UK GAAP: generally accepted accounting practice in the United Kingdom
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London
Macmillan
1997
|
| Edition: | 5. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XLVII, 1863 S. |
| ISBN: | 0333642600 |
Staff View
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 and Allister Wilson |
| 246 | 1 | 3 | |a Generally accepted accounting practice in the United Kingdom |
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Record in the Search Index
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| adam_text | List of chapters
1 The development of UK GAAP 1
2 The quest for a conceptual framework for financial reporting 39
3 Revenue recognition 129
4 Corporate governance and the OFR 177
5 Consolidated accounts 225
6 Business combinations and disposals 269
7 Associates and joint ventures 421
8 Foreign currencies 465
9 Financial instruments 589
10 Fixed assets and depreciation 623
11 Investments 717
12 Research and development 737
13 Capitalisation of borrowing costs 755
14 Stocks and long term contracts 795
15 Capital instruments 845
16 Off balance sheet transactions 923
17 Leases and hire purchase contracts 979
18 Government grants 1045
19 Segmental reporting 1059
20 Pension costs 1105
21 Taxation 1185
22 Reporting financial performance 1253
23 Earnings per share 1321
24 Post balance sheet events 1377
25 Contingencies 1407
26 Provisions 1433
27 Cash flow statements 1467
28 Related parties 1531
29 Directors and officers loans and transactions 1581
30 Directors remuneration 1615
31 Interim reporting 1705
Appendix: Specimen financial statements 1723
Index of extracts from accounts 1795
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 ? 3
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 14
2.4.3 Germany 15
3 The development of accounting standards 16
3.1 The Accounting Standards Committee 16
3.1.1 The creation of the ASC 17
3.1.2 The objects and terms of reference of the ASC 17
3.1.3 The Watts Report 18
3.1.4 The McKinnon Report 18
3.1.5 The Dealing Report 18
3.1.6 The implementation of the Dealing proposals 21
3.2 The Accounting Standards Board 22
3.3 Statements of Recommended Practice (SORPs) 24
4 GAAP for small companies 25
4.1 The Big GAAP/Little GAAP debate 25
4.2 The ASC s initiative on small companies 26
4.3 The Financial Reporting Standard for Smaller Entities (FRSSE) 27
4.4 What is the small company solution? 29
5 Summary financial statements 30
5.1 The required form of a summary financial statement 30
viij Generally Accepted Accounting Practice in the United Kingdom
6 Conclusion 35
CHAPTER 2 THE QUEST FOR A CONCEPTUAL FRAMEWORK
FOR FINANCIAL REPORTING 39
1 Introduction 39
1.1 What is a conceptual framework? 39
1.2 Why is a conceptual framework necessary? 39
1.3 Early attempts to establish a framework 41
2 The AICPA s early initiatives in the United States 43
2.1 Accounting Research Studies 43
2.2 APB Statement No. 4 44
2.3 The Wheat and Trueblood Committees 45
3 The FASB conceptual framework 46
3.1 Introduction 46
3.2 The objectives of financial reporting 47
3.3 The qualitative characteristics of accounting information 50
3.3.1 The decision makers 51
3.3.2 The cost/benefit constraint 51
3.3.3 Understandability 52
3.3.4 Relevance and reliability 52
3.3.5 Comparability 54
3.3.6 Materiality 54
3.3.7 Conservatism 55
3.4 The elements of financial statements 55
3.4.1 Assets 55
3.4.2 Liabilities 56
3.4.3 Equity 57
3.4.4 Investments by owners 57
3.4.5 Distributions to owners 57
3.4.6 Comprehensive income 57
3.4.7 Revenues, expenses, gains and losses 58
3.5 Recognition and measurement 59
3.6 Using cash flow information in accounting measurements (discounting) 60
3.7 Conclusion 63
4 UK initiatives 64
4.1 SSAP 2: Disclosure of accounting policies 64
4.1.1 Fundamental accounting concepts 64
4.1.2 Accounting bases 65
Detailed contents 1X_
4.2 The Corporate Report 66
4.3 The Sandilands Report 69
4.3.1 Current Purchasing Power accounting 69
4.3.2 Value accounting 71
4.3.3 Cash flow accounting 74
4.3.4 Current cost accounting (CCA) 75
4.4 The Macve Report 79
4.5 The Stamp Report 80
4.6 The ICAS discussion document: Making Corporate Reports Valuable 81
4.6.1 Background to the study 81
4.6.2 Users and their needs 82
4.6.3 Valuation of assets and liabilities 83
4.6.4 The proposed new information package 84
4.6.5 Additional information 85
4.6.6 Conclusion 86
4.7 The Solomons Report 87
4.8 The Future Shape of Financial Reports 91
5 The ASB s Statement of Principles 93
5.1 Introduction 93
5.2 Chapter 1: The objective of financial statements 93
5.3 Chapter 2: The qualitative characteristics of financial information 94
5.4 Chapter 3: The elements of financial statements 96
5.4.1 Assets 97
5.4.2 Liabilities 97
5.4.3 Ownership interest 97
5.4.4 Gains 98
5.4.5 Losses 98
5.4.6 Contributions from owners 98
5.4.7 Distributions to owners 98
5.4.8 The overall approach 98
5.5 Chapter 4: Recognition in financial statements 99
5.6 Chapter 5: Measurement in financial statements 101
5.7 Chapter 6: Presentation of financial information 104
5.8 Chapter 7: The reporting entity 105
5.9 Overall assessment of the ASB s Draft Statement of Principles 106
5.9.1 Recognition tests 107
5.9.2 Historical cost replaced by current values 108
5.9.3 Statement of total recognised gains and losses (STRGL) 109
5.9.4 The overall purpose of the Statement of Principles 110
5.10 The reaction of respondents to the ASB s Draft Statement of Principles 112
5.11 The ASB s response to the criticism 113
X Generally Accepted Accounting Practice in the United Kingdom
5.12 Discounting in Financial Reporting 114
6 Other international framework projects 115
6.1 The IASC conceptual framework 115
6.2 The CICA financial statement concepts 117
6.3 The New Zealand framework 117
6.3.1 Statement of Concepts 118
6.3.2 Differential Reporting 119
6.3.3 Explanatory Foreword 120
7 Conclusion 120
CHAPTER 3 REVENUE RECOGNITION 129
1 The nature of revenue 129
2 Realised profits 130
3 The timing of revenue recognition 133
3.1 The critical event approach 134
3.1.1 The recognition of revenue at the completion of production 134
3.1.2 The recognition of revenue at the time of sale 135
3.1.3 The recognition of revenue subsequent to delivery 136
3.2 The accretion approach 138
3.2.1 The use by others of enterprise resources 138
3.2.2 Long term contracts 138
3.2.3 Natural growth and biological transformation 139
3.3 The revenue allocation approach 140
4 Fundamental recognition criteria 140
