UK GAAP

Accounting / Pensions SORP revised: what you need to know

The Pensions SORP  - Statement of Recommended Practice - has been updated to take account of changes to FRS 102 and various legislative amendments to pension rules. Shona Harvie, partner in the pension funds group at Crowe UK and chair of PRAG explains the key revisions effective from 2019

Accounting / PRAG publishes updated SORP for pension accounting

The Pensions Research Accountants Group (PRAG) has revised the accounting framework for pension schemes with the publication of the Pensions SORP (Statement of Recommended Practice) 2018 to bring guidance in line with the latest version of FRS 102

Accounting / Performance metrics need to provide reporting clarity, says FRC

Companies need to improve the way they compile performance metrics in their year end and interim reporting to ensure they reflect the needs of investors, says the Financial Reporting Council (FRC)

Accounting / Accounting updates: June 2018

In this month’s roundup of developments in accounting and financial reporting, government plans urgent crackdown on use of Scottish limited partnerships, Korean regulator probes Samsung BioLogics accounts, tech company hit by balance sheet impact of IFRS 15

Accounting / Accounting for cryptocurrency: what you need to know

The absence of accounting guidance for cryptocurrencies is causing some concern for reporters as various standards boards review the accounting treatments, but the global standard setter remains on the sidelines. Sarah Perrin ACA asks leading accounting experts about how they deal with crypto accounting

Accounting / LLP accounting: classification of LLP members’ capital and remuneration – part 1

In the first of a new series on accounting for limited liability partnerships (LLPs), Iain Storey of Price Bailey explains the classification of LLP members’ capital and remuneration in the context of the LLP SORP

Accounting / No amendments to FRS 101 Reduced Disclosure Framework in annual review

There are no changes to FRS 101 Reduced Disclosure Framework following the Financial Reporting Council’s (FRC’s) annual review of the standard, while the regulator says it will review the impact of IFRS 17 Insurance Contracts in more detail when a clearer picture of the endorsement of the standard is known

Accounting / Accounting updates: May 2018

In this month’s roundup of developments in accounting and financial reporting, Air Partner forced to deal with £3.3m accounting error, IASB refreshes Conceptual Framework for IFRS users, US GAAP rules on revenue recognition hit GE profits

Accounting / Pension funds at risk from cyber crime, warns PRAG

The Pensions Research Accountants Group (PRAG) is warning that pension funds are at high risk of attack from cyber criminals as they have access to extensive personal identity data including addresses, financial records and banking details, which can be sold, or used to compromise or steal from other victims

Accounting / FRC’s Lab to report on implementation impact

The Financial Reporting Council’s (FRC’s) financial reporting lab is carrying out an implementation study on how practice has changed as a result of its work on corporate reporting, and will reveal its findings at its conference in London in June

Accounting / Challenges of accounting for LLPs

Limited liability partnership (LLP) accounts create challenges over profits, revenue recognition and mergers, explains Sarah Perrin ACA

Accounting / Demystifying changes to charities' annual returns

BDO partner Fiona Condron looks at the changes planned for charities and their annual return and highlights the issues to be aware of

Accounting / Companies Act 2006 part 13: individual accounts

This article, the thirteenth in our series on the Companies Act 2006, will focus on the preparation of individual accounts looking into Financial Reporting Standards (FRS) and International Accounting Standards (IAS) 

Accounting / End of pseudo hedge accounting under FRS 102 and IFRS

Does the recent IFRIC policy statement on hedge accounting mean the end of the use of pseudo hedging under IFRS and FRS 102 accounting, asks Zwi Y Sacho CA(SA), FCA, director of the corporate accounting advisory practice at Chatham Financial Europe

Accounting / FRS 101: transition tips and advice - part 5

Anne Cowley ACA explains the key transition steps when moving to FRS 101 Reduced Disclosure Framework, whether transitioning from FRS 102, FRS 105 Micro-entities Regime or International Financial Reporting Standards (IFRS)
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