UK GAAP: generally accepted accounting practice in the United Kingdom
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Basingstoke
Macmillan
1994
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| Ausgabe: | 4. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XLV, 1610 S. |
| ISBN: | 0333616197 |
Internformat
MARC
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| 245 | 1 | 0 | |a UK GAAP |b generally accepted accounting practice in the United Kingdom |c Mike Davies, Ron Paterson & Allister Wilson |
| 246 | 1 | 3 | |a Generally accepted accounting practice in the United Kingdom |
| 250 | |a 4. ed. | ||
| 264 | 1 | |a Basingstoke |b Macmillan |c 1994 | |
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Datensatz im Suchindex
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| adam_text | Detailed contents
CHAPTER 1 THE DEVELOPMENT OF UK GAAP 1
1 Definition OF UK GAAP 1
1.1 Principles or practice ? 1
1.2 What is generally accepted ? 2
2 Accounting standards and the concept of true and fair 3
2.1 The introduction of the true and fair concept 3
2.2 The interaction of accounting standards and the law 4
2.3 The role of International Accounting Standards 7
2.4 The experience of other countries 9
2.4.1 US 9
2.4.2 Canada 10
2.4.3 Germany 11
3 The development of Accounting Standards 12
3.1 The Accounting Standards Committee 12
3.1.1 The creation of the ASC 13
3.1.2 The objects and terms of reference of the ASC 13
3.1.3 The Watts Report 13
3.1.4 The McKinnon Report 14
3.1.5 The Dearing Report 14
3.1.6 The implementation of the Dearing proposals 17
3.2 The Accounting Standards Board 18
3.3 Statements of Recommended Practice (SORPs) 20
4 GAAP for small companies 21
4.1 The Big GAAP/Iittle GAAP debate 21
4.2 Exemptions for small companies 21
4.3 What is the small company solution? 23
5 Summary financial statements 24
5.1 The required form of a summary financial statement 24
5.2 Impact on US GAAP 29
5.3 Commentary 29
6, Conclusion •• 30
viii Generally Accepted Accounting Practice in the United Kingdom
CHAPTER 2 THE QUEST FOR A CONCEPTUAL FRAMEWORK
FOR FINANCIAL REPORTING 35^
1 Introduction 35
1.1 What is a conceptual framework? 35
1.2 Why is a conceptual framework necessary? 35
1.3 Early attempts to establish a framework 37
2 The AICPA s early initiatives in the United States ¦. : 38
2.1 Accounting Research Studies 38
2.2 APB Statement No. 4 40
2.3 The Wheat and Trueblood Committees 40
3 The FASB Conceptual Framework 41
3.1 Introduction 41
3.2 The objectives of financial reporting.... 43
3.3 The qualitative characteristics of accounting information , 46
3.3.1 The decision makers 47
3.3.2 The cost/benefit constraint 47
3.3.3 Understandability 47
3.3.4 Relevance and reliability 47
3.3.5 Comparability 49
3.3.6 Materiality 50
3.3.7 Conservatism 50
3.4 The elements of financial statements 51
3.4.1 Assets.. 51
3.4.2 Liabilities 52
3.4.3 Equity „ 52
3.4.4 Investments by owners 52
3.4.5 Distributions to owners 53
3.4.6 Comprehensive income 53
3.4.7 Revenues, expenses, gains and losses 53
3.5 Recognition and measurement 54
3.6 Conclusion 55
4 UK initiatives t 56
4.1 SSAP2: Disclosure of accounting policies 56
4.1.1 Fundamental accounting concepts... 57
4.1.2 Accounting bases , 58
4.1.3 Accounting policies ,...,,....... 58
4.2 The Corporate Report .„„ 59
4.3 The Sandilands Report ........].... 61
4.3.1 Current Purchasing Power accounting....;.... .Aif.....1.1..... 6»2
4.3.2 Value accounting 63
Detailed contents IX_
4.3.3 Cash flow accounting 66
4.3.4 Current cost accounting (CCA) 67
4.4 The Macve Report 71
4.5 The Stamp Report 72
4.6 The ICAS discussion document: Making Corporate Reports Valuable 73
4.6.1 Background to the study 73
4.6.2 Users and their needs 74
4.6.3 Valuation of assets and liabilities 75
4.6.4 The proposed new information package 76
4.6.5 Additional information 77
4.6.6 Conclusion 78
4.7 The Solomons Report 78
4.8 The Future Shape of Financial Reports 83
5 The ASB s Statement of Principles 84
5.1 Introduction 84
5.2 Chapter 1 — The objective of financial statements 85
5.3 Chapter 2 — Qualitative characteristics of financial information 85
5.4 Chapter 3 — The elements of financial statements 86
5.4.1 Assets 86
5.4.2 Liabilities 87
5.4.3 Equity 87
5.4.4 Gains 87
5.4.5 Losses 87
5.4.6 Contributions from owners 87
5.4.7 Distributions to owners 88
5.4.8 The overall approach 88
5.5 Chapter 4 — The recognition of items in financial statements 88
5.6 Chapter 5 — Measurement in financial statements 91
5.7 Chapter 6 — Presentation of financial information 96
5.8 Chapter 7 — The reporting entity 96
5.9 Conclusion 98
6 Other international framework projects 100
6.1 The IASC conceptual framework 100
6.2 The CICA financial statement concepts 101
6.3 The Australian framework project 102
6.4 The New Zealand framework project 104
6.4.1 Explanatory Foreword 104
6.4.2 Statement of Concepts 104
6.4.3 Differential Reporting 105
X Generally Accepted Accounting Practice in the United Kingdom
7 The AICPA Special Committee on Financial Reporting 106
7.1 Value information 107
7.2 Disaggregated information 108
7.3 Core earnings 108
7.4 Estimates, assumptions and off balance sheet risks 108
7.5 Non financial business information 109
7.6 Forward looking information 109
7.7 Consistency and comparability 109
7.8 Credibility 109
7.9 The role of auditing 110
7.10 Future activities of the Special Committee 110
8 Conclusion Ill
CHAPTER 3 REVENUE RECOGNITION 121
1 The nature of revenue 121
2 Realised profits ... . 122
3 The timing of revenue recognition 124
3.1 The critical event approach 125
3.1.1 The recognition of revenue at the completion of production 126
3.1.2 The recognition of revenue at the time of sale 127
3.1.3 The recognition of revenue subsequent to delivery 128
3.2 The accretion approach 130
3.2.1 The use by others of enterprise resources , 130
3.2.2 Long term contracts 130
3.2.3 Natural growth 130
3.3 The revenue allocation approach 131
4 Fundamental recognition criteria 131
4.1 ASB Draft Statement of Principles Chapter 4: The recognition of items
in financial statements 132
4.1.1 The gain is earned 133
4.1.2 The gain is realised 134
4.1.3 The potential impact of the ASB s proposals on the
recognition of gains 135
4.2 FRS5 136
4.3 IAS 18 137
4.3.3 The rendering of services 140
4.3.4 Interest, royalties and dividends 141
4.3.5 Disclosure [ 142
4.4 The US , 142
4.4.1 The general rule 142
Detailed contents Xl_
4.4.2 SFAC No. 5 143
4.4.3 FASB Statements and AICPA Statements of Position 144
4.5 Summary 144
5 Problem areas 146
5.1 Receipt of initial fees 146
5.1.1 Franchise fees 146
5.1.2 Advance royalty/licence receipts 148
5.1.3 Loan arrangement fees 150
5.1.4 Commitment fees 151
5.1.5 Credit card fees 152
5.2 Goods sold subject to reservation of title 152
5.3 Subscriptions to publications 153
5.4 Advertising revenue 153
5.5 Software revenue recognition 154
5.5.1 Software licences with no significant vendor obligations 155
5.5.2 Products sold with significant vendor obligations 155
5.5.3 Post delivery customer support services 157
5.5.4 Data services 159
5.6 Film exhibition rights 160
5.7 The disposal of land and buildings 161