4.1 ASB Draft Statement of Principles Chapter 4:
Recognition in financial statements 141
4.1.1 The recognition process 141
4.1.2 The recognition of gains 142
4.2 FRS5 144
4.3 IAS 18 145
4.3.1 Measurement of revenue 146
4.3.2 The sale of goods 146
4.3.3 The rendering of services 148
4.3.4 Interest, royalties and dividends 149
4.3.5 Disclosure 149
4.4 The US 150
4.4.1 The general rule 150
4.4.2 SFAC No. 5 151
4.4.3 FASB Statements and AICPA Statements of Position 152
A Cnmmnnr
Detailed contents XJ
5 Problem areas 154
5.1 Receipt of initial fees 154
5.1.1 Franchise fees 154
5.1.2 Advance royalty/licence receipts 156
5.1.3 Loan arrangement fees 158
5.1.4 Commitment fees 159
5.1.5 Credit card fees 160
5.2 Goods sold subject to reservation of title 160
5.3 Subscriptions to publications 161
5.4 Advertising revenue 162
5.5 Software revenue recognition 162
5.5.1 Software licences with no significant vendor obligations 163
5.5.2 Products sold with significant vendor obligations 164
5.5.3 Post delivery customer support services 166
5.5.4 Data services 167
5.6 Film exhibition rights 168
5.7 The disposal of land and buildings 169
5.8 Sale and leaseback transactions 171
5.9 Non monetary/barter transactions 171
6 Conclusion 172
CHAPTER 4 CORPORATE GOVERNANCE AND THE OFR 177
1 The need for corporate governance reform 177
2 What is corporate governance? 178
3 The Cadbury code of best practice 178
4 Reporting on compliance with the Code 180
4.1 The board of directors 181
4.2 Non executive directors 185
4.3 Executive directors 188
4.4 Reporting and controls 189
4.5 Formats of directors and auditors reports on compliance 207
4.5.1 Reporting by directors 207
4.5.2 Reporting by auditors 207
5 Cadbury and smaller quoted companies 208
6 The continuing debate 210
6.1 Hampel Committee 211
7 The operating and financial review (OFR) 212
7.1 The operating review 214
7.2 The financial review 215
ii Generally Accepted Accounting Practice in the United Kingdom
7.3 Statement of compliance 216
7.4 Disclosures in practice 216
Lppendix: The Cadbury Code of best practice 218
:HAPTER 5 CONSOLIDATED ACCOUNTS 225
The concept of a group 225
1.1 The objectives of group accounts 225
1.2 What is a subsidiary? 225
1.2.1 The EC Seventh Directive 226
1.2.2 The Companies Act 227
1.3 Consolidating partly owned subsidiaries 235
1.3.1 The entity concept 235
1.3.2 The proprietary concept 235
1.3.3 Comparison between the different concepts of a group 235
1.3.4 ED 50 and FRS 2 237
Historical development of rules on group accounts 239
2.1 Origins of group accounts 239
2.2 The UK legislative background 240
2.3 Accounting standards in the UK 240
Consolidation of subsidiaries 240
3.1 Basic principles 240
3.2 Uniform accounting policies 241
3.3 Coterminous accounting periods 242
3.4 Elimination of unrealised profits/losses on inter company transactions 244
Exemptions from preparing group accounts 245
4.1 Intermediate holding companies 246
4.2 Small and medium sized groups 249
4.3 Exemptions contained in FRS 2 250
! Exclusion of subsidiaries from group accounts 251
5.1 Sources of rules on exclusion of particular subsidiaries 251
5.2 Different activities 251
5.3 Operating under severe restrictions 253
5.4 Held for subsequent resale 258
5.5 Immateriality 260
5.6 General disclosure requirements in respect of excluded subsidiaries 261
Comparison with US and IASC pronouncements 262
6 1 US ZZIZ262
6.2 IASC 264
Detailed contents xiii
CHAPTER 6 BUSINESS COMBINATIONS AND DISPOSALS 269
1 Introduction 269
2 Business combinations 270
2.1 Historical development of rules on the criteria for mergers and acquisitions 270
2.1.1 ED 3 270
2.1.2 Merger relief 271
2.1.3 ED 31 272
2.1.4 SSAP23 272
2.1.5 Companies Act 1989 274
2.1.6 ED 48 275
2.1.7 FRED 6 275
2.1.8 FRS6 275
2.2 Acquisitions: basic principles 278
2.3 Acquisitions: measuring the fair value of the consideration 279
2.3.1 Cash and other monetary consideration 280
2.3.2 Capital instruments 280
2.3.3 Non monetary assets 282
2.3.4 Deferred consideration 285
2.3.5 Contingent consideration 285
2.3.6 Acquisition expenses 289
2.3.7 Pre acquisition dividends 289
2.4 Acquisitions: measuring the fair value of the net assets acquired 291
2.4.1 Basic principles 291
2.4.2 The use of hindsight 294
2.4.3 Requirements for individual assets and liabilities 295
2.4.4 Subsequent amendments to fair value 326
2.4.5 Push down accounting 326
2.5 Acquisitions: accounting for goodwill 327
2.5.1 Introduction 327
2.5.2 Immediate write off: which reserve? 333
2.5.3 Effect on realised profits of writing off goodwill 339
2.5.4 Amortisation 342
2.5.5 Negative goodwill 344
2.6 Step by step acquisitions 348
2.6.1 Background 348
2.6.2 Example 348
2.6.3 FRS 2 requirements 352
2.7 Mergers 356
2.7.1 Basic principles 356
2.7.2 Equity eliminations 356
CIV Generally Accepted Accounting Practice in the United Kingdom
2.7.3 Expenses of the merger 357
2.7.4 Non coterminous accounting periods 358
2.7.5 Dividends of the subsidiary 359
2.8 Disclosure requirements relating to business combinations 360
2.8.1 All business combinations 360
2.8.2 Acquisitions 360
2.8.3 Mergers 371
2.8.4 Companies Act 375
5 Disposals 378
3.1 Basic principles 378
3.2 Effective date of disposal 379
3.3 Goodwill of subsidiaries disposed of 380
3.3.1 UITF3 380
3.3.2 FRS2 384
3.4 Partial disposals 384
3.5 Deemed disposals 386
3.6 Disclosure requirements relating to disposals 387
I Group reorganisations 388
4.1 Introduction 388
4.2 Setting up a new top holding company 389
4.3 Changing direct ownership of a company within a group 391
4.3.1 Subsidiary moved up 391
4.3.2 Subsidiary moved down 393
4.3.3 Subsidiary moved along 395
4.4 Divisionalisation of an existing group 395
4.5 Demergers 396
4.6 Capital contributions 401
4.6.1 Treatment in the financial statements of the paying company 401
4.6.2 Treatment in the financial statements of the receiving company 402
) Comparison with US and IASC pronouncements 402
5.1 US 402
5.1.1 The pooling of interests method 403
5.1.2 Application of pooling of interests method 405
5.1.3 The purchase method 405
5.1.4 Acquisition date 406
5.1.5 The cost of the acquired enterprise 406
5.1.6 Recording fair values of identifiable assets and liabilities 407
5.1.7 The allocation period 409
5.1.8 Accounting for goodwill 410
5.1.9 Disclosures in respect of acquisitions 410
C 1 T A C/~* A1 t
Detailed contents XV
5.2.1 Uniting of interests 411
5.2.2 Acquisitions 412
5.2.3 Accounting for goodwill 413
