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PwC Manual of Accounting: Interim and Preliminary Reporting for the UK 2016

PwC Manual of Accounting: Interim and Preliminary Reporting for the UK 2016

Author: PwC
Publisher: Bloomsbury Professional (formerly Tottel Publishing)
ISBN: 9781784517250

Previous Edition ISBN: 1784510270
Published In: June 2016
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

Description
Contents

Details

contains PwC's comprehensive guidance on preparing preliminary statements and 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 is a checklist of the minimum disclosures required by IAS 34 and the DTR.

01.

– Interim reports

Introduction

UK Listing Authority requirements – Disclosure and Transparency Rules

Introduction

Application of the rules and exemptions

Form and content

Auditor involvement

Objective and scope of IAS 34

Frequency of reporting

Publication timescale

The reporting entity

Impact on annual financial statements

02.

– Basis of preparation of interim financial reports

The use of estimates

Seasonality of revenue or costs

Accounting policies

Changes in accounting policy and prior year adjustments

Standards and interpretations not endorsed by the EU

Materiality

03.

– Content of interim financial reports

Explanatory notes

Related party transactions

Segment reporting

Financial instruments disclosure

Management commentary

Going concern

Non-GAAP information

Periods to be presented and comparatives

04.

– Practical applications

Planned but irregular expenditure

Major planned periodic maintenance or overhaul

Employee costs

Year end bonuses

Pensions

Defined contribution scheme

Defined benefit scheme

Holidays and other short-term paid absence

Share-based payment

Taxation

Tax credits

Tax charge in respect of prior year

Change in estimated or actual effective tax rate

Tax year differs from accounting year

Intra-period losses

Inter-period loss carry-backs or carry-forwards

Recognition and de-recognition of deferred tax assets

Taxation – impact of share options

PwC Manual of accounting – Interim and preliminary reporting for the UK 2016

Effect of acquired subsidiary on tax charge in interims

Associates and joint arrangements

Foreign currency

Earnings per share

Intangible assets

Depreciation and amortisation

Impairment

Inventories

Provisions and contingencies

Contingent lease payments

Contractual or anticipated purchase price variations

Levies

Financial services fees – Management and performance fees

Financial instruments

Use of estimates

Revaluations

Inter-company reconciliations

Classification of current and non-current assets and liabilities

Changes in the group structure

Acquisitions

Non-current assets held for sale and discontinued operations

Restructurings

Hyperinflation

First-time adoption of IFRS

05.

– Other matters

Companies Act 2006 and other regulatory requirements

Non-statutory accounts

Interim management statements

Publication of information

06.

– Preliminary announcements

UK Listing Authority requirements

Form and content of preliminary announcements

Distribution

Publication timescale

Reliability

Accounting policies and prior year adjustments

Content

Management commentary

Final interim period

Income statement/statement of comprehensive income

Statement of comprehensive income

Balance sheet

Statement of cash flows

Comparative figures

Other disclosures

Companies Act requirements

07.

– Interim financial reporting – UK GAAP – FRS 104

Introduction.

Scope

Significant differences between FRS 104 and IAS 34

Interaction of FRS 104 and Disclosure and Transparency Rules

Effective date.

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