5.8 Sale and leaseback transactions 163
5.9 Non monetary/barter transactions 163
6 Conclusion 165
CHAPTER 4 CORPORATE GOVERNANCE AND THE OFR 169
1 The need for corporate governance reform 169
2 What is corporate governance? 170
3 The Cadbury Code of Best Practice 170
4 Reporting on compliance with the Code 172
4.1 The board of directors 172
4.2 Non executive directors 177
4.3 Executive directors 179
4.4 Reporting and controls 182
4.5 Formats of directors and auditors reports on compliance 185
4.5.1 Reporting by directors 185
4.5.2 Reporting by auditors 187
5 The continuing debate 188
5.1 Going concern 188
5.2 Internal control.. 189
XJi Generally Accepted Accounting Practice in the United Kingdom
6 Cadbury and smaller quoted companies 192
7 The Operating and Financial Review (OFR) 194
7.1 The operating review 195
7.2 The financial review 196
7.3 Statement of compliance 198
7.4 Disclosures in practice 198
Appendix: The Cadbury Code of Best Practice 199
CHAPTER 5 CONSOLIDATED ACCOUNTS 205
1 The concept of a group 205
1.1 The objectives of group accounts 205
1.2 What is a subsidiary? 205
1.2.1 The EC Seventh Directive 206
1.2.2 The Companies Act 207
1.3 Consolidating partly owned subsidiaries 214
1.3.1 The entity concept 214
1.3.2 The proprietary concept 214
1.3.3 Comparison between the different concepts of a group 214
1.3.4 ED 50 and FRS 2 216
2 Historical development of rules on group accounts 218
2.1 Origins of group accounts 218
2.2 The UK legislative background 219
2.3 Accounting standards in the UK... 219
3 Consolidation of subsidiaries 219
3.1 Basic principles 219
3.2 Uniform accounting policies 220
3.3 Coterminous accounting periods 221
3.4 Elimination of unrealised profits/losses on inter company transactions 223
4 Exemptions from preparing group accounts 224
4.1 Intermediate holding companies 224
4.2 Small and medium sized groups 227
4.3 Exemptions contained in FRS 2 229
5 Exclusion of subsidiaries from group accounts 229
5.1 Sources of rules on exclusion of particular subsidiaries 229
5.2 Different activities ;„. 230
5.3 Operating under severe restrictions...... „.. 232
5.4 Held for subsequent resale ,.....«....,u..;....4»;. 235
5.5 General disclosure requirements in respect of excluded subsidiaries... ...: 237
6 Comparison with US and IASC pronouncements...... 1...^..l.lL...b... 1.; 238
Detailed contents XJJi
6.1 US 238
6.2 IASC 239
CHAPTER 6 BUSINESS COMBINATIONS AND DISPOSALS 243
1 Introduction 243
2 Business combinations 244
2.1 Historical development of rules on the criteria for mergers and acquisitions 244
2.1.1 ED 3 244
2.1.2 Merger relief 245
2.1.3 ED 31 247
2.1.4 SSAP23 248
2.1.5 Companies Act 1989 249
2.1.6 ED 48 251
2.1.7 FRED 6 251
2.1.8 FRS 6 252
2.2 Acquisitions: basic principles 255
2.3 Acquisitions: measuring the fair value of the consideration 256
2.3.1 Cash and other monetary consideration 258
2.3.2 Capital instruments 258
2.3.3 Non monetary assets 260
2.3.4 Deferred consideration 260
2.3.5 Contingent consideration 262
2.3.6 Acquisition expenses 266
2.3.7 Pre acquisition dividends 266
2.4 Acquisitions: measuring the fair value of the net assets acquired 268
2.4.1 Basic principles 268
2.4.2 The use of hindsight 270
2.4.3 Requirements for individual assets and liabilities 272
2.4.4 Subsequent amendments to fair value 285
2.4.5 Push down accounting 287
2.5 Acquisitions: accounting for goodwill 287
2.5.1 Introduction 287
2.5.2 Immediate write off: which reserve? 292
2.5.3 Effect on realised profits of writing off goodwill 299
2.5.4 Amortisation 301
2.5.5 Negative goodwill 304
2.6 Step by step acquisitions 307
2.6.1 Background 307
2.6.2 Example 307
2.6.3 FRS 2 requirements..... 311
2.7 Mergers 313
2.7.1 Basic principles 313
2.7.2 Equity eliminations 314
2.7.3 Expenses of the merger 316
2.7.4 Non coterminous accounting periods 317
2.7.5 Dividends of the subsidiary 318
2.8 Disclosure requirements relating to business combinations 318
2.8.1 General 319
2.8.2 Acquisitions 319
2.8.3 Mergers 330
2.8.4 Transactions involving merger relief 333
2.8.5 Companies Act 333
3 Disposals 336
3.1 Basic principles 336
3.2 Effective date of disposal 336
3.3 Goodwill of subsidiaries disposed of 338
3.4 Partial disposals 342
3.5 Deemed disposals 344
3.6 Disclosure requirements relating to disposals 345
4 Group reorganisations 346
4.1 Introduction 346
4.2 Setting up a new top holding company 347
4.3 Changing direct ownership of a company within a group 349
4.3.1 Subsidiary moved up 349
4.3.2 Subsidiary moved along 350
4.3.3 Subsidiary moved down 351
4.4 Divisionalisation of an existing group 353
4.5 Demergers 354
4.6 Capital contributions 358
4.6.1 Treatment in the financial statements of the paying company 358
4.6.2 Treatment in the financial statements of the receiving company 359
5 Conclusion 359
CHAPTER 7 ASSOCIATES AND JOINT VENTURES 365
1 Introduction 365
2 The definition of an associate . 366
2.1 SSAP1 366
2.2 The Companies Act 1985 —...... 367
2.3 ED 50 „..„,.. ,1 367
2.4 ASB Discussion Paper 368
3 The accounting treatment of associates 368
3.1 Equity accounting 368
3.2 ASB Discussion Paper 370
4 Other particular issues 371
4.1 Non coterminous periods 371
4.2 Deficiency of assets 372
4.3 Investor not preparing group financial statements 373
4.4 Joint ventures 375
4.5 Loss of associate status 377
4.6 Elimination of unrealised profits on transactions with associates 378
5 Disclosure requirements regarding associates 380
5.1 Profit and loss account 380
5.2 Balance sheet 381
5.3 Notes 381
5.4 Acquisitions/disposals 383
5.5 Stock Exchange requirements 383
5.6 Proportionately consolidated joint ventures 384
5.7 ASB Discussion Paper 385
5.7.1 Aggregate interests are material but not substantial 385
5.7.2 Aggregate interests are substantial 385
5.7.3 Individual interest is material but not substantial 386
5.7.4 Individual interest is substantial 386
6 Comparison with US and IASC pronouncements 386
6.1 US 386
6.2 IASC 387
6.2.1 Associates 387
6.2.2 Joint ventures 388
7 Conclusion 389
CHAPTER 8 FOREIGN CURRENCIES 393
1 The development of an accounting standard in the UK 393
1.1 Background 393
1.2 SSAP6 394
1.3 ED 16 394
1.4 ED 21 395
1.5 ED 27 395
1.6 SSAP 20 396
2 Requirements of SSAP 20 396
2.1 Objectives of translation 396
2.2 Definitions of terms 396
2.3 Individual companies 397
2.3.1 Recording of transactions 398
2.3.2 Retranslation of monetary/non monetary assets and liabilities
at balance sheet date 398
2.3.3 Treatment of exchange differences 398
2.3.4 Worked examples 398
2.3.5 Examples of accounting policies 399
2.3.6 Exchange gains where there are doubts as to convertibility or
marketability 399
2.3.7 Foreign equity investments financed by borrowings 400
2.3.8 Forward contracts 401
2.4 Consolidated accounts 402
2.4.1 Scope 402
2.4.2 Choice of method 402
2.4.3 Closing rate/net investment method.:........... 402
2.4.4 Temporal method... 406
2.4.5 Foreign equity investments financed by borrowings 411
2.4.6 Associated companies 415
2.4.7 Foreign branches 415
2.5 Disclosures 416
2.5.1 Requirements of SSAP 20 416
2.5.2 Examples of disclosures 417
3 Problem areas 419
3.1 Individual companies 419
3.1.1 Date of transaction 419