5.2.4 Disclosures 413
6 Conclusion 413
CHAPTER 7 ASSOCIATES AND JOINT VENTURES 421
1 Introduction 421
2 The definition of an associate 422
2.1 SSAP1 422
2.2 The Companies Act 1985 427
2.3 ED 50 427
2.4 ASB Discussion Paper 427
2.5 FRED 11 428
3 The accounting treatment of associates 430
3.1 Equity accounting under SSAP 1 430
3.2 Equity accounting under FRED 11 433
4 Other particular issues 435
4.1 Non coterminous periods 435
4.2 Deficiency of assets 436
4.3 Investor not preparing group financial statements 437
4.4 Joint ventures 439
4.5 Loss of associate status 442
4.6 Elimination of unrealised profits on transactions with associates 444
5 Disclosure requirements regarding associates 450
5.1 Profit and loss account 450
5.2 Balance sheet 451
5.3 Notes 451
5.4 Acquisitions/disposals 453
5.5 Stock Exchange requirements 454
5.6 Proportionally consolidated joint ventures 454
5.7 FRED 11 455
5.7.1 All equity accounted associates and joint ventures 456
5.7.2 Aggregate interests exceeding a 15% threshold 456
5.7.3 Individual interest exceeding a 25% threshold 456
5.7.4 Proportionally consolidated joint ventures 456
6 Comparison with US and IASC pronouncements 457
6.1 US 457
6.2 IASC 458
XVJ Generally Accepted Accounting Practice in the United Kingdom
6.2.1 Associates 458
6.2.2 Joint ventures 458
7 Conclusion 460
CHAPTER 8 FOREIGN CURRENCIES 465
1 The development of an accounting standard in the UK 465
1.1 Background 465
1.2 SSAP6 466
1.3 ED 16 466
1.4 ED 21 467
1.5 ED 27 467
1.6 SSAP20 468
2 Requirements of SSAP 20 468
2.1 Objectives of translation 468
2.2 Definitions of terms 469
2.3 Individual companies 470
2.3.1 Recording of transactions 470
2.3.2 Retranslation of monetary/non monetary assets and liabilities at
balance sheet date 470
2.3.3 Treatment of exchange differences 470
2.3.4 Worked examples 471
2.3.5 Examples of accounting policies 471
2.3.6 Exchange gains where there are doubts as to convertibility or
marketability 472
2.3.7 Foreign equity investments financed by borrowings 472
2.3.8 Forward contracts 473
2.4 Consolidated accounts 474
2.4.1 Scope 474
2.4.2 Choice of method 474
2.4.3 Closing rate/net investment method 475
2.4.4 Temporal method 479
2.4.5 Foreign equity investments financed by borrowings 484
2.4.6 Associated companies 488
2.4.7 Foreign branches 489
2.5 Disclosures 490
2.5.1 Requirements of SSAP 20 490
2.5.2 Examples of disclosures 491
2.5.3 FRED 13 493
3 Problem areas 493
3.1 Individual companies 493
Detailed contents XVJi
3.1.1 Date of transaction....! 493
3.1.2 Use of average rate 494
3.1.3 Dual rates or suspension of rates 495
3.1.4 Monetary or non monetary 496
3.1.5 Treatment of exchange differences 499
3.2 Exchange gains on long term monetary items 502
3.2.1 In what circumstances do doubts as to
convertibility or marketability arise? 502
3.2.2 Past exchange losses 502
3.2.3 Settled or unsettled transactions 503
3.2.4 Current portion of long term item 503
3.2.5 Restriction of gain 503
3.3 Forward contracts, currency swaps and currency options 504
3.3.1 Forward contracts 504
3.3.2 Currency swaps 513
3.3.3 Currency options 514
3.4 Consolidated accounts closing rate/net investment method 517
3.4.1 Subsidiary with non coterminous year end 517
3.4.2 Dual rates or suspension of rates 519
3.4.3 Calculation of average rate 520
3.4.4 Change from closing rate to average rate or vice versa 523
3.4.5 To which reserve should exchange differences be taken? 524
3.4.6 Post acquisition capital or revaluation reserves 524
3.4.7 Treatment of exchange differences on disposal of subsidiary 527
3.4.8 Change from closing rate/net investment method
to temporal method or vice versa 529
3.4.9 Hyper inflation 530
3.4.10 Goodwill on consolidation 533
3.4.11 Inter period comparisons 534
3.4.12 Branches 537
3.5 Cover method 538
3.5.1 What are foreign currency borrowings ? 538
3.5.2 Borrowings taken out before or after the investment 539
3.5.3 Repayment of borrowings 542
3.5.4 Goodwill on consolidation 544
3.5.5 All investments/borrowings? 546
3.5.6 Must currencies be the same? 547
3.5.7 Pooled basis? 551
3.5.8 What is meant by condition (b) of paragraph 51
and condition (c) of paragraph 57? 553
3.5.9 What should happen in the year of change
of the above conditions not being met? 555
XVJii Generally Accepted Accounting Practice in the United Kingdom
3.6 Intra group long term loans and deferred trading balances 558
3.6.1 General requirement 558
3.6.2 Paragraphs 20 and 43 559
3.6.3 How permanent is permanent? 559
3.6.4 What happens in year of change? 560
3.6.5 Is such a treatment allowed in the company financial statements?.. 563
3.6.6 If so, how should loans be translated? 563
3.6.7 UK subsidiary with loan from overseas parent company 564
3.7 Other intra group transactions 565
3.7.1 Dividends 565
3.7.2 Unrealised profits 566
4 Main criticisms of SSAP 20 and suggested solutions 568
4.1 Forward contracts and similar hedging contracts 568
4.1.1 Criticisms 568
4.1.2 Solution 568
4.2 Cover method 569
4.2.1 Criticisms 569
4.2.2 Solution 569
4.3 Conclusion 570
5 Related Companies Act requirements 570
5.1 Realised profits 570
5.1.1 Schedule 4, paragraph 12 570
5.1.2 Section 262(3) 570
5.1.3 Settled transactions 571
5.1.4 Short term monetary items 571
5.1.5 Long term monetary items 571
5.2 Distributable profits 573
5.2.1 Section 263(3) 573
5.2.2 Long term monetary items 573
5.2.3 Section 275 and Schedule 4, paragraph 89 573
5.2.4 Cover method 574
5.2.5 Branch accounting 575
5.3 Disclosure 577
5.3.1 Basis of translation 577
5.3.2 Treatment of exchange differences in profit and loss account 577
5.3.3 Reserve movements 578
5.3.4 Movements on provisions for liabilities and charges 578
5.3.5 Movements on fixed assets 578
5.4 Alternative accounting rules 579
5.4.1 Schedule 4, Part II, section C 579
A n QCAPOn MRiiminh M S7Q
Detailed contents XJX
6 Comparison with US and IASC pronouncements 579
6.1 US 579
6.1.1 General comment 579
6.1.2 Main differences 580
6.2 IASC 582
6.2.1 General comment 582
6.2.2 Main differences 582
CHAPTER 9 FINANCIAL INSTRUMENTS 589
1 Introduction 589
1.1 Background 589
1.2 What is a financial instrument? 590
1.2.1 Definition 590
1.2.2 Examples of financial instruments 591
1.2.3 Instruments scoped out of the project 592
2 The ASB s measurement proposals 593
2.1 Current values 593
2.1.1 The Board s conclusion 593
2.1.2 How to determine current values 594
2.2 The disposition of gains and losses 595
2.3 Hedging issues 597
3 The ASB s disclosure proposals 599
