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Interpretation and application of UK GAAP for accounting periods commencing on or after 1 January 2015
Author
Title
Interpretation and application of UK GAAP for accounting periods commencing on or after 1 January 2015 / Steven Collings.
ISBN
9781118819258
111881925X
9781118819265
1118819268
9781119052944
1119052947
1118819276
9781118819272
9781118819272
Edition
[First edition].
Publication
West Sussex : Wiley, 2015.
Physical Description
1 online resource
Local Notes
Access is available to the Yale community.
Notes
Includes index.
Access and use
Access restricted by licensing agreement.
Summary
"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"-- Portion of summary from book.
Variant and related titles
O'Reilly Safari. OCLC KB.
Other formats
Print version:
Format
Books / Online
Language
English
Added to Catalog
January 14, 2020
Contents
Cover
Title Page
Copyright
Contents
About the Author
Foreword
Preface
Acknowledgements
Introduction
Introduction
History of the UK and Republic of Ireland Standard-Setting Body
Issuance of the New UK GAAP
Structure of the New UK GAAP
FRS 100 Application of Financial Reporting Requirements
FRS 101 Reduced Disclosure Framework
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
Smaller Companies and the Financial Reporting Standard for Smaller Entities
Format 1 balance sheet
Format 2 balance sheet.
Liabilities:
Profit and loss account:
Notes to the micro-entity's financial statements
Chapter 1 General Requirements of the Companies Act 2006
Introduction
Accounting Requirements under the Companies Act 2006
Thresholds for small and medium-sized companies and groups
Financial statement content
Format 1 profit and loss account
Format 2 profit and loss account
Format 3 profit and loss account
Format 4 profit and loss account
True and Fair and Adequate Accounting Records
Retention of accounting records
International Financial Reporting Standards.
Smaller companies and IFRS
List of current IFRS and IAS in extant
Generally Accepted Accounting Practice
Substance of Transactions
Risks
Rewards
Directors' Reports
Strategic reports
Content of the strategic report
Group Accounts
Approval of Financial Statements
Interaction of FRS 102 Terminology with Companies Act 2006 Terminology
Micro-Entities Legislation
Balance sheet
Format 1
Balance sheet
Format
Notes to the financial statements
Chapter 2 The Statutory Audit Requirement and Accounting Principles
Introduction.
The Statutory Audit Requirement
The Reform of Audit in 2012 and the Implications
The Concepts and Pervasive Principles
Objective of financial statements
Qualitative characteristics
Understandability
Relevance
Materiality
Reliability
Substance over form
Prudence
Completeness
Comparability
Timeliness
Balance between benefit and cost
The Financial Statement Elements and the Recognition and Measurement of the Elements
Assets
Liabilities
Legal obligation
Constructive obligation
Equity
Income
Income from revenue
Income from gains.
Expenses
Expenses that arise in the ordinary course of business
Losses
Recognition and measurement of assets, liabilities, income and expenses
Recognition and measurement of assets
Recognition and measurement of liabilities
Offsetting assets and liabilities
Chapter 3 The Primary Financial Statements and Disclosure Notes
Introduction
Presentation of Financial Statements Fair Presentation
Compliance with FRS 102
Frequency and Consistency
Complete Set
Statement of Financial Position
Long-term debtors
Long-term creditors
Share capital.
Subjects
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