3.1.2 Use of average rate 420
3.1.3 Dual rates or suspension of rates 422
3.1.4 Monetary or non monetary 422
3.1.5 Treatment of exchange differences 426
3.2 Exchange gains on long term monetary items 428
3.2.1 In what circumstances do doubts as to convertibility or
marketability arise? 428
3.2.2 Past exchange losses 429
3.2.3 Settled or unsettled transactions 429
3.2.4 Current portion of long term item 429
3.2.5 Restriction of gain 430
3.3 Forward contracts, currency swaps and currency options..... 430
3.3.1 Forward contracts 430
3.3.2 Currency swaps 439
3.3.3 Currency options.... .............i....!l;^..l....;j;...niE...i.:^..44O
Detailed contents XV11
3.4 Consolidated accounts — closing rate/net investment method 443
3.4.1 Subsidiary with non coterminous year end 443
3.4.2 Dual rates or suspension of rates 444
3.4.3 Calculation of average rate 445
3.4.4 Change from closing rate to average rate or vice versa 448
3.4.5 To which reserve should exchange differences be taken? 449
3.4.6 Post acquisition capital or revaluation reserves 449
3.4.7 Treatment of exchange differences on disposal of subsidiary 453
3.4.8 Change from closing rate/net investment method to
temporal method or vice versa 455
3.4.9 Hyperinflation 455
3.4.10 Goodwill on consolidation 459
3.4.11 Inter period comparisons 460
3.4.12 Branches 463
3.5 Cover method 464
3.5.1 What are foreign currency borrowings ? 464
3.5.2 Borrowings taken out before or after the investment 464
3.5.3 Repayment of borrowings 468
3.5.4 Goodwill on consolidation 469
3.5.5 All investments/borrowings? 471
3.5.6 Must currencies be the same? 473
3.5.7 Pooled basis? 476
3.5.8 What is meant by condition (b) of paragraph 51 and
condition (c) of paragraph 57? 478
3.5.9 What should happen in the year of change of the above
conditions not being met? 480
3.6 Intra group long term loans and deferred trading balances 483
3.6.1 General requirement 483
3.6.2 Paragraphs 20 and 43 484
3.6.3 How permanent is permanent? 484
3.6.4 What happens in year of change? 485
3.6.5 Is such a treatment allowed in the company
financial statements? 487
3.6.6 If so, how should loans be translated? 488
3.6.7 UK subsidiary with loan from overseas parent company 489
3.7 Other intra group transactions 489
3.7.1 Dividends 490
3.7.2 Unrealised profits 492
4 Main criticisms of SSAP 20 and suggested solutions 493
4.1 Forward contracts and similar hedging contracts 493
4.1.1 Criticisms 493
4.1.2 Solution..... 493
xvm Generally Accepted Accounting Practice in the United Kingdom
4.2 Cover method 494
4.2.1 Criticisms 494
4.2.2 Solution 494
4.3 Conclusion 495
5 Related Companies Act requirements 495
5.1 Realised profits 495
5.1.1 Schedule 4, paragraph 12 495
5.1.2 Section 262(3) 495
5.1.3 Settled transactions 496
5.1.4 Short term monetary items 496
5.1.5 Long term monetary items 496
5.2 Distributable profits 498
5.2.1 Section 263(3) 498
5.2.2 Long term monetary items 498
5.2.3 Section 275 and Schedule 4, paragraph 89 498
5.2.4 Cover method 499
5.2.5 Branch accounting 500
5.3 Disclosure 501
5.3.1 Basis of translation 502
5.3.2 Treatment of exchange differences in profit and loss account 502
5.3.3 Reserve movements 502
5.3.4 Movements on provisions for liabilities and charges 503
5.3.5 Movements on fixed assets 503
5.4 Alternative accounting rules 503
5.4.1 Schedule 4, Part II, section C 503
5.4.2 SSAP 20, paragraph 66 504
6 Comparison with US and IASC pronouncements 504
6.1 US , 504
6.1.1 General comment 504
6.1.2 Main differences ; 504
6.2 IASC 507
6.2.1 General comment 507
6.2.2 Main differences 507
CHAPTER 9 FIXED ASSETS AND DEPRECIATION 513
1 Introduction 513
1.1 Background ...............A.l:.:......513
1.2 The meaning of fixed assets ........ 514
1.3 Criteria for recognition of fixed assets „............: 515
1.3.1 General criteria.. .:...... 515
Detailed contents XIX
1.3.2 Criteria for intangible fixed assets 515
1.3.3 The brands debate: which intangible assets are capable of
being accounted for? 520
2 Cost 524
2.1 Basic requirement 524
2.2 Purchase price 524
2.3 Production cost 524
2.4 Directly and indirectly attributable costs 525
2.5 The period of production 526
2.6 Abnormal costs and cost inefficiencies 527
2.7 Improvements and repairs 528
3 Depreciation 529
3.1 Introduction 529
3.2 Arguments against depreciation 530
3.3 The requirements of the Companies Act 537
3.4 SSAP 12 537
3.4.1 Scope 537
3.4.2 Definitions 537
3.4.3 Accounting treatment 538
3.4.4 Asset lives 538
3.4.5 Permanent diminutions 538
3.4.6 Change in method 539
3.4.7 Depreciation on revalued assets 539
3.4.8 Depreciation on land and buildings 539
3.5 Useful economic life 539
3.6 Residual values 541
3.7 Depreciation methods 541
3.7.1 Straight line method 542
3.7.2 Reducing balance method 542
3.7.3 Other reducing balance methods 543
3.7.4 Annuity method 544
3.7.5 Unit of production method 545
3.8 Changes in method of providing depreciation 546
3.9 Changes in estimated life 547
3.10 Treatment of minor items 548
4 Permanent diminutions 549
4.1 Introduction 549
4.2 Companies Act requirements 550
4.3 SSAP 12 and permanent diminutions 550
4.4 The estimation of recoverable amount 550
4.5 Diminutions in value of individual assets or portfolio of assets 552
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5 Revaluations 552
5.1 Introduction 552
5.1.1 Background 552
5.1.2 ED 51 553
5.1.3 ASB Discussion Paper 555
5.2 Bases of valuation 555
5.2.1 General principles 555
5.2.2 Open market value of land and buildings 558
5.2.3 Depreciated replacement cost of land and buildings 563
5.2.4 Valuations of other assets 564
5.2.5 The comparability and reliability of valuations 564
5.3 Accounting for revaluations 566
5.3.1 Accounting for revaluation surpluses , 566
5.3.2 Depreciation of revalued assets 568
5.3.3 Disposal of revalued assets 570
5.3.4 Downward valuations and provisions for
permanent impairment 571
5.3.5 Other uses of the revaluation reserve.. 574
5.3.6 Distributable profits and revaluations of fixed assets 575
6 Disclosure 577
6.1 Introduction 577
6.2 Directors report 577
6.3 Balance sheet and profit and loss account 578
6.4 Accounting policies 579
6.5 Notes to the accounts 580
6.6 Additional disclosures for items carried at valuation 582
7 Comparison with US and IASC pronouncements 586
7.1 US 586
7.2 IASC 587
8 Conclusion 587
CHAPTER 10 INVESTMENT PROPERTIES 593
1 The development of an accounting standard in the UK...... 593
2 The requirements of SSAP19 595
2.1 Definition of investment property , 595
2.2 Balance sheet valuation ,,., 595
2.3 Revaluation reserve ••,¦•••• • ,....,,...» 595
2.4 Disclosure , 596
j Problem areas. i»«.»..i.^.....,.,.iv......^»,i.»vfj*,,il# ^iT.fji ...». 596
uetaiiea contents xxi
3.1 Relevant Companies Act requirements 596
3.1.1 Disclosure on use of true and fair override 596
3.1.2 Diminutions in value.. 598
3.1.3 Revaluation reserve 602
3.1.4 Balance sheet classification 603
3.2 Frequency of independent valuation 603
3.3 Reclassifications from investment property to trading property 604
3.4 Reclassifications from trading property to investment property 605
4 Comparison with US and IASC pronouncements 607
4.1 US 607
4.2 IASC 607
