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Financial Reporting for Unlisted Companies in the UK and Republic of Ireland 2nd ed

Steve Collings

ISBN13: 9781526508836

Previous Edition ISBN: 9781780432298

Published: November 2018

Publisher: Bloomsbury Professional

Country of Publication: UK

Format: Paperback

Price: £100.00

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Based on 4 years' worth of understanding, this new edition of Financial Reporting for Unlisted Companies in the UK and the Republic of Ireland details how the standard should be applied in different circumstances. This is conveyed using many real-life examples from practice. The content has also been restructured so it is more in line with the structure of FRS 102. This edition of the title also incorporates the micro-entities regime, which had not been transposed into company law at the time the 1st edition was written.

The book has also been revised with the changes brought in through the FRC's Triennial Review which was published in December 2017.

The principal amendments to the standard are as follows:

The simplification of the measurement of directors' loans to small entities
A requirement for fewer intangible assets to be separated from goodwill in a business combination
Permit investment property rented to another group entity is to be measured by reference to cost, rather than fair value
There is expansion of the circumstances in which a financial instrument may be measured at amortised cost, rather than fair value
The definition of a financial institution has been simplified.

New case law covered includes:

Companies Act 2006 and related SIs
FRS 102 The Financial Reporting Standard Applicable in the UK and the Republic of Ireland (March 2018)
FRS 105 The Financial Reporting Standard Applicable to the Micro-entities Regime (March 2018)