3.1 Narrative disclosures 600
3.2 Numerical disclosures 604
4 Comparison with US and IASC pronouncements 614
4.1 US 614
4.1.1 Definition 614
4.1.2 Disclosure requirements 615
4.1.3 Recognition and measurement requirements 616
4.2 IASC 617
4.2.1 Introduction 617
4.2.2 IAS 32 Financial Instruments: Disclosure and Presentation 617
4.2.3 Discussion Paper Accounting for Financial Assets
and Financial Liabilities 618
5 Conclusion 619
CHAPTER 10 FIXED ASSETS AND DEPRECIATION 623
1 Introduction 623
1.1 Background 623
XX Generally Accepted Accounting Practice in the United Kingdom
1.2 The meaning of fixed assets 624
1.3 Criteria for recognition of fixed assets 625
1.3.1 Criteria for tangible fixed assets 625
1.3.2 Criteria for intangible fixed assets 626
1.3.3 The brands debate: which intangible assets
are capable of being accounted for? 629
2 Cost 633
2.1 Basic requirement 633
2.2 Purchase price 633
2.3 Production cost 633
2.4 Directly and indirectly attributable costs 634
2.5 The period of production 635
2.6 Abnormal costs and cost inefficiencies 636
2.7 Improvements and repairs 637
3 Depreciation 639
3.1 Introduction 639
3.2 Arguments against depreciation 640
3.2.1 Investment properties 640
3.2.2 Other tangible assets that are said not to depreciate 642
3.2.3 Intangible assets 647
3.3 The requirements of the Companies Act 648
3.4 SSAP12 648
3.4.1 Scope 648
3.4.2 Definitions 649
3.4.3 Accounting treatment 649
3.4.4 Asset lives 649
3.4.5 Permanent diminutions 649
3.4.6 Depreciation on revalued assets 650
3.5 Useful economic life 650
3.6 Residual values 651
3.7 Depreciation methods 652
3.7.1 Straight line method 653
3.7.2 Reducing balance method 653
3.7.3 Other reducing balance methods 654
3.7.4 Annuity method 655
3.7.5 Unit of production method 656
3.7.6 Choice of depreciation method 656
3.8 Changes in method of providing depreciation 656
3.9 Changes in estimated life 657
3.10 Treatment of minor items 659
4 Impairment **1
Detailed contents xxi
4.1 Introduction 661
4.2 Companies Act requirements 662
4.3 SSAP 12 and permanent diminutions 662
4.4 FRED 15 663
5 Revaluations 665
5.1 Introduction 665
5.1.1 Background 665
5.1.2 ED 51 667
5.1.3 ASB Discussion Paper on valuations 668
5.1.4 ASB Discussion Paper on the
Measurement of tangible fixed assets 668
5.1.5 SSAP 19 670
5.2 Bases of valuation 671
5.2.1 General principles 671
5.2.2 Valuation of land and buildings 673
5.2.3 Depreciated replacement cost of land and buildings 677
5.2.4 Valuations of other assets 679
5.2.5 The comparability and reliability of valuations 679
5.3 Accounting for revaluations 680
5.3.1 Accounting for revaluation surpluses 681
5.3.2 Depreciation of revalued assets 682
5.3.3 Disposal of revalued assets 683
5.3.4 Downward valuations and provisions for permanent impairment...685
5.3.5 Other uses of the revaluation reserve 688
5.3.6 Transfers of properties between current assets and fixed assets 689
5.3.7 Distributable profits and revaluations of fixed assets 691
6 Disclosure 693
6.1 Introduction 693
6.2 Directors report 693
6.3 Balance sheet and profit and loss account 694
6.4 Accounting policies 694
6.5 Notes to the accounts 695
6.6 Additional disclosures for items carried at valuation 698
6.7 Disclosures for investment properties 702
6.7.1 Disclosures required by SSAP 19 702
6.7.2 Balance sheet classification 702
6.7.3 Disclosure on use of true and fair override 703
7 Comparison with US and IASC pronouncements 705
7.1 US 705
7.2 IASC 707
8 Conclusion 709
XXJi Generally Accepted Accounting Practice in the United Kingdom
CHAPTER 11 INVESTMENTS 717
1 Introduction 717
2 Requirements for accounting for investments 719
2.1 Classification 719
2.2 Accounting rules 720
2.2.1 Fixed asset investments 720
2.2.2 Current asset investments 724
2.2.3 Other matters relevant to all investments 727
2.2.4 Income recognition 728
2.2.5 Investments held for hedging purposes 728
2.3 Disclosure requirements 728
3 Comparison with US and IASC pronouncements 733
3.1 US 733
3.2 IASC 734
3.2.1 IAS 25 734
3.2.2 E32 734
3.2.3 E48 734
3.2.4 Accounting for Financial Assets and Financial Liabilities 735
4 Conclusion 735
CHAPTER 12 RESEARCH AND DEVELOPMENT 737
1 Introduction 737
1.1 Possible accounting treatments of research and development expenditure 737
1.1.1 Charge all costs to expense when incurred 737
1.1.2 Capitalise all costs when incurred 738
1.1.3 Capitalise costs when incurred if certain conditions are met 739
1.1.4 Accumulation of costs in a special category 739
1.1.5 Which treatment should be adopted? 739
1.2 Development of accounting standards in the UK 739
1.2.1 ED 14 739
1.2.2 ED 17 740
1.2.3 SSAP 13 740
1.2.4 ED 41 740
1.2.5 SSAP 13 (Revised) 741
1.2.6 FRED 12 741
2 Requirements of SSAP 13 741
2.1 Definitions 741
2.2 Accounting 742
Detailed contents XXJiJ
2.2.1 Fixed assets 742
2.2.2 Pure and applied research 743
2.2.3 Development expenditure 743
2.3 Disclosure 744
2.4 Current reporting practice 745
3 Requirements of the Companies Act 1985 746
3.1 Accounting 746
3.2 Disclosure 747
3.2.1 Financial statements 747
3.2.2 Directors report 747
3.3 Distributable profits 748
4 Problem areas 748
4.1 What activities should be included within research and development? 748
4.2 What costs should be included within the category
of research and development? 750
4.3 Availability of choice between immediate write off
and capitalisation of development expenditure 750
4.4 Elimination of uncertainty in respect of development expenditure 750
4.4.1 Expenditure previously not capitalised 750
4.4.2 Deferred expenditure previously capitalised
and subsequently written down 751
5 Comparison with US and IASC pronouncements 751
5.1 US 751
5.2 IASC 752
CHAPTER 13 CAPITALISATION OF BORROWING COSTS 755
1 Introduction 755
1.1 The development of the practice of capitalisation 755
1.2 Arguments for and against capitalisation 756
1.3 The accounting alternatives 758
1.3.1 Account for interest on debt as an expense
of the period in which it is incurred 759
1.3.2 Capitalise interest on debt as part of the cost
of an asset when prescribed conditions are met 759
1.3.3 Capitalise interest on debt and imputed interest on owners equity
in respect of qualifying assets during their production period 760
2 A comparison between the UK, US and IASC 760
2.1 The current UK position 760
2.2 US 763
2.2.1 Qualifying and non qualifying assets 763
2.2.2 Capitalisation rate 763
XXIV Generally Accepted Accounting Practice in the United Kingdom