5 Conclusion 608
CHAPTER 11 INVESTMENTS 611
1 Introduction 611
2 The requirements of the Companies Act 613
2.1 Classification 613
2.2 Accounting rules 614
2.2.1 Fixed asset investments 614
2.2.2 Current asset investments 616
2.2.3 Assigning purchase price to particular investments 617
2.3 Disclosure requirements 617
3 The requirements proposed by ED 55 620
3.1 Classification 621
3.2 Accounting requirements 622
3.2.1 Fixed asset investments 622
3.2.2 Current asset investments 623
3.2.3 Requirements for all investments 624
3.2.4 Income recognition 626
3.2.5 Redeemable interest bearing securities 626
3.2.6 Investments held for hedging purposes 627
3.2.7 Summary of ED 55 s measurement proposals 627
3.3 Disclosure requirements 628
4 Comparison with US and IASC pronouncements 629
4.1 US 629
4.2 IASC 629
4.2.1 IAS 25 629
4.2.2 E32 630
4.2.3 E48 630
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5 Conclusion 631
CHAPTER 12 RESEARCH AND DEVELOPMENT 633
1 Introduction 633
1.1 Possible accounting treatments of research and development expenditure 633
1.1.1 Charge all costs to expense when incurred 633
1.1.2 Capitalise all costs when incurred 634
1.1.3 Capitalise costs when incurred if certain conditions are met 635
1.1.4 Accumulation of costs in a special category 635
1.1.5 Which treatment should be adopted? 635
1.2 Development of accounting standards in the UK 635
1.2.1 ED 14 635
1.2.2 ED 17 . 636
1.2.3 SSAP13 636
1.2.4 ED 41 636
1.2.5 SSAP 13 (Revised) 637
2 Requirements of SSAP 13 637
2.1 Definitions 637
2.2 Accounting 638
2.2.1 Fixed assets 638
2.2.2 Pure and applied research 638
2.2.3 Development expenditure 639
2.3 Disclosure 640
2.4 Current reporting practice 640
3 Requirements of the Companies Act 1985 642
3.1 Accounting 642
3.2 Disclosure 643
3.2.1 Financial statements 643
3.2.2 Directors report 643
3.3 Distributable profits 644
4 Problem areas 644
4.1 What activities should be included within research and development? 644
4.2 What costs should be included within the category of
research and development? 646
4.3 Availability of choice between immediate write off and capitalisation of
development expenditure 646
4.4 Elimination of uncertainty in respect of development expenditure 646
4.4.1 Expenditure previously not capitalised 646
4.4.2 Deferred expenditure previously capitalised and
subsequently written down !„. .....: 647
uetauea contents ______^__^_ 5 Comparison with US and IASC pronouncements 647
5.1 US 647
5.2 IASC 648
CHAPTER 13 CAPITALISATION OF BORROWING COSTS 651
1 Introduction 651
1.1 The development of the practice of capitalisation 651
1.2 Arguments for and against capitalisation 652
1.3 The accounting alternatives 653
1.3.1 Account for interest on debt as an expense of the period
in which it is incurred 654
1.3.2 Capitalise interest on debt as part of the cost of an asset
when prescribed conditions are met 655
1.3.3 Capitalise interest on debt and imputed interest on
owners equity in respect of qualifying assets during
their production period 655
2 A comparison between the UK, US .and IASC 656
2.1 The current UK position 656
2.2 US 657
2.2.1 Qualifying and non qualifying assets 657
2.2.2 Capitalisation rate 658
2.2.3 Capitalisation period 659
2.2.4 Disclosure 659
2.3 IASC 659
2.3.1 The revised IAS 23 660
3 Issues arising in practice 663
3.1 Qualifying assets 663
3.2 Period of production 665
3.2.1 Commencement of capitalisation period 665
3.2.2 End of capitalisation period 667
3.2.3 Interruptions and delays during development 669
3.3 Determination of amount to be capitalised 669
3.3.1 Borrowings and capitalisation rate 669
3.3.2 Limitation on interest capitalised 673
3.3.3 Gross or net of tax relief 675
3.3.4 Compounding 675
3.3.5 Accrued costs 676
3.3.6 Asset not previously held at cost 676
3.4 Group financial statements 676
3.4.1 Borrowings in one company and development in another 676
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3.4.2 Qualifying assets held by investments accounted for using
the equity method 677
3.5 Other issues 678
3.5.1 Provisions for diminution in value 678
3.5.2 Change of policy 679
3.5.3 Exchange differences as a borrowing cost 680
3.5.4 Assets produced by others 681
3.5.5 Depreciation 682
3.5.6 Interest capitalisation and creative accounting 682
4 Disclosure 683
4.1 Balance sheet and related notes 683
4.2 Profit and loss account and related notes 683
4.3 Accounting policy 685
5 Conclusion 686
CHAPTER 14 STOCKS AND LONG TERM CONTRACTS 689
1 Introduction 689
1.1 The importance of stocks and long term contracts within
financial statements 689
1.2 What are stocks and long term contracts? 689
1.3 Objectives of stock measurement 690
2 Determining the cost of stock , 691
2.1 Direct costing vs. full absorption costing 692
3 Determining the cost of sales 693
3.1 Cost flow assumptions based on the physical flow of goods 693
3.1.1 Specific identification/actual cost 693
3.1.2 FIFO (first in, first out) 694
3.2 Cost flow assumptions which disregard the physical flow of goods 695
3.2.1 Weighted average 695
3.2.2 UFO (last in, first out) 695
3.2.3 Base stock 696
3.3 Illustration of the effect of different cost flow assumptions 697
4 The development of SSAP 9 (revised) 700
4.1 The original SSAP 9 700
4.2 The need for revision 701
4.3 SSAP 9 (Revised) 702
5 The requirements of the Companies Act 1985... .^. *..... .....i 703
5.1 Lower of cost and net realisable value ..J:..i;.........i.....iw.J..i,iv.... ...i. 703
5.2 Stoekindudedstafi^juaeoiif .^ ;.«.L 703
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5.3 Determination of purchase price or production cost 703
5.4 Costing method and replacement cost 704
5.4.1 Most recent actual purchase price or production cost 706
5.5 Current cost 706
6 Stocks 707
6.1 The accounting and disclosure requirements of SSAP 9 (Revised) 707
6.1.1 Suitable analysis of stocks 707
6.1.2 Accounting policies 708
6.2 Comparison with US and IASC pronouncements 709
6.2.1 US 709
6.2.2 IASC 710
6.3 Problem areas 711
6.3.1 Constituents of cost 711
6.3.2 Net realisable value 715
6.3.3 The valuation of high volumes of similar items of stock 717
6.3.4 Marking to market 718
7 Long term contracts 719
7.1 The accounting and disclosure requirements of SSAP 9 (Revised) 719
7.1.1 Definition 719
7.1.2 Turnover, related costs and attributable profit 720
7.1.3 Accounting policies 721
7.1.4 The financial statement presentation of long term contracts 722
7.1.5 Illustrative examples of the disclosure of long term contracts 724
7.2 Comparison with US and IASC pronouncements 729
7.2.1 US 729
7.2.2 IASC 729
7.3 Problem areas 731
7.3.1 How much profit? 731
7.3.2 How much turnover? 732
7.3.3 Approved variations and claims 733
7.3.4 Should profits be accrued on short term contracts? 734
7.3.5 Inclusion of interest 735
CHAPTER 15 CAPITAL INSTRUMENTS 739
1 Introduction 739
2 FRS4 740
2.1 The development of FRS 4 740
2.1.1 TR677 740
2.1.2 UITF 1 741
2.1.3 The ASB Discussion Paper 741
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2.1.4 FRED 3 741
2.1.5 UITF 8 742
2.1.6 FRS 4 742
2.2 The requirements of FRS 4 742
2.2.1 The definition of capital instruments 742
