remuneration
Entities Reporting Under EU-Adopted IFRS
Key Points
Chapter 21: Events After the Reporting Period
Introduction
Defining Events after the End of the Reporting Period
Adjusting Events
Non-Adjusting Events
Going Concern
Dividends
Authorisation of the Financial Statements
Auditor’s Considerations
Disclosure Requirements
Key Points
Chapter 22: Going Concern
Introduction
Assessing Going Concern
Events After the End of the Reporting Period
UK Guidance on Going Concern
Guidance on Going Concern, Solvency and Liquidity Risks (April 2016)
Disclosure Requirements: Going Concern
Disclosure Requirements: Going Concern Basis, Solvency and Liquidity Risk
Disclosure of Information in the Strategic Report
Undertaking the Assessment
Risks and Uncertainties in the Context of Materiality
IAS 1: Reporting on Going Concern
Auditor’s Responsibilities Related to Going Concern
Key Points
Chapter 23: Related Parties
Introduction
Definition of a Related Party
Groups
Parties Not Considered to be Related Parties
Key Management Personnel
Controlling Parties
Small Companies’ Regime Disclosure Requirements Under the Companies Act 2006
Other Companies Act 2006 Disclosure Requirements
Disclosure Requirements of Section 33 of FRS 102
IAS 24 Related Party Disclosures
Key Points
Chapter 24: Consolidated Financial Statements
Introduction
Exemptions from Preparing Group Accounts
Concept of Control
Subsidiaries Excluded from Consolidation
Overview of the Consolidation Process
Disclosure Requirements: Consolidated Financial Statements
Disclosure Requirements: IAS Group Accounts
Disclosure Requirements: Separate Financial Statements
Intermediate Payment Arrangements
Related Undertakings
Key Points
Chapter 25: Filing Financial Statements with Companies House
Introduction
Revisions to the Companies Act 2006
Micro-Entities’ Filing Requirements
Small Company Filing Requirements
Medium-Sized Entity Filing Requirements
Filing Obligations for Unquoted Companies
Filing Obligations for Quoted Companies
Unlimited Companies
Filing Deadlines
Group Issues
Filing Penalties
Key Points
Chapter 26: Interim Financial Reporting
Introduction
FRS 104 and IAS 34 Interim Financial Reporting
Scope of FRS 104
Interim Financial Reports
Form and Content of Interim Reports
Significant Transactions and Events
Other Disclosure Requirements
Recognition and Measurement
Estimates
Restating Previous Interim Periods
Transition to a New Framework
Key Points
Chapter 27: Earnings Per Share
Introduction
Objectives and Scope of IAS 33
Basic Earnings Per Share
Diluted Earnings Per Share
Bonus Issues of Shares
Rights Issues
Share Split
Group Issues
Issuing Additional Shares
Presentation of Earnings Per Share
Disclosure Requirements
Key Points
Chapter 28: Financial Statements for Micro-Entities
Introduction
FRS 105 The Financial Reporting Standard Applicable to the Micro-Entities Regime
Key Features of FRS 105
True and Fair View
Qualifying as a Micro-Entity
Structure of the Primary Financial Statements
Filing Requirements for a Micro-Entity
Differences Between FRS 105 and Previous UK GAAP
Disclosure Requirements
Content of the Financial Statements
Illustrative Financial Statements for a Micro-Entity
Key Points
Chapter 29: Insurance
Introduction
IFRS 4 Insurance Contracts
Accounting Policies
Disclosure Requirements
Key Points
Index
End User License Agreement
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