2.2.3 Capitalisation period 764
2.2.4 Disclosure 764
2.3 IASC 765
2.3.1 The revised IAS 23 765
3 Issues arising in practice 769
3.1 Qualifying assets 769
3.2 Period of production 770
3.2.1 Commencement of capitalisation period 771
3.2.2 End of capitalisation period 772
3.2.3 Interruptions and delays during development 774
3.3 Determination of amount to be capitalised 774
3.3.1 Borrowings and capitalisation rate 774
3.3.2 Limitation on interest capitalised 779
3.3.3 Gross or net of tax relief 780
3.3.4 Compounding 780
3.3.5 Accrued costs 781
3.3.6 Asset not previously held at cost 781
3.4 Group financial statements 782
3.4.1 Borrowings in one company and development in another 782
3.4.2 Qualifying assets held by investments
accounted for using the equity method 782
3.5 Other issues 784
3.5.1 Provisions for diminution in value 784
3.5.2 Change of policy 784
3.5.3 Exchange differences as a borrowing cost 786
3.5.4 Assets produced by others 787
3.5.5 Depreciation 788
3.5.6 Interest capitalisation and creative accounting 788
4 Disclosure 789
4.1 Balance sheet and related notes 789
4.2 Profit and loss account and related notes 789
4.3 Accounting policy 791
5 Conclusion 792
CHAPTER 14 STOCKS AND LONG TERM CONTRACTS 795
1 Introduction 795
1.1 The importance of stocks and long term contracts within financial statements.. 795
1.2 What are stocks and long term contracts? 796
1.3 Objectives of stock measurement 797
Detailed contents XXV
2.1 Direct costing vs. full absorption costing 799
3 Determining the cost of sales 799
3.1 Cost flow assumptions based on the physical flow of goods 800
3.1.1 Specific identification/actual cost 800
3.1.2 FIFO (first in, first out) 800
3.2 Cost flow assumptions which disregard the physical flow of goods 801
3.2.1 Weighted average 801
3.2.2 LIFO (last in, first out) 802
3.2.3 Base stock 803
3.3 Illustration of the effect of different cost flow assumptions 804
4 The development of SSAP 9 (Revised) 807
4.1 The original SSAP 9 807
4.2 The need for revision 808
4.3 SSAP 9 (Revised) 809
5 The requirements of the Companies Act 1985 809
5.1 Lower of cost and net realisable value 810
5.2 Stock included at a fixed amount 810
5.3 Determination of purchase price or production cost 810
5.4 Costing method and replacement cost 810
5.4.1 Most recent actual purchase price or production cost 813
5.5 Current cost 813
6 Stocks 814
6.1 The accounting and disclosure requirements of SSAP 9 (Revised) 814
6.1.1 Suitable analysis of stocks 814
6.1.2 Accounting policies 815
6.2 Comparison with US and LASC pronouncements 816
6.2.1 US 816
6.2.2 IASC 817
6.3 Problem areas 818
6.3.1 Constituents of cost 818
6.3.2 Net realisable value 823
6.3.3 The valuation of high volumes of similar items of stock 825
6.3.4 Marking to market 826
7 Long term contracts 827
7.1 The accounting and disclosure requirements of SSAP 9 (Revised) 827
7.1.1 Definition 827
7.1.2 Turnover, related costs and attributable profit 828
7.1.3 Accounting policies 829
7.1.4 The financial statement presentation of long term contracts 830
7.1.5 Illustrative examples of the disclosure of long term contracts 831
7.2 Comparison with US and IASC pronouncements 836
XXVJ Generally Accepted Accounting Practice in the United Kingdom
7.2.1 US 836
7.2.2 IASC 836
7.3 Problem areas 838
7.3.1 How much profit? 838
7.3.2 How much turnover? 839
7.3.3 Approved variations and claims 841
7.3.4 Should profits be accrued on short term contracts? 841
7.3.5 Inclusion of interest 842
CHAPTER 15 CAPITAL INSTRUMENTS 845
1 Introduction 845
2 FRS4 846
2.1 The development of FRS 4 846
2.1.1 TR677 846
2.1.2 UITF1 847
2.1.3 The ASB Discussion Paper 847
2.1.4 FRED 3 847
2.1.5 UITF8 848
2.1.6 FRS 4 848
2.2 The requirements of FRS 4 849
2.2.1 The definition of capital instruments 849
2.2.2 The distinction between debt and share capital 849
2.2.3 The accounting treatment of debt instruments 856
2.2.4 The accounting treatment of share capital 857
2.2.5 The allocation of finance costs 858
2.2.6 Repurchase of debt or shares 860
2.2.7 The disclosure of debt maturities 863
2.2.8 Warrants 867
2.2.9 Scrip dividends 868
2.2.10 Disclosure requirements 868
3 Companies Act requirements 876
3.1 Share capital 876
3.1.1 Measurement 876
3.1.2 Disclosure 877
3.2 Loan capital 879
3.3 The purchase of a company s own shares 880
4 Accounting for particular types of instrument 886
4.1 Bonds with no rights to conversion 886
4.1.1 Fixed interest rate bonds 886
4.1.2 Variable interest rate bonds 886
Detailed contents XXVJi
4.1.3 Stepped bonds 887
4.1.4 Deep discounted bonds 888
4.1.5 Index linked bonds 889
4.2 Convertible bonds 890
4.2.1 Traditional convertible bonds 890
4.2.2 Bonds with share warrants attached 890
4.2.3 Convertible bonds with premium puts or enhanced interest 891
4.2.4 Convertible capital bonds 891
4.2.5 Perpetual debt 892
4.3 Share options and warrants 893
4.4 Preference shares 894
4.4.1 Redeemable preference shares 894
4.4.2 Convertible preference shares 896
4.5 Interest rate swaps 896
4.6 Scrip dividends 897
4.7 Employee share schemes 901
4.7.1 UITF 13 Accounting for ESOP Trusts 901
4.7.2 UITF 17 Employee share schemes 906
5 Comparison with US and IASC pronouncements 909
5.1 US 909
5.1.1 Share capital 909
5.1.2 Redeemable shares 910
5.1.3 Treasury stocks 911
5.1.4 Additional paid in capital 911
5.1.5 Dividends 912
5.1.6 Debt.... 912
5.1.7 Convertible debt and debt issued with warrants 913
5.1.8 Convertible bonds with a premium put 914
5.1.9 Extinguishment of debt 914
5.1.10 Troubled debt restructuring 915
5.1.11 Financial instruments project 916
5.1.12 Employee shares 916
5.2 IASC 917
6 Conclusion 918
CHAPTER 16 OFF BALANCE SHEET TRANSACTIONS 923
1 Introduction 923
1.1 Background 923
1.2 The forerunners of FRS 5 924
1.2.1 ICAEW Technical Release 603 924
XXVJii Generally Accepted Accounting Practice in the United Kingdom
1.2.2 ED 42 925
1.2.3 ED 49 926
1.2.4 FRED 4 927
2 FRS5 927
2.1 Scope and general requirements 927
2.2 Definition of assets and liabilities 930
2.3 Analysis of risks and rewards 930
2.4 Recognition 930
2.5 Derecognition 931
2.5.1 General principles 931
2.5.2 Complete derecognition 932
2.5.3 Continued recognition 933
2.5.4 Partial derecognition 933
2.6 The linked presentation 936
2.7 Offset 941
2.8 Consolidation of other entities 943
2.9 Disclosure 947
3 Common forms of off balance sheet finance 947
3.1 Consignment stock 947
3.2 Sale and repurchase agreements 953
3.3 Factoring of debts 958
3.4 Securitised assets 960