2.2.2 The distinction between debt and share capital 743
2.2.3 The accounting treatment of debt instruments 747
2.2.4 The accounting treatment of share capital 748
2.2.5 The allocation of finance costs 749
2.2.6 Repurchase of debt or shares 751
2.2.7 The disclosure of debt maturities 753
2.2.8 Warrants 755
2.2.9 Scrip dividends 756
2.2.10 Disclosure requirements 756
3 Companies Act requirements 763
3.1 Share capital 763
3.1.1 Measurement 763
3.1.2 Disclosure 764
3.2 Loan capital 766
3.3 The purchase of a company s own shares 767
4 Accounting for particular types of instrument 773
4.1 Bonds with no rights to conversion 773
4.1.1 Fixed interest rate bonds 773
4.1.2 Variable interest rate bonds 773
4.1.3 Stepped bonds 774
4.1.4 Deep discounted bonds 775
4.1.5 Index linked bonds 776
4.2 Convertible bonds 777
4.2.1 Traditional convertible bonds 777
4.2.2 Bonds with share warrants attached 778
4.2.3 Convertible bonds with premium puts or enhanced interest 778
4.2.4 Convertible capital bonds 779
4.2.5 Perpetual debt 782
4.3 Share options and warrants 783
4.4 Preference shares 784
4.4.1 Redeemable preference shares 784
4.4.2 Convertible preference shares 787
4.5 Interest rate swaps 788
4.6 Scrip dividends 789
5 Comparison with US and IASC pronouncements... ...,.„.. 794
5.1 US... ., ....... ,...2 .] ...;..; 794
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5.1.1 Share capital 794
5.1.2 Redeemable shares 794
5.1.3 Treasury stocks 795
5.1.4 Additional paid in capital 796
5.1.5 Dividends 796
5.1.6 Debt 796
5.1.7 Convertible debt and debt issued with warrants 798
5.1.8 Convertible bonds with a premium put 798
5.1.9 Extinguishment of debt 799
5.1.10 Troubled debt restructuring 799
5.1.11 Financial instruments project 800
5.2 IASC 801
6 Conclusion 803
CHAPTER 16 OFF BALANCE SHEET TRANSACTIONS 807
1 Introduction 807
1.1 Background 807
1.2 The forerunners of FRS 5 808
1.2.1 ICAEW Technical Release 603 808
1.2.2 ED 42 809
1.2.3 ED 49 810
1.2.4 FRED 4 811
2 FRS 5 811
2.1 Scope and general requirements 811
2.2 Definition of assets and liabilities 813
2.3 Analysis of risks and rewards 814
2.4 Recognition 814
2.5 Derecognition 816
2.5.1 General principles 816
2.5.2 Complete derecognition 817
2.5.3 Continued recognition 817
2.5.4 Partial derecognition 817
2.6 The linked presentation 820
2.7 Offset 826
2.8 Consolidation of other entities 826
2.9 Disclosure 830
3 Common forms of off balance sheet finance 830
3.1 Consignment stock 830
3.2 Sale and repurchase agreements 834
3.3 Factoring of debts 839
3.4 Securitised assets 842
3.5 Loan transfers 848
3.6 Take or pay contracts and throughput agreements 851
3.7 Employee share ownership arrangements 852
4 Comparison with US and IASC pronouncements 854
4.1 US 854
4.1.1 General 854
4.1.2 Subsidiaries and quasi subsidiaries 854
4.1.3 Sale of assets 855
4.1.4 Long term obligations 855
4.1.5 Sales of real estate 855
4.1.6 Transfers of receivables with recourse 856
4.1.7 Offset 857
4.2 IASC 857
5 Conclusion , 858
CHAPTER 17 LEASES AND HIRE PURCHASE CONTRACTS 863
1 Introduction ; 863
1.1 What are leases and hire purchase contracts? 863
1.2 The tax position 864
1.3 SSAP 21 864
1.4 Accounting requirements of SSAP 21 865
1.5 ICAEW review of SSAP 21 866
1.6 Implications of conceptual frameworks on lease accounting 866
2 Determining the lease type 867
2.1 The 90% test 867
2.1.1 The fair value 867
2.1.2 The implicit interest rate 867
2.1.3 The minimum lease payments 868
2.1.4 An unguaranteed residual value 868
2.1.5 The lease term 869
2.2 90% test example 869
2.3 Determining the lease type — other factors 870
2.4 Determining the lease type — the impact of FRS 5 . 872
3 Accounting by lessees 873
3.1 Introduction 873
3.2 Capitalised fixed asset 873
3.3 Finance lease obligation....... 874
3.4 Methods of allocating finance chargesto accounting periods..! ,874
3.5 Carrying values 876
3.6 Operating leases 877
3.6.1 Lease rentals 877
3.6.2 Reverse premiums and similar incentives 878
4 Disclosure by lessees 880
4.1 SSAP 21 requirements 880
4.2 Related Companies Act requirements 881
4.3 Disclosures in practice 882
5 Accounting by lessors 886
5.1 Introduction 886
5.2 Operating leases 886
5.3 Finance leases 886
5.4 Allocation of gross earnings — finance leases 887
5.4.1 Introduction 887
5.4.2 Methodology 887
5.4.3 Assumptions 891
5.4.4 Othermethods 891
5.4.5 Net investment or net cash investment 892
5.5 Allocation of gross earnings — hire purchase contracts 892
5.5.1 Introduction 892
5.5.2 Methodology 893
5.5.3 Choice of method 893
6 Disclosure by lessors 893
6.1 SSAP 21 requirements 893
6.2 Related Companies Act requirements 894
6.3 Disclosure in practice ......894
7 Problem areas 897
7.1 Classification of leases 897
7.1.1 Current practice 897
7.1.2 Leasing as an off balance sheet transaction 898
7.2 Termination of leases 899
7.2.1 Lease classification 899
7.2.2 Operating leases 899
7.2.3 Finance leases — lessee 899
7.2.4 Finance leases — lessor 900
7.3 Tax variation clauses 900
7.3.1 Introduction 900
7.3.2 Adjustments 901
7.3.3 Lessee 901
7.3.4 Lessor 901
7.4 Sale and leaseback transactions 901
7.4.1 Introduction 901
7.4.2 Finance or operating lease? 902
7.4.3 Leaseback under a finance lease 903
7.4.4 Sale and leasebacks involving options 904
7.4.5 Leaseback under an operating lease 910
7.5 Income recognition by lessors 913
7.5.1 Initial direct costs 913
7.5.2 Residual values 914
7.6 Manufacturers/dealers 914
7.6.1 Introduction 914
7.6.2 Allocating the total profit of the manufacturer/dealer 915
7.7 Sub leases and back to back leases 916
7.7.1 Introduction 916
7.7.2 The original lessor and the ultimate lessee 916
7.7.3 The intermediate party 916
7.8 Vacant leasehold property 920
8 Comparison with US and IASC pronouncements , 923
8.1 US 923
8.2 IASC ... 924
9 Conclusion 925
CHAPTER 18 GOVERNMENT GRANTS 929
1 Introduction 929
2 The development of SSAP 4 (Revised) 929
2.1 The original SSAP 4 i 929
2.2 ED 43 930
2.3 SSAP 4 (Revised) 930
3 The requirements of SSAP 4 (Revised) 930
3.1 Accounting 930
3.1.1 Treatment of capital grants 930
3.1.2 Treatment of revenue based grants 932
3.1.3 Accounting for receipt and repayment of grants 933
3.1.4 Matching grants against related expenditure 933
3.2 Disclosure 934
4 Problem areas 937
4.1 Achieving the most appropriate matching 937
4.1.1 Should the grant be split into its elements? 938
4.1.2 What was the purpose of the grant?,.... ,..,..„ 939
4.1.3 What is the period to be benefited by the grant?.. „ ,.., 939
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4.1.4 Is a grant capital or revenue? 939
4.2 Capital grants on non depreciating assets 939
5 Comparison with the IASC pronouncement 940
CHAPTER 19 SEGMENTAL REPORTING 943
1 Introduction 943
1.1 Historical background 943
1.2 The objectives of segmental reporting 944
1.2.1 Introduction 944
1.2.2 The shareholder group 944
1.2.3 The investment analyst group 944
1.2.4 The lender/creditor group 945
1.2.5 Government 945
2 The UK position 945
2.1 Legislative requirements 945
2.2 SSAP 25 946
2.2.1 The origins of the standard 946
2.2.2 General approach 946
2.2.3 Scope 946
2.2.4 What is a reportable segment? 948
2.2.5 What is to be reported? 949
