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Interpretation and Application of UK GAAP: For Accounting Periods Commencing On or After 1 January 2015

ISBN: 978-1-118-81927-2
546 pages
April 2015
Interpretation and Application of UK GAAP: For Accounting Periods Commencing On or After 1 January 2015 (1118819276) cover image

Description

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.

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Table of Contents

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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Press Release

February 11, 2015
Interpretation and Application of UK GAAP

Wiley publishes comprehensive, practical guide to UK GAAP

With sweeping changes having come into effect in UK GAAP from 1 January, it is vital that those responsible for preparing financial statements have a sound understanding of how UK GAAP works. Interpretation and Application of UK GAAP is the only comprehensive guide to applying UK GAAP at all levels for accounting periods commencing on or after 1 January 2015.  The guide gives practical insight into the preparation of accounts under EU-adopted IFRS, FRSs 100, 101 and 102 to the Financial Reporting Standard for Smaller Entities (FRSSE).

The guide:

  • Includes practical examples and a list of disclosure requirements at the end of each chapter
  • Examines all the core principles at all levels of UK GAAP from major listed company requirements, to small owner-managed business, incorporating disclosure requirements and the requirements of the Companies Act 2006.
  • Sets out the key differences between current UK GAAP and the new UK GAAP which will be mandatory for accounting periods from January 1st 2015.
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