Similarities and Differences: A Comparison of Current UK GAAP new UK GAAP (FRS 102) and IFRS

Name: Similarities and Differences: A Comparison of Current UK GAAP new UK GAAP (FRS 102) and IFRS
Brand: Bloomsbury Professional (formerly Tottel Publishing)
SKU: 9781780434643
Price: 252.20 HKD
Availability: OutOfStock
Author: PwC
ISBN: 9781780434643

By PwC

Bloomsbury Professional (formerly Tottel Publishing) November 2013

Specifications

ISBN-13: 9781780434643
Publisher: Bloomsbury Professional (formerly Tottel Publishing)
Publication: November 2013
Format: Paperback , 148 pages
Jurisdiction: U.K. ? Countri(es) for reference only

Details

This publication provides a high level overview of the significant differences between current UK GAAP, new UK GAAP (FRS 102) and EU-adopted IFRS. It focuses on a selection of those differences most commonly found in practice. When applying the individual accounting frameworks, companies should consult all of the relevant accounting standards and, where applicable, national law. This summary takes into account authoritative pronouncements issued under UK GAAP and IFRS published up to March 2013.

The executive summary aims to demonstrate how converting to new UK GAAP or IFRS has implications far beyond an entity’s financial reporting function; to highlight some of the key differences between current UK GAAP and new UK GAAP and IFRS; and to encourage early consideration of the most appropriate framework to adopt going forward for your entity. The second section provides a summary of the similarities and differences between the three frameworks and refers to subsequent sections where key divergences are highlighted.

Executive summary
Summary of key differences
1. Accounting rules and principles
· Accounting framework
· First-time adoption
· Financial statements
· Financial instruments
· Foreign currencies
2. Income statement and related notes
· Income
· Expenses
· Employee benefits
· Share-based payments
· Income taxes
3. Balance sheet and related notes
· Intangible assets
· Property, plant and equipment
· Investment property
· Impairment of assets
· Leases
· Inventories
· Provisions and contingencies
· Events after the end of the reporting period
· Equity
4. Consolidated and separate financial statements
· Consolidation
· Business combinations
· Discontinued operations and assets held for sale
· Investments in associates
· Investments in joint ventures
5. Other subjects
· Related party disclosures
· Specialised activities