2.2.6 Associated undertakings 951
2.2.7 Common costs 954
2.2.8 Disclosure in practice 954
2.3 Voluntary segmental disclosures 961
3 Problem areas 963
3.1 How to define the segments 963
3.2 Inter segment sales 969
3.3 Common costs 970
3.4 Allocation of interest income and interest expense 971
3.5 Exceptional items 972
3.6 Changes in composition of the group 974
3.7 How to define net assets 974
4 Comparison with US and IASC pronouncements 977
4.1 US 977
4.1.1 Introduction 977
4.1.2 SFAS 14 977
4.2 IASC 980
4.2.1 Scope 980
4.2.2 Assets or net assets? 980
4.2.3 Basis of inter segment pricing 980
5 Conclusion 981
CHAPTER 20 PENSION COSTS 983
1 Introduction 983
1.1 Background 983
1.2 The development of an accounting standard in the UK 984
1.2.1 Napier interim report 984
1.2.2 ED 32 985
1.2.3 Statement of Intent 986
1.2.4 ED 39 987
1.2.5 SSAP24 987
2 Requirements of SSAP 24 988
2.1 Scope .. 988
2.2 Accounting objective .: 988
2.3 Definition of terms 989
2.4 Defined contribution schemes 991
2.4.1 Accounting 991
2.4.2 Disclosure 991
2.5 Defined benefit schemes 992
2.5.1 Regular pension cost 992
2.5.2 Variations from regular cost 993
2.5.3 Discretionary and ex gratia pension increases and ex gratia
pensions 1002
2.5.4 Balance sheet 1003
2.5.5 Disclosure 1007
3 The actuarial aspects of SSAP 24 1014
3.1 Actuarial valuation methods 1014
3.1.1 Background 1014
3.1.2 The approach taken by the standard 1016
3.1.3 Possible actuarial methods — accrued benefits methods 1017
3.1.4 Possible actuarial methods — projected benefits methods 1020
3.1.5 Actuarial valuation of assets 1024
3.1.6 Conclusion 1024
3.2 Actuarial assumptions and best estimates 1024
3.3 The role of the actuary ,.., 1025
4 Problem areas , ,...... C......1026
4.1 The treatment of interest..........,..,............;,..,^.^^, ,....*. 1026
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4.2 Variations from regular cost 1032
4.2.1 Calculation of remaining service lives 1032
4.2.2 How should variations be amortised? 1033
4.2.3 What is a significant reduction in employees? 1037
4.2.4 Allocation of experience differences to funding consequences 1037
4.2.5 How to account for the unamortised difference remaining
in the year of the next actuarial valuation 1038
4.2.6 How to treat a balance sheet asset which is shown to
have been eroded by a subsequent valuation 1040
4.3 Negative pension cost 1041
4.4 Hybrid schemes 1043
4.5 Foreign schemes 1044
4.6 Unfunded schemes.. 1044
4.7 Deferred tax 1045
4.8 Post retirement benefits other than pensions 1046
4.9 Group schemes 1049
4.10 Multi employer schemes 1050
5 Related Companies Act requirements 1051
5.1 Pension commitments 1051
5.2 Pension costs 1052
5.3 Directors emoluments 1052
6 Comparison with US and IASC pronouncements 1052
6.1 US 1052
6.1.1 Background 1052
6.1.2 SFAS87 1053
6.1.3 SFAS88 1054
6.1.4 SFAS 106 1054
6.2 IASC 1055
7 Conclusion 1056
CHAPTER 21 TAXATION 1059
1 General principles 1059
1.1 The nature of taxation 1059
1.2 Allocation between periods 1060
1.2.1 Background 1060
1.2.2 Permanent differences 1060
1.2.3 Timing differences 1061
1.2.4 The deferral method 1063
1.2.5 The liability method (with full provision/comprehensive
allocation) 1066
1.2.6 The liability method (with partial provision) 1067
1.2.7 The hybrid method 1073
1.2.8 Discounting the liability 1074
1.2.9 The net of tax method 1075
1.2.10 The flow through method 1075
1.3 Allocation within periods 1075
2 The development of accounting for taxation in the UK 1076
2.1 Accounting for tax payable 1076
2.1.1 ED 12 1076
2.1.2 SSAP 8 1076
2.2 Accounting for deferred tax 1076
2.2.1 ED 11 1076
2.2.2 SSAP 11 1077
2.2.3 ED 19 1077
2.2.4 SSAP 15 1078
2.2.5 ED 33 1078
2.2.6 SSAP 15 (Revised) 1079
2.2.7 Amendment to SSAP 15 following UITF 6 1080
2.3 Other ASC pronouncements 1080
2.3.1 SSAP 5 1080
2.3.2 ED 28 1080
3 The requirements of the relevant accounting standards and company law 1081
3.1 SSAP 8 1081
3.1.1 Outgoing dividends and the related ACT 1081
3.1.2 Recoverable ACT 1081
3.1.3 Incoming dividends 1083
3.1.4 Disclosure of the tax charge in the profit and loss account 1083
3.2 SSAP 15 1085
3.2.1 General approach 1085
3.2.2 Definitions..... 1086
3.2.3 Detailed accounting requirements 1086
3.2.4 Disclosure 1089
3.3 Companies Act 1985 1095
4 Problem areas 1097
4.1 Combining different categories of timing difference 1097
4.2 Tax losses and deferred tax 1099
4.2.1 Tax losses which have been incurred 1099
4.2.2 Tax losses which have yet to be incurred 1101
4.3 Tax losses and group relief. .........w *... 1102
4.3.1 Background... ..,......,.: ...,.„ 1102
4.3.2 The accounts of the profitable company..... 1102
4.3.3 The accounts of the loss making company 1103
4.4 Tax in the accounts of a group 1103
4.4.1 Offsetting consolidated tax balances 1103
4.4.2 Tax effects of consolidation adjustments 1106
4.5 ACT 1106
4.5.1 ACT carried forward as an asset 1106
4.5.2 ACT set against the deferred tax liability 1107
4.6 Changes in tax rates 1111
4.6.1 Corporation tax 1111
4.6.2 Deferred tax 1111
4.7 Revaluations of fixed assets 1112
4.8 Overseas earnings 1114
5 Comparison with US and IASC pronouncements 1115
5.1 US 1115
5.1.1 APB11 1115
5.1.2 SFAS96 1115
5.1.3 SFAS 109 1116
5.1.4 Main differences between US and UK requirements 1117
5.2 IASC 1119
6 Conclusion 1119
CHAPTER 22 REPORTING FINANCIAL PERFORMANCE 1123
1 The need for a standard 1123
1.1 Income measurement 1123
1.1.1 The all inclusive concept 1124
1.1.2 The current operating performance concept 1124
1.1.3 Which concept? 1125
1.2 The development of UK standards 1126
1.2.1 The original SSAP 6 1127
1.2.2 The revision of SSAP 6 1127
1.2.3 UITF 2 1128
1.2.4 FRED 1 1129
2 The requirements of FRS 3 1129
2.1 The principal features of FRS 3 1129
2.2 The scope of FRS 3 1135
2.3 Continuing and discontinued operations 1135
2.3.1 The definition of discontinued operations 1135
2.3.2 The meaning of ceased permanently 1137
2.3.3 The meaning of material effect on the nature and focus 1138
2.3.4 The meaning of clearly distinguishable 1139
XXXVI aenerauy accepted accounting rractive in inc un»c« r^m^uum
2.3.5 Application of the discontinued operations definition
in practice 1140
2.4 Accounting for the consequences of a decision to sell or terminate
an operation 1145
2.5 The effect of acquisitions 1148
2.6 Extraordinary and exceptional items 1151
2.6.1 Extraordinary items 1151
2.6.2 Exceptional items 1152
2.6.3 Non operating exceptional items 1155
2.6.4 Disclosure of exceptional items in practice 1158
2.6.5 The impact of the effective abolition of extraordinary items 1166
2.7 Profit or loss on the disposal of an asset 1168
2.8 Note of historical cost profits and losses 1170
2.9 Statement of total recognised gains and losses 1171
2.9.1 Primary financial statement 1171
2.9.2 Goodwill 1172
2.9.3 Share issue costs , 1173
2.9.4 Insurance businesses 1173
2.10 Taxation 1174
2.11 Earnings per share 1175
2.11.1 EPS redefined .1175
2.11.2 The IIMR headline EPS .1175
2.12 Reconciliation of movements in shareholders funds... 1176
2.13 Statement of movements on reserves 1179
2.14 Prior period adjustments ,. 1180
2.14.1 Definition 1180
2.14.2 Identification of prior year adjustments...., , 1180