3.5 Loan transfers 965
3.6 Take or pay contracts and throughput agreements 968
3.7 Transactions under the Private Finance Initiative 970
4 Comparison with US and IASC pronouncements 972
4.1 US 972
4.1.1 General 972
4.1.2 Subsidiaries and quasi subsidiaries 972
4.1.3 Sale of assets 973
4.1.4 Long term obligations 973
4.1.5 Sales of real estate 973
4.1.6 Transfers of receivables 974
4.1.7 Offset 975
4.2 IASC 975
5 Conclusion 976
CHAPTER 17 LEASES AND HIRE PURCHASE CONTRACTS 979
1 Introduction 979
•i 1 «rL * 1 I L* I * * n «•¦»«
Detailed contents XXJX
1.2 The tax position 980
1.3 SSAP21 980
1.4 Accounting requirements of SSAP 21 982
1.5 ICAEW review of SSAP 21 982
1.6 The potential impact of the conceptual frameworks on lease accounting 982
2 Determining the lease type 985
2.1 The 90% test 985
2.1.1 The fair value 985
2.1.2 The implicit interest rate 985
2.1.3 The minimum lease payments 986
2.1.4 An unguaranteed residual value 986
2.1.5 The lease term 986
2.2 90% test example 987
2.3 Determining the lease type other factors 988
2.4 Determining the lease type the impact of FRS 5 990
3 Accounting by lessees 991
3.1 Introduction 991
3.2 Capitalised fixed asset 991
3.3 Finance lease obligation 992
3.4 Methods of allocating finance charges to accounting periods 992
3.5 Carrying values 994
3.6 Operating leases 995
3.6.1 Lease rentals 995
3.6.2 Reverse premiums and similar incentives 995
4 Disclosure by lessees 997
4.1 SSAP 21 requirements 997
4.2 Related Companies Act requirements 998
4.3 Disclosures in practice 999
5 Accounting by lessors 1003
5.1 Introduction 1003
5.2 Operating leases 1003
5.3 Finance leases 1003
5.4 Allocation of gross earnings finance leases 1004
5.4.1 Introduction 1004
5.4.2 Methodology 1004
5.4.3 Assumptions 1008
5.4.4 Other methods 1008
5.4.5 Net investment or net cash investment 1009
5.5 Allocation of gross earnings hire purchase contracts 1010
5.5.1 Introduction 1010
5.5.2 Methodology imn
XXX Generally Accepted Accounting Practice in the United Kingdom
5.5.3 Choice of method 1010
6 Disclosure by lessors 1011
6.1 SSAP 21 requirements 1011
6.2 Related Companies Act requirements 1011
6.3 Disclosure in practice 1012
7 Problem areas 1014
7.1 Classification of leases 1014
7.1.1 Current practice 1014
7.1.2 Leasing as an off balance sheet transaction 1014
7.2 Termination of leases 1015
7.2.1 Lease classification 1015
7.2.2 Operating leases 1015
7.2.3 Finance leases lessee 1015
7.2.4 Finance leases lessor 1016
7.3 Tax variation clauses 1017
7.3.1 Introduction 1017
7.3.2 Adjustments 1017
7.3.3 Lessee 1017
7.3.4 Lessor 1018
7.4 Sale and leaseback transactions 1018
7.4.1 Introduction 1018
7.4.2 Finance or operating lease? 1018
7.4.3 Leaseback under a finance lease 1020
7.4.4 Sale and leasebacks involving options 1021
7.4.5 Leaseback under an operating lease 1026
7.5 Income recognition by lessors 1028
7.5.1 Initial direct costs 1028
7.5.2 Residual values 1029
7.6 Manufacturers/dealers 1030
7.6.1 Introduction 1030
7.6.2 Allocating the total profit of the manufacturer/dealer 1030
7.7 Sub leases and back to back leases 1031
7.7.1 Introduction 1031
7.7.2 The original lessor and the ultimate lessee 1031
7.7.3 The intermediate party 1032
8 Comparison with US and IASC pronouncements 1037
8.1 US 1037
8.2 IASC 1038
9 Conclusion 1040
Detailed contents XXXJ
CHAPTER 18 GOVERNMENT GRANTS 1045
1 Introduction 1045
2 The development of SSAP 4 1045
2.1 The original SSAP 4 1045
2.2 ED 43 1046
2.3 SSAP 4 (Revised) 1046
3 The requirements of SSAP 4 1047
3.1 Accounting 1047
3.1.1 Treatment of capital grants 1047
3.1.2 Treatment of revenue based grants 1048
3.1.3 Accounting for receipt and repayment of grants 1049
3.1.4 Matching grants against related expenditure 1049
3.2 Disclosure 1050
4 Problem areas 1053
4.1 Achieving the most appropriate matching 1053
4.1.1 Should the grant be split into its elements? 1055
4.1.2 What was the purpose of the grant? 1055
4.1.3 What is the period to be benefited by the grant? 1055
4.1.4 Is a grant capital or revenue? 1055
4.2 Capital grants on non depreciating assets 1055
5 Comparison with the IASC pronouncement 1056
CHAPTER 19 SEGMENTAL REPORTING 1059
1 Introduction 1059
1.1 Historical background 1059
1.2 The objectives of segmental reporting 1060
1.2.1 Introduction 1060
1.2.2 The shareholder group 1060
1.2.3 The investment analyst group 1060
1.2.4 The lender/creditor group 1061
1.2.5 Government 1061
2 The UK position 1061
2.1 Legislative requirements 1061
2.2 SSAP 25 1062
2.2.1 The development of the standard 1062
2.2.2 General approach 1062
2.2.3 Scope 1063
2.2.4 What is a reportable segment? 1064
xxxii Generally Accepted Accounting Practice in the United Kingdom
2.2.5 What is to be reported? 1065
2.2.6 Associated undertakings 1067
2.2.7 Common costs 1069
2.2.8 Disclosure in practice 1069
2.3 Voluntary segmental disclosures 1076
3 Problem areas 1079
3.1 How to define the segments 1079
3.2 Inter segment sales 1088
3.3 Common costs 1088
3.4 Allocation of interest income and interest expense 1089
3.5 Exceptional items 1090
3.6 Changes in composition of the group 1092
3.7 How to define net assets 1092
4 Comparison with US and IASC pronouncements 1094
4.1 US 1094
4.1.1 Introduction 1094
4.1.2 SFAS 14 1095
4.1.3 SFAS 131 1098
4.2 IASC 1100
4.2.1 Scope 1100
4.2.2 Identification of segments 1100
4.2.3 Information to be disclosed 1101
4.2.4 Basis of inter segment pricing 1101
5 Conclusion 1102
CHAPTER 20 PENSION COSTS 1105
1 Introduction 1105
1.1 Background 1105
1.2 The development of an accounting standard in the UK 1106
1.2.1 Napier interim report 1106
1.2.2 ED 32 1107
1.2.3 Statement of Intent 1108
1.2.4 ED 39 1109
1.2.5 SSAP 24 1109
1.2.6 Subsequent developments 1110
2 Requirements of ssap 24 1110
2.1 Scope 1110
2.2 Accounting objective 1111
2.3 Definition of terms 1111
2.4 Defined contribution schemes 1114
Detailed contents XXXJiJ
2.4.1 Accounting 1114
2.4.2 Disclosure 1114
2.5 Defined benefit schemes 1115
2.5.1 Regular pension cost 1115
2.5.2 Variations from regular cost 1116
2.5.3 Discretionary and ex gratia pension increases
and ex gratia pensions 1126
2.5.4 Balance sheet 1127
2.5.5 Disclosure 1132
3 The actuarial aspects of SSAP 24 1140
3.1 Actuarial valuation methods 1140
3.1.1 Background 1140
3.1.2 The approach taken by the standard 1141
3.1.3 Possible actuarial methods accrued benefits methods 1142
3.1.4 Possible actuarial methods projected benefits methods 1145
3.1.5 Actuarial valuation of assets 1149
3.1.6 Conclusion ; 1149
