UK Financial Statements: Presentation and Disclosure Requirements

This publication will contain model financial statements to illustrate how the disclosure requirements under new UK GAAP (and EU-endorsed IFRS) should be prepared.

The overall aim of the publication is to offer preparers of financial statements detailed guidance on getting the accounts and associated disclosure requirements correct under a new reporting framework.

Many books offering illustrative financial statements merely focus on the disclosure requirements only. This publication aims to be a 'one-stop-shop' which focuses on the wider issues around financial statement preparation. Various areas of the Companies Act 2006 require differing levels of disclosure depending on whether the entity is a micro-entity, small company, medium-sized or large business and this publication will be structured in such a way that each type of business is covered in its own chapter, hence making each chapter a standalone chapter depending on the size of the entity concerned.

The ever-increasing complexity of EU-adopted IFRS will also be covered in this book, recognising that listed companies and AIM-listed companies report under EU-adopted IFRS and so the requirements applicable to such companies will also be covered, including the complex requirements of IFRS 7 Financial Instruments: Disclosures and with new standards about to be issued in respect of revenue recognition and leases, which are more rigorous than previous IAS 11 Construction Contracts, IAS 17 Leases and IAS 18 Revenue, this publication will include model disclosures under these new standards.

Real-life financial statements will be used to aid comprehension. In addition detailed explanations of why certain things are done and disclosed will be incorporated within each chapter to enable preparers to understand why they are disclosing certain items.