2.14.3 Changes in accounting policy 1180
2.14.4 Correction of fundamental errors 1181
2.14.5 Accounting treatment 1182
2.14.6 Disclosing the effect of a change in accounting policy 1185
2.15 Comparative figures 1186
3 Historical summaries, half yearly reports and preliminary profit statements 1187
4 Comparison with US and IASC pronouncements 1187
4.1 US 1187
4.1.1 Extraordinary items 1188
4.1.2 Discontinued operations 1189
4.1.3 Prior year adjustments..... :¦. 1191
4.1.4 Accounting for employee severance and termination costs
arising in connection with a restructuring .». .... 1192
4.2 IASC:.... ,., ,... . 1193
ueianea convents ~~ 5 Conclusion t 1194
CHAPTER 23 EARNINGS PER SHARE 1199
1 Introduction 1199
2 Scope of SSAP 3 1200
3 The basic EPS 1200
3.1 Definition of EPS 1200
3.2 Disclosure 1201
4 Changes in equity share capital 1202
4.1 Issue for cash at full market price 1202
4.2 Bonus issue and share split 1203
4.3 Rights issue 1204
4.4 Options exercised during the year 1207
4.5 Issue for cash at less than full market price 1208
4.6 Purchase and redemption of own shares 1208
4.7 Post balance sheet changes in capital 1208
4.8 Issue to acquire another business 1209
4.9 Group reconstructions 1209
4.10 Adjustments to EPS in five year summaries 1210
5 Matters affecting the EPS calculation 1211
5.1 Earnings 1211
5.2 Preference dividends 1211
5.3 Losses . 1211
5.4 Prior year adjustments 1211
5.5 Different classes of equity shares 1211
5.6 Net and nil bases 1213
5.6.1 Should EPS be calculated net or nil ? 1213
5.6.2 Calculation of nil basis EPS 1214
5.7 Other bases 1216
5.7.1 IIMR headline earnings 1217
5.7.2 Excluding exceptional items 1220
5.7.3 Excluding discontinued operations 1223
6 Fully diluted earnings per share 1226
6.1 The need for fully diluted EPS 1226
6.2 Disclosure of fully diluted EPS 1227
6.3 Calculation of fully diluted EPS 1228
6.3.1 Equity shares with future dividend entitlement 1228
6.3.2 Convertible securities 1229
6.3.3 Options or warrants to subscribe for equity shares 1232
6.3.4 Fully diluted EPS calculations involving more than
one type of potentially dilutive security 1233
6.3.5 Deferred consideration agreements 1234
7 Comparison with US and IASC pronouncements 1236
7.1 US 1236
7.1.1 The primary EPS 1237
7.1.2 Fully diluted EPS 1238
7.1.3 Disclosure 1238
7.2 IASC 1239
CHAPTER 24 POST BALANCE SHEET EVENTS 1241
1 The development of accounting for post balance sheet events 1241
1.1 Introduction 1241
1.2 ICAEW Recommendation N17 1242
1.3 ED 22 1242
1.4 SSAP 17 1243
2 Requirements of SSAP 17 1243
2.1 Definitions 1243
2.2 Events requiring adjustment , 1245
2.3 Events not requiring adjustment but requiring disclosure 1245
2.4 Disclosure requirements 1254
3 Problem areas 1256
3.1 Reclassification of a non adjusting event as adjusting in
exceptional circumstances 1256
3.2 The valuation of stock realised after the balance sheet date 1257
3.3 Long term contracts 1258
3.4 Acquisitions and disposals of fixed assets 1258
3.5 Window dressing 1259
3.6 Valuations of property 1260
3.7 Insolvency of a debtor 1260
4 Comparison with US and IASC pronouncements 1261
4.1 US 1261
4.2 IASC 1261
5 Conclusion 1262
CHAPTER 25 CONTINGENCIES 1265
1 The development of accounting for contingencies........ ......a 1265
1.1 Introduction.. ;......;.......„ .;..:.^..... ,..,. } 1265
ueiaueu contents ^c»^r
1.2 The historical background 1265
2 Requirements of SSAP 18 1266
2.1 Definition of contingency 1266
2.2 Contingent gains 1266
2.3 Contingent losses 1267
2.4 Offsets 1268
2.5 Groupings 1269
2.6 Disclosure requirements 1269
3 Problem areas 1269
3.1 Probable, possible or remote 1269
3.2 Estimating the amount of a contingency 1270
3.3 Disclosure of the financial effect of a contingency 1272
3.4 Litigation and disclosure of potentially prejudicial information 1277
3.5 Disclosure of remote contingencies 1278
3.6 Other problem areas 1279
3.6.1 Guarantees — year end or maximum liability 1279
3.6.2 Discounted bills of exchange 1281
3.6.3 VAT groups 1282
3.6.4 Performance bonds 1282
4 Comparison with US and IASC pronouncements 1283
4.1 US 1283
4.2 IASC 1284
CHAPTER 26 CASH FLOW STATEMENTS 1287
1 The evolution of the cash flow statement 1287
1.1 Statements of source and application of funds 1287
1.2 The form and content of the funds statement 1288
1.3 The objectives of the SSAP 10 funds statement 1289
1.4 The funds statement and cash flows 1290
1.5 The distinction between funds flow under SSAP 10 and cash flow
under FRS 1 1291
2 The requirements of FRS 1 1294
2.1 Scope and exemptions 1294
2.2 Cash and cash equivalents 1298
2.3 Format of the cash flow statement 1301
2.4 Classification of cash flows by standard heading 1302
2.4.1 Operating activities 1302
2.4.2 Returns on investments and servicing of finance 1307
2.4.3 Taxation 1309
2.4.4 Investing activities 1310
2.4.5 Financing 1314
2.4.6 Exceptional and extraordinary items 1317
2.4.7 Interpretation of the standard headings 1319
2.5 Reconciliations 1319
2.6 Comparative figures 1321
2.7 Groups 1322
2.7.1 Acquisitions and disposals of subsidiary undertakings 1323
2.7.2 Associated undertakings and equity accounted joint ventures 1326
2.8 Foreign currency 1326
2.8.1 Individual entity 1326
2.8.2 Groups 1327
2.8.3 Hedging transactions 1329
2.9 Non cash transactions 1329
2.10 Notes to the cash flow statement 1330
3 Problem areas 1331
3.1 The definition of cash equivalents . 1331
3.2 The definition of cash flows from operating activities 1337
3.2.1 Acquisition provisions ,.. ., 1338
3.2.2 Costs of a fundamental reorganisation or restructuring 1339
3.2.3 Capitalised revenue expenditure 1340
3.3 Cash which is subject to restriction 1341
3.4 Commercial paper issued by the reporting entity 1342
3.5 Revolving credit ...1343
3.6 Cash earnings per share 1343
3.7 Redemption of deep discount bonds 1344
3.8 Reconciliation of cash flows to changes in net debt 1344
4 Comparison with US and IASC pronouncements 1344
4.1 US 1344
4.1.1 Introduction 1344
4.1.2 Focus of SFAS 95 1345
4.1.3 Cash equivalents 1346
4.1.4 Form and content of the statement of cash flows 1346
4.1.5 Investing activities 1347
4.1.6 Financing activities 1347
4.1.7 Operating activities 1348
4.1.8 Receipts and payments are presented gross 1348
4.1.9 Non cash activities are disclosed separately.. 1349
4.1.10 Choice of using the direct or indirect methods........ 1349
4.2 Summary of principal differences between FRS 1 and SFAS 95 1349
4.3 IASC... ;..;..:;r. ..J.L..;.: ...t.h 1351
5 Conclusion 1353
CHAPTER 27 RELATED PARTIES 1359
1 Introduction 1359
1.1 The related party issue 1359
1.2 Possible solutions 1360
1.2.1 Remeasurement of transactions at fair values 1360
1.2.2 Disclosure of transactions 1360
1.3 Position in the UK 1361
2 FRED 8 1361
2.1 Contrasted with ED 46 1361
2.2 Identification of related parties 1362
2.3 Disclosure of related party transactions 1365
2.4 Disclosure of control 1367
2.5 Economic dependence 1367
2.6 Exemptions for small companies? 1368
2.7 Disclosure in practice 1368
3 Other requirements in the UK 1370
3.1 Legislative requirements 1371
3.1.1 Directors 1371
3.1.2 Non director officers 1371
3.1.3 Related undertakings 1371
