Interpretation and Application of UK GAAP for Accounting Periods Commencing on or after 1 January 2015
- 11h 20m
- Steven Collings
- John Wiley & Sons (UK)
- 2015
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.
About the Author
Steve Collings FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd, a firm of Chartered Certified Accountants based in Sale, Cheshire, in the United Kingdom, where Steve trained and qualified. Steve was admitted as a member of the Association of Accounting Technicians (AAT) in 2001 and went on to qualify as a Chartered Certified Accountant (ACCA) in 2005. He was admitted as a Fellow Member of the AAT in 2006 and became a Fellow Member of ACCA in 2010. Steve also holds ACCA's Diploma in International Financial Reporting Standards, Diploma in International Financial Reporting Standards for Small–Medium Entities as well as ACCA's Certificates in IFRS and International Auditing Standards and holds Senior Statutory Auditor status in the UK.
Steve is the author of several books on the subjects of accounting and auditing, including Interpretation and Application of International Standards on Auditing (Wiley, March 2011), IFRS For Dummies (Wiley, March 2012), Frequently Asked Questions in IFRS (Wiley, April 2013), Financial Accounting for Dummies (Wiley, April 2013) and Corporate Finance for Dummies (Wiley, October 2013).
Steve lectures professionally qualified accountants on the areas of accounting, auditing and Solicitors Accounts Rules and was named Accounting Technician of the Year at the British Accountancy Awards in 2011. He was also awarded Outstanding Contribution to the Accountancy Profession by the Association of International Accountants in 2013. In 2014 he was shortlisted for Practitioner of the Year at the 2014 British Accountancy Awards.
In this Book
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Foreword
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Introduction
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General Requirements of the Companies Act 2006
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The Statutory Audit Requirement and Accounting Principles
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The Primary Financial Statements and Disclosure Notes
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Financial Reporting for Smaller Companies
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Summary of the Key Differences between FRS 102 and ‘Old’ UK GAAP
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Consolidated and Separate Financial Statements
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Accounting Policies, Estimates and Errors
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Revenue Recognition
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Assets Held for Sale and Discontinued Operations
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Employee Benefits
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Income Tax
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Intangible Assets
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Property, Plant and Equipment and Investment Properties
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Borrowing Costs
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Impairment of Assets
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Government Grants
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Financial Instruments
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Inventories and Work-in-Progress
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Share-based Payment
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Leases
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Provisions and Contingencies
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Statement of Cash Flows
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Investments in Associates and Joint Ventures
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Related Parties
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Specialised Activities
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Liabilities and Equity
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Events after the Reporting Period
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Foreign Currency Translation
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Small Company Abbreviated Financial Statements
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Reduced Disclosure Framework
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First-Time Adoption of FRS 102