Subjects:: Accounting

Contents:: 1: The Development of UK GAAP; Development of current UK GAAP; The EU Accounting Directive; Structure of current UK GAAP; The FRC triennial review; Small entities; Effects of major IFRS changes; Summary - What is different from the previous UK GAAP?; 2: The Differences Between FRS 102 and previous UK GAAP; Introduction; Terminology changes; Accounting changes; 3: The Concepts and Pervasive Principles; Introduction; Objective of financial statements; The qualitative characteristics; The elements of financial statements; Recogition and measurement of items within the financial statements; Subsequent measurement of items within the financial statements Offsetting; Going concern; Fair value guidance; Summary - What is different from the previous UK GAAP?; 4: Financial Statement Presentation; Introduction; True and fair view; Important considerations; Identification of the financial statements; Discontinued operations; Additional legal requirements; Interim financial reports; Summary - What is different from the previous UK GAAP?; 5: Statement of Financial Position (balance sheet); Introduction; Format and content; Specific issues; Summary - What is different from the previous UK GAAP?; 6: Statement of Comprehensive Income and Income Statement; Introduction and scope; Format options; General requirements; The two-statement approach; The single statement approach; Summary - What is different from the previous UK GAAP?; 7: Statement of Changes in Equity and Statement of Income and Retained Earnings; Scope; Statement of changes in equity; Statement of income and retained earnings; Summary - What is different from the previous UK GAAP?; 8: Statement of Cash Flows; Introduction; Definition; Preparation of the statement of cash flows; Summary - What is different from the previous UK GAAP?; 9: Consolidated and Separate Financial Statements; Introduction and scope; Definitions; Requirement to present consolidated financial statements; Exclusions from consolidation; Special purpose entities; Consolidation procedures; Non-controlling interests; Measurement; Acquisition of subsidiaires and shares in subsidiaries; Disposal of shares in subsidiaries; Group reconstructions; Other issues; Disclosure requirements; Separate financial statements; Summary - What is different from the previous UK GAAP?; 10: Accounting Policies, Estimates and Errors; Introduction; Definition; Disclosure requirements; Judgements, estimates and uncertainties; Summary - What is different from the previous UK GAAP?; 11: Financial Instruments - Introduction; Introduction; Summary - What is different from the previous UK GAAP?; 12: Accounting for Basic Financial Instruments; Introduction; Initial recognition of financial assets and financial liabilities; Initial measurement of financial assets and financial liabilities; Subsequent measurement: debt instruments; Impairment; Subsequent measurement: investments in shares; Derecognition of financial assets and financial liabilities; Basic financial instruments: further considerations; Offsetting; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 13: Complex Financial Instruments; Introduction; Examples of non-basic financial instruments; Initial recognition; Subsequent measurement; Determining fair value; Derecognition of financial assets and financial liabilities; Impairment; Offsetting; Hedge accounting; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 14: Inventories; Introduction and scope; Definitions; General principles; Summary - What is different from the previous UK GAAP?; 15: Associates and Joint Ventures; Scope; Definition of an associate; Equity accounting an associate; Individual financial statements: investor is a parent; Individual financial statements: investor is not a parent; Associate held as part of an investment portfolio; Presentation - associates; Disclosure requirements - associates; Definition of a joint venture; Jointly controlled operation; Jointly controlled assets; Jointly controlled entities; Individual financial statements; Equity accounting a joint venture; Transactions between a venturer and a joint venture; Investor who does not have joint control; Disclosure requirements - joint ventures; Summary - What is different from the previous UK GAAP?; 16: Investment Property; Introduction and scope; Definition of an investment property; Initial recognition; Subsequent measurement; Transfers to or from investment property; Group situations; More complex situations; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 17: Property, Plant and Equipment; Introduction; Recognition; Initial measurement; Subsequent measurement; Depreciation; Impairment; Derecognition; Disclosure requirements; Specific considerations; Summary - What is different from the previous UK GAAP?; 18: Intangible Assets Other than Goodwill; Introduction and scope; Initial recognition; Initial measurement; Internally generated intangible assets; Subsequent measurement; Amortisation; Derecognition; Software and website costs; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 19: Business Combinations and Goodwill; Scope; Business combinations; Purchase method of accounting; Allocating the purchase price; Goodwill; Group reconstructions; Disclosure requirements - purchase method; Disclosure requirements - group reconstructions; Summary - What is different from the previous UK GAAP?; 20: Leases; Introduction and scope; Classification; Substance over form; Lessee accounting - finance leases; Lessee accounting - operating leases; Lessor accounting - finance leases; Lessor accounting - operating leases; Manufacturers and dealers; Investment properties; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 21: Sale and Leaseback Transactions; Introduction; Sale and leaseback as a finance lease; Sale and leaseback as an operating lease; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 22: Provisions and Contingencies; Introduction; Definitions; Recognition in the financial statements; Estimating provisions; Discounting; Subsequent measurement; Contingent assets; Contingent liabilities; Onerous contracts; Future operating losses; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 23: Liabilities and Equity; Introduction; Financial liabilities; Equity; Acquisition of a company's own shares; Summary - What is different from the previous UK GAAP?; 24: Revenue; Introduction; Basic measurement principles; Exchanges of goods and services; Customer loyalty awards; Construction contracts; Specific issues relating to revenue recognition; Summary - What is different from the previous UK GAAP?; 25: Government Grants; Introduction; Definitions; Recognition and measurement; Summary - What is different from the previous UK GAAP?; 26: Borrowing Costs; Introduction; Definitions; Recognition; Summary - What is different from the previous UK GAAP?; 27: Share-based Payment; Introduction; Scope; Recognition; Vesting conditions; Measurement principles; Modifying the terms and conditions; Share-based payment transactions with cash alternatives; Group plans; Government-mandated plans; Disclosures; Summary - What is different from the previous UK GAAP?; 28: Impairment of Assets; Introduction; Impairment of inventory; Impairment of assets other than inventory; Reversal of impairment losses; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 29: Employee Benefits; Introduction; Recognition and measurement; Examples of short-term employee benefits; Post-employment benefits; Introductions, changes, curtailments and settlements; Defined benefit pension plan assets; Reimbursements; Other long-term employee benefits; Termination benefits; Group plans; Disclosures; Summary - What is different from the previous UK GAAP?; 30: Taxation; Introduction; Current tax; Deferred tax; Timing difference plus approach; Permanent timing differences; Revaluations of non-monetary assets; Business combinations; Unremitted earnings; Deferred tax assets; Defined benefit pension schemes; Share-based payment; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 31: Foreign Currency Translation; Introduction and scope; Presentation currency; Functional currency; Reporting individual foreign currency transactions; Foreign operations which are an extension of the reporting entity; Foreign operations which are autonomous; Intra-group transactions; Net investment in a foreign operation; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 32: Events after the End of the Reporting Period; Introduction; Definitions; Adjusting events; Non-adjusting events; Dividends; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 33: Related Parties; Introduction; Scope; Definitions; Examples of related party transactions; Disclosure requirements; Summary - What is different from the previous UK GAAP?; 34: Specialised Activities; Introduction; Agriculture; Extractive industries; Service concession arrangements; Financial institutions; Retirement benefit plans; Heritage assets; Public benefit entities; Other entities; Summary - What is different from the previous UK GAAP?; 35: Reduced Disclosure Framework; Introduction and scope; Reduced disclosures under FRS 102; Reduced disclosures under FRS 101; Summary - What is different from the previous UK GAAP?; 36: First-time Adoption of FRS 102; Introduction; Procedures at the date of transition; Adjustments at the date of transition; Exceptions from retrospective application; Exemptions from retrospective application; Disclosure requirements; Summary - What is different from the previous UK GAAP?