3.2 Actuarial assumptions and best estimates 1150
3.3 The role of the actuary 1151
4 Problem areas 1152
4.1 The treatment of interest 1152
4.2 Variations from regular cost 1158
4.2.1 Calculation of remaining service lives 1158
4.2.2 How should variations be amortised? 1158
4.2.3 What is a significant reduction in employees? 1163
4.2.4 Allocation of experience differences to funding consequences 1163
4.2.5 How to account for the unamortised difference remaining
in the year of the next actuarial valuation 1164
4.2.6 How to treat a balance sheet asset which is shown
to have been eroded by a subsequent valuation 1166
4.3 Negative pension cost 1168
4.4 Hybrid schemes 1169
4.5 Foreign schemes 1170
4.6 Unfunded schemes 1170
4.7 Deferred tax 1172
4.8 Post retirement benefits other than pensions 1172
4.9 Group schemes 1174
4.10 Multi employer schemes 1175
5 Related Companies Act requirements 1176
5.1 Pension commitments 1176
5.2 Pension costs 1177
XXXJV Generally Accepted Accounting Practice in the United Kingdom
5.3 Directors emoluments 1177
6 Comparison with US and IASC pronouncements 1177
6.1 US 1177
6.1.1 Background 1177
6.1.2 SFAS 87 1178
6.1.3 SFAS 88 1179
6.1.4 SFAS 106 1180
6.2 IASC 1180
7 Conclusion 1181
CHAPTER 21 TAXATION 1185
1 Introduction 1185
1.1 The nature of taxation 1185
1.2 Allocation between periods 1186
1.2.1 Background 1186
1.2.2 Permanent differences 1187
1.2.3 Timing differences 1187
1.2.4 The deferral method 1190
1.2.5 The liability method (with full
provision/comprehensive allocation) 1193
1.2.6 The liability method (with partial provision) 1194
1.2.7 The hybrid method 1201
1.2.8 Discounting the liability 1202
1.2.9 The net of tax method 1203
1.2.10 The flow through method 1203
1.3 Allocation within periods 1204
2 The development of accounting for taxation in the UK 1204
2.1 Accounting for tax payable 1204
2.1.1 ED 12 1204
2.1.2 SSAP 8 1205
2.2 Accounting for deferred tax 1205
2.2.1 ED 11 1205
2.2.2 SSAP 11 1205
2.2.3 ED 19 1206
2.2.4 SSAP 15 1206
2.2.5 ED 33 1207
2.2.6 SSAP 15 (Revised) 1208
2.2.7 Amendment to SSAP 15 following UITF 6 1209
2.2.8 The ASB s Discussion Paper 1209
2.3 Other pronouncements 19DQ
Detailed contents XXXV
2.3.1 SSAP 5 1209
2.3.2 ED 28 1209
2.3.3 UITF 16 1210
3 The requirements of the relevant accounting standards and company law 1210
3.1 SSAP 8 1210
3.1.1 Outgoing dividends and the related ACT 1210
3.1.2 Recoverable ACT 1211
3.1.3 Incoming dividends 1213
3.1.4 Disclosure of the tax charge in the profit and loss account 1213
3.2 SSAP 15 1215
3.2.1 General approach 1215
3.2.2 Definitions 1216
3.2.3 Detailed accounting requirements 1216
3.2.4 Disclosure 1219
3.3 Companies Act 1985 1225
4 Problem areas 1227
4.1 Combining different categories of timing difference 1227
4.2 Tax losses and deferred tax 1228
4.2.1 Tax losses which have been incurred 1228
4.2.2 Tax losses which have yet to be incurred 1229
4.3 Tax losses and group relief. 1231
4.3.1 Background 1231
4.3.2 The accounts of the profitable company 1231
4.3.3 The accounts of the loss making company 1232
4.4 Tax in the accounts of a group 1232
4.4.1 Offsetting consolidated tax balances 1232
4.4.2 Tax effects of consolidation adjustments 1234
4.5 ACT 1235
4.5.1 ACT carried forward as an asset 1235
4.5.2 ACT set against the deferred tax liability 1236
4.6 Changes in tax rates 1240
4.6.1 Corporation tax 1240
4.6.2 Deferred tax 1240
4.7 Revaluations of fixed assets 1241
4.8 Overseas earnings 1243
5 Comparison with US and IASC pronouncements 1245
5.1 US 1245
5.1.1 APB 11 1245
5.1.2 SFAS 96 1245
5.1.3 SFAS 109 1245
5.1.4 Main differences between US and UK requirements 1247
XXXVJ Generally Accepted Accounting Practice in the United Kingdom
5.2 IASC 1249
6 Conclusion 1249
CHAPTER 22 REPORTING FINANCIAL PERFORMANCE 1253
1 The need for a standard 1253
1.1 Income measurement 1253
1.1.1 The all inclusive (comprehensive income) concept 1254
1.1.2 The current operating performance concept 1255
1.1.3 Which concept? 1255
1.2 The development of UK standards 1257
1.2.1 The original SSAP 6 1257
1.2.2 The revision of SSAP 6 1257
1.2.3 UITF2 1258
1.2.4 FRED1 1259
2 The requirements of FRS 3 1259
2.1 The principal features of FRS 3 1259
2.2 The scope of FRS 3 1266
2.3 Continuing and discontinued operations 1266
2.3.1 The definition of discontinued operations 1266
2.3.2 The meaning of ceased permanently 1268
2.3.3 The meaning of material effect on the nature and focus 1268
2.3.4 The meaning of clearly distinguishable 1270
2.3.5 Application of the discontinued operations definition in practice .1271
2.4 Accounting for the consequences of a decision
to sell or terminate an operation 1274
2.5 The effect of acquisitions 1277
2.6 Extraordinary and exceptional items 1279
2.6.1 Extraordinary items 1279
2.6.2 Exceptional items 1281
2.6.3 Non operating exceptional items 1282
2.6.4 Disclosure of exceptional items in practice 1285
2.6.5 The impact of the effective abolition of extraordinary items 1286
2.7 Profit or loss on the disposal of an asset 1288
2.8 Note of historical cost profits and losses 1289
2.9 Statement of total recognised gains and losses 1291
2.9.1 Primary financial statement 1291
2.9.2 Goodwill 1292
2.9.3 Share issue costs 1293
2.9.4 Insurance businesses 1293
2.9.5 International developments 1294
Detailed contents XXXVJi
2.10 Taxation 1294
2.11 Earnings per share 1295
2.11.1 EPS redefined 1295
2.11.2 The IIMR headline EPS 1295
2.12 Reconciliation of movements in shareholders funds 1296
2.13 Statement of movements on reserves 1298
2.14 Prior period adjustments 1299
2.14.1 Definition 1299
2.14.2 Identification of prior year adjustments 1300
2.14.3 Changes in accounting policy 1300
2.14.4 Correction of fundamental errors 1301
2.14.5 Accounting treatment 1301
2.14.6 Disclosing the effect of a change in accounting policy 1305
2.15 Comparative figures 1306
3 Historical summaries, half yearly reports and preliminary profit statements 1307
4 Comparison with US and IASC pronouncements 1308
4.1 US 1308
4.1.1 Extraordinary items 1308
4.1.2 Discontinued operations 1309
4.1.3 Prior year adjustments 1311
4.1.4 Reporting Comprehensive Income 1312
4.2 IASC 1314
5 Conclusion 1316
CHAPTER 23 EARNINGS PER SHARE 1321
1 Introduction 1321
2 Scope of SSAP 3 1322
3 The basic EPS 1323
3.1 Definition of EPS 1323
3.2 Disclosure 1324
4 Changes in equity share capital 1324
4.1 Issue for cash at full market price 1325
4.2 Bonus issue, share split and share consolidation 1325
4.3 Rights issue 1329
