PwC Manual of Accounting: Interim and Preliminary Reporting for the UK 2014

Manual of accounting - Interim and preliminary reporting for the UK 2014 contains PwC’s comprehensive guidance on preparing interim financial reports under IAS 34, ‘Interim financial reporting’ and the Disclosure and Transparency Rules (DTR) issued by the Financial Conduct Authority. It includes a detailed commentary on the requirements of IAS 34 and the DTR together with an illustrative set of condensed interim financial statements, including additional guidance in ‘commentary’ boxes on how to present this information. Also included in the book is a checklist of the minimum disclosures required by IAS 34 and the DTR.

Interim manual of accounting 

• Updated guidance on accounting for effective tax rate at interims
• Update for investment entities
• IFRIC agenda decision on presentation of interim cash flow statement
• Interim guidance on the application of IFRIC 21, ‘Levies’
• Update on FRC press notice on ‘Exceptional items’ and ESMA consultation paper on Alternate Performance Measures
• Update on quarterly reporting requirements of Disclosure & Transparency Directive
• Updated guidance on UKLA requirements on ‘Inside information’.

Interim illustrative financial statements

• Updated disclosure on application of new accounting standards and interpretations
• IFRS 13, ‘Fair value measurement‘ comparative information now disclosed
• Enhanced disclosures on the components of goodwill arising on a business combination
• New illustrative example of impairment of cash-generating unit
• Updated guidance on IFRS 9 ‘Financial instruments’
• Retained disclosure for adoption of new accounting standards – IFRS 10, ‘Consolidated financial statements‘, 11, ‘Joint arrangements‘ and 12, ‘Disclosures of interests in other entities‘

Interim reporting disclosure checklist

• IFRS 10, 11 and 12 questions identified as new for 2014, although included in 2013 version for early adopters
• Updated and expanded IAS 36, ‘Impairment of assets’ questions
• IFRIC 21, ‘Levies’ included for consideration
• Clarified disclosure headings for IFRS 3, ‘Business combinations’
• Investment entities questions