3.2 UK accounting standards 1376
3.3 Stock Exchange requirements 1376
3.3.1 Directors 1376
3.3.2 Shareholders 1377
3.3.3 Small related party transactions 1378
4 Comparison with IASC and US pronouncements 1379
4.1 IASC 1379
4.2 US 1379
5 Conclusion 1380
CHAPTER 28 DIRECTORS AND OFFICERS LOANS AND
TRANSACTIONS 1383
1 Introduction 1383
1.1 Outline of historical development in the UK 1383
2 Definitions , 1384
24 Director 1384
2.2 Shadow director 1384
2.3 Alternate director 1384
2.4 Connected person 1384
2.5 Officer 1386
2.6 Loan 1386
2.7 Quasi loan 1386
2.8 Credit transaction 1387
3 Disclosure requirements 1388
3.1 Introduction 1388
3.2 Scope 1388
3.3 Transactions requiring disclosure 1390
3.4 Section 330 transactions 1391
3.4.1 Introduction.... 1391
3.4.2 Disclosure requirements 1391
3.5 Material interest transactions 1396
3.5.1 Introduction 1396
3.5.2 Definition of material interest 1396
3.5.3 Disclosure requirements 1397
3.6 Exemptions from disclosure 1402
3.6.1 General 1402
3.6.2 Section 330 transactions 1403
3.6.3 Material interest transactions 1403
4 Banking companies under the Banking Act 1987 1404
4.1 Disclosure of transactions by banking companies 1404
5 Stock Exchange requirements 1405
6 Transactions involving officers 1406
6.1 Introduction 1406
6.2 Disclosure requirements 1406
6.3 Banking companies under the Banking Act 1987 1407
7 Conclusion 1408
APPENDIX: LEGAL REQUIREMENTS 1410
A Introduction 1410
B Prohibited transactions 1410
B.1 Loans 1410
B.2 Quasi loans and credit transactions 1410
B.3 Assignment/assumption of rights, obligations or liabilities 1410
B.4 Arrangements .1411
C Exempted transactions ....!.*............... 1411
C.I Loans of small amounts. ....*..................,...; ....1411
C.2 Short term quasi loans ..i,v»L..i ........1411
C.3 Minor or business credit transactions 1411
C.4 Inter company transactions 1412
C.5 Directors business expenditure 1412
C.6 Money lending companies 1412
C.7 Companies registered overseas 1413
D Sanctions 1413
D.I CivD remedies 1413
D.2 Criminal penalties 1413
E Interests in contracts 1414
F Substantial property transactions 1415
G Transactions involving officers 1416
CHAPTER 29 DIRECTORS REMUNERATION 1419
1 Introduction 1419
1.1 Remuneration 1419
1.2 Pensions 1420
1.3 Compensation for loss of office 1420
1.4 Service contracts 1420
2 Disclosure of remuneration 1421
2.1 Introduction 1421
2.2 Disclosure of aggregate emoluments 1421
2.2.1 Legal requirements 1421
2.2.2 Problem areas 1424
2.3 Definition of emoluments 1426
2.3.1 Legal requirements 1426
2.3.2 Problem areas 1426
2.4 Computing aggregate emoluments 1432
2.4.1 Legal requirements 1432
2.4.2 Problem areas 1435
2.5 Bandings 1437
2.6 Emoluments waived 1441
2.7 Pensions of directors and past directors 1442
2.8 Compensation for loss of office 1443
2.8.1 Legal requirements 1443
2.8.2 Problem areas 1446
2.9 Payments to third parties 1448
3 Employee disclosures 1449
3.1 Director as an employee 1449
4 Recent developments 1450
4.1 Voluntary disclosures 1450
4.2 Cadbury Report 1452
4.3 UITF 10 1469
CHAPTER 30 INTERIM REPORTING 1473
1 Introduction 1473
2 Requirements 1474
2.1 The Stock Exchange Listing Rules 1474
2.2 The Cadbury Committee 1476
2.3 The ICAEW Consultative Paper 1476
2.3.1 Statements to be included 1476
2.3.2 Accounting policies and measurement principles 1478
3 Problem areas 1479
3.1 Seasonal businesses 1479
3.2 Taxation.... ......1481
3.3 Other items determined on an annual basis 1482
3.4 Non recurring items 1482
3.5 Asset write downs 1483
4 Comparison with US and IASC pronouncements 1483
4.1 US 1483
4.1.1 SEC requirements 1483
4.1.2 APB28 . 1484
4.2 IASC 1485
5 Conclusion 1486
APPENDIX SPECIMEN FINANCIAL STATEMENTS 1489
Introduction 1489
Good Group P.L.C 1493
Good Group P.L.C. Summary Financial Statement 1557
Good Group P.L.C. Interim Report 1563
INDEX OF EXTRACTS FROM ACCOUNTS 1575
¦ ¦ ..:as;n:|!;i . / .b^5:.:=P i
|
| any_adam_object | 1 |
| author | Davies, Mike Paterson, Ron Wilson, Allister |
| author_facet | Davies, Mike Paterson, Ron Wilson, Allister |
| author_role | aut aut aut |
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| dewey-full | 657/.0941 |
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| dewey-ones | 657 - Accounting |
| dewey-raw | 657/.0941 |
| dewey-search | 657/.0941 |
| dewey-sort | 3657 3941 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 4. ed. |
| format | Book |
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| spelling | Davies, Mike Verfasser aut UK GAAP generally accepted accounting practice in the United Kingdom Mike Davies, Ron Paterson & Allister Wilson Generally accepted accounting practice in the United Kingdom 4. ed. Basingstoke Macmillan 1994 XLV, 1610 S. txt rdacontent n rdamedia nc rdacarrier Comptabilité - Grande Bretagne ram Financiële verslaglegging gtt Accounting Standards Great Britain Richtlinie (DE-588)4137814-3 gnd rswk-swf Rechnungslegung (DE-588)4128343-0 gnd rswk-swf Rechnungswesen (DE-588)4048732-5 gnd rswk-swf Großbritannien Großbritannien (DE-588)4022153-2 gnd rswk-swf Rechnungslegung (DE-588)4128343-0 s Richtlinie (DE-588)4137814-3 s Großbritannien (DE-588)4022153-2 g DE-604 Rechnungswesen (DE-588)4048732-5 s 1\p DE-604 Paterson, Ron Verfasser aut Wilson, Allister Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006653967&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Davies, Mike Paterson, Ron Wilson, Allister UK GAAP generally accepted accounting practice in the United Kingdom Comptabilité - Grande Bretagne ram Financiële verslaglegging gtt Accounting Standards Great Britain Richtlinie (DE-588)4137814-3 gnd Rechnungslegung (DE-588)4128343-0 gnd Rechnungswesen (DE-588)4048732-5 gnd |
| subject_GND | (DE-588)4137814-3 (DE-588)4128343-0 (DE-588)4048732-5 (DE-588)4022153-2 |
| title | UK GAAP generally accepted accounting practice in the United Kingdom |
| title_alt | Generally accepted accounting practice in the United Kingdom |
| title_auth | UK GAAP generally accepted accounting practice in the United Kingdom |
| title_exact_search | UK GAAP generally accepted accounting practice in the United Kingdom |
| title_full | UK GAAP generally accepted accounting practice in the United Kingdom Mike Davies, Ron Paterson & Allister Wilson |
| title_fullStr | UK GAAP generally accepted accounting practice in the United Kingdom Mike Davies, Ron Paterson & Allister Wilson |
| title_full_unstemmed | UK GAAP generally accepted accounting practice in the United Kingdom Mike Davies, Ron Paterson & Allister Wilson |
| title_short | UK GAAP |
| title_sort | uk gaap generally accepted accounting practice in the united kingdom |
| title_sub | generally accepted accounting practice in the United Kingdom |
| topic | Comptabilité - Grande Bretagne ram Financiële verslaglegging gtt Accounting Standards Great Britain Richtlinie (DE-588)4137814-3 gnd Rechnungslegung (DE-588)4128343-0 gnd Rechnungswesen (DE-588)4048732-5 gnd |
| topic_facet | Comptabilité - Grande Bretagne Financiële verslaglegging Accounting Standards Great Britain Richtlinie Rechnungslegung Rechnungswesen Großbritannien |
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