UK GAAP

Accounting / Accounting updates: February 2019

In this month’s roundup of accounting and reporting developments, FRC set to amend FRS 102 defined benefit pension rules, FRC consults on tougher stewardship code, former Tesco FD cleared in £250m accounting fraud, Patisserie Valerie calls in KPMG as administrators

Accounting / FRC set to amend FRS 102 defined benefit pension rules

The Financial Reporting Council (FRC) is consulting on changes to FRS 102 to improve the accounting regime for defined benefit pensions, as well as amendments to FRS 101 to take into account IFRS 17 Insurance Contracts

Accounting / FRS 105 micro accounting: why adopt micro-entity standard – part 2

In the second of a two-part series on the micro-entity regime under FRS 105, Anne Cowley ACA looks at why micro-entities should adopt this standard, but only if they are not considering rapid expansion as the jump to fully-fledged FRS 102 will be a big one

Accounting / LLP SORP 2018: what it means for limited liability partnerships

The latest version of the LLP SORP 2018, released in December, updates the LLP accounting rules to meet the requirements of the FRS 102 Triennial Review. James Waller, technical writer, audit and accounting at Croner-i, examines the key changes

Accounting / Chapman: making sense of new Strategic Report requirements

Company reporters need to be ready for mandatory changes to the Strategic Report and the enhanced s172 Companies Act 2006 statement on directors’ duties from January 2019, explains Matt Chapman, better business reporting leader, KPMG

Accounting / FRS 105 micro accounting: what entities qualify – part 1

In the first of a two-part series on the FRS 105 micro-entity accounting regime, Anne Cowley ACA, senior technical writer at Croner-i, outlines which entities can qualify and how the rules change a company’s accounts

Accounting / Exec pay regulations come into force

The new regulations, which require companies explain the payments that executives receive, are effective from 1 January 2019 and apply to large UK listed companies with over 250 employees, with the first disclosures required from 2020

Accounting / Accounting filing deadlines: Dec 2018 - Jan 2019

The key accounting deadlines from accounts for period ending 31 March 2018 to implementation of a raft of amendments SORPs following FRS 102 triennial review, effective date of IFRS 16 Leases and revised guidance on the strategic report requirements

Accounting / CCAB publishes revised LLP SORP

The Consultative Committee of Accountancy Bodies (CCAB) has published an updated version of the statement of recommended practice – accounting by limited liability partnerships (LLPs SORP), designed to take into account revisions to FRS 102

Accounting / FRC issues revised standard and guidance for bank audits

The Financial Reporting Council (FRC) has issued an international standard on auditing accounting estimates and related disclosures, covering the audit of expected credit losses in banks and which has been revised to reflect the increased importance and complexity of estimates in financial statements

Accounting / Charities: Gift Aid, deeds of covenant and trading subsidiaries - part 8

Helena Wilkinson FCA, partner at Price Bailey, examines the changes brought in by Financial Reporting Standard (FRS) 102 and what they mean for charities when it comes to recording donations in their accounts

Accounting / Accounting updates: December 2018

In this month’s roundup of accounting and reporting developments, Companies Act 2006 amended for post-Brexit scenario, profit warning at Yü Group, Housing SORP 2018 issued, IFRS 17 Insurance Contracts delayed and poor quality disclosure reporting at smaller listed entities

Accounting / Charity accounts part 11: financial instruments

This article, the eleventh in our series on charity accounts, will focus on how financial instruments are accounted for under FRS 102 SORP, including what disclosures charities are required to make about their basic financial instruments

Accounting / Performance metrics – how to improve reporting

The Financial Reporting Lab has published guidance for companies on ways to improve the presentation of performance metrics in their reporting following criticism from investors about a lack of clarity and transparency

Accounting / Government amends accounting rules in Companies Act for post-Brexit

The government has issued draft legislation to amend the filing exemptions for companies and limited liability partnerships (LLPs) ahead of the UK leaving the EU, but refers to 'exit day'
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