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

Author: Steven Collings
Publisher: John Wiley & Sons
ISBN: 9781118819272
Published In: April 2015
Format: Paperback , 512 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Contents

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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 1^st 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.

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