4.4 Options exercised during the year 1332
4.5 Issue for cash at less than full market price 1333
4.6 Purchase and redemption of own shares 1333
4.7 Post balance sheet changes in capital 1333
4.8 Issue to acquire another business 1334
XXXyiii Generally Accepted Accounting Practice in the United Kingdom
4.9 Group reconstructions 1335
4.10 Adjustments to EPS in five year summaries 1336
5 Matters affecting the EPS calculation 1336
5.1 Earnings 1336
5.2 Preference dividends 1336
5.3 Losses 1337
5.4 Prior year adjustments 1337
5.5 Different classes of equity shares 1337
5.6 Net and nil bases 1339
5.6.1 Calculation of nil basis EPS 1339
5.7 Other bases 1342
5.7.1 IIMR headline earnings 1343
5.7.2 Excluding exceptional items 1346
5.7.3 Excluding discontinued operations 1349
6 Fully diluted earnings per share 1351
6.1 The need for fully diluted EPS 1351
6.2 Disclosure of fully diluted EPS 1352
6.3 Calculation of fully diluted EPS 1353
6.3.1 Equity shares with future dividend entitlement 1353
6.3.2 Convertible securities 1354
6.3.3 Options or warrants to subscribe for equity shares 1357
6.3.4 Fully diluted EPS calculations involving more than
one type of potentially dilutive security 1358
6.3.5 Deferred consideration agreements 1359
7 FRED 16 1362
7.1 Scope 1362
7.2 Basic EPS 1362
7.3 Diluted EPS 1363
7.4 Presentation and disclosures 1369
8 Comparison with US and IASC pronouncements 1369
8.1 US 1369
8.1.1 APB 15 and related statements 1370
8.1.2 SFAS 128 1371
8.2 IASC 1372
9 Conclusion 1373
CHAPTER 24 POST BALANCE SHEET EVENTS 1377
1 The development of accounting for post balance sheet events 1377
1.1 Introduction 1377
Detailed contents XXXJX
1.3 ED 22 1378
1.4 SSAP 17 1379
2 Requirements of SSAP 17 1379
2.1 Definitions 1379
2.2 Events requiring adjustment 1381
2.3 Events not requiring adjustment but requiring disclosure 1381
2.4 Disclosure requirements 1396
3 Problem areas 1398
3.1 Reclassification of a non adjusting event as adjusting in exceptional circumstances 1398
3.2 The valuation of stock realised after the balance sheet date 1399
3.3 Long term contracts 1400
3.4 Acquisitions and disposals of fixed assets 1400
3.5 Window dressing 1401
3.6 Valuations of property 1402
3.7 Insolvency of a debtor 1402
4 Comparison with US and IASC pronouncements 1403
4.1 US 1403
4.2 IASC 1403
5 Conclusion 1404
CHAPTER 25 CONTINGENCIES 1407
1 The development of accounting for contingencies 1407
1.1 Introduction 1407
1.2 The historical background 1407
2 Requirements of SSAP 18 1408
2.1 Definition of contingency 1408
2.2 Contingent gains 1409
2.3 Contingent losses 1409
2.4 Offsets 1410
2.5 Groupings 1411
2.6 Disclosure requirements 1411
3 Problem areas 1411
3.1 Probable, possible or remote 1411
3.2 Estimating the amount of a contingency 1413
3.3 Disclosure of the financial effect of a contingency 1415
3.4 Litigation and disclosure of potentially prejudicial information 1421
3.5 Disclosure of remote contingencies 1423
3.6 Other problem areas 1424
xi Generally Accepted Accounting Practice in the United Kingdom
3.6.1 Guarantees year end or maximum liability 1424
3.6.2 Discounted bills of exchange 1425
3.6.3 VAT groups 1426
3.6.4 Performance bonds 1427
4 FRED 14 1428
5 Comparison with US and IASC pronouncements 1429
5.1 US 1429
5.2 IASC 1430
CHAPTER 26 PROVISIONS 1433
1 Introduction 1433
2 The development of an accounting standard 1436
2.1 The ASB Discussion Paper 1436
2.2 FRED 14 1436
2.2.1 Scope 1437
2.2.2 Recognition 1437
2.2.3 Measurement 1438
2.2.4 Offset 1440
2.2.5 Disclosures 1440
3 Examples of provisions in practice 1442
3.1 Onerous contracts and operating losses 1442
3.2 Reorganisation provisions 1445
3.3 Environmental and decommissioning provisions 1452
3.4 Cyclical repairs 1456
3.5 Year 2000 costs 1459
3.6 Warranty provisions 1460
3.7 Self insurance 1460
4 Comparison with US and IASC pronouncements 1461
4.1 US 1461
4.1.1 Restructuring costs 1461
4.1.2 Environmental costs 1462
4.1.3 Decommissioning costs 1463
4.1.4 Vacant leasehold property 1463
4.1.5 Year 2000 costs 1463
4.2 IASC 1463
5 Conclusion 1464
Detailed contents xli
CHAPTER 27 CASH FLOW STATEMENTS 1467
1 Evolution of the cash flow statement 1467
1.1 Statements of source and application of funds 1467
1.2 The SSAP 10 funds statement 1468
1.3 The move towards cash flow information 1470
1.4 The distinction between funds flow and cash flow 1471
1.5 The original FRS 1 1473
1.6 The need for revision 1474
1.7 FRS 1 (Revised 1996) 1476
2 The requirements of FRS 1 (Revised 1996) 1477
2.1 Scope and exemptions 1477
2.2 The definition of cash 1480
2.3 Format of the cash flow statement 1482
2.4 Classification of cash flows by standard heading 1486
2.4.1 General principle 1486
2.4.2 Operating activities 1487
2.4.3 Returns on investments and servicing of finance 1491
2.4.4 Taxation 1492
2.4.5 Capital expenditure and financial investment 1493
2.4.6 Acquisitions and disposals 1497
2.4.7 Equity dividends paid 1499
2.4.8 Management of liquid resources 1499
2.4.9 Financing 1501
2.4.10 Exceptional and extraordinary items 1502
2.5 Reconciliations 1504
2.6 Comparative figures 1506
2.7 Groups 1506
2.7.1 Acquisition and disposal of subsidiaries 1507
2.7.2 Preparation of the group cash flow statement 1508
2.7.3 Associates and joint ventures 1509
2.8 Foreign currency 1509
2.8.1 Individual entities 1509
2.8.2 Groups 1510
2.8.3 Hedging transactions 1513
2.9 Notes to the cash flow statement 1514
2.9.1 Restrictions on remittability 1514
2.9.2 Material non cash transactions 1515
3 Banks and insurance companies 1515
3.1 Banks 1515
3.2 Insurance companies 1516
xlii Generally Accepted Accounting Practice in the United Kingdom
4 Comparison with US and IASC pronouncements 1517
4.1 US 1517
4.1.1 Introduction 1517
4.1.2 Focus of SFAS 95 1518
4.1.3 Cash equivalents 1519
4.1.4 Form and content of the statement of cash flows 1519
4.1.5 Investing activities 1519
4.1.6 Financing activities 1520
4.1.7 Operating activities 1521
4.1.8 Receipts and payments are presented gross 1521
4.1.9 Non cash activities are disclosed separately 1522
4.1.10 Use of the direct or indirect methods 1522
4.2 Summary of principal differences between FRS 1 and SFAS 95 1522
4.3 IASC 1523
5 Conclusion 1525
CHAPTER 28 RELATED PARTIES 1531
1 Introduction 1531
1.1 The related party issue 1531
1.2 Possible solutions 1532
1.2.1 Remeasurement of transactions at fair values 1532
1.2.2 Disclosure of transactions 1532
1.3 Position in the UK 1533
2 FRS 8 1533
2.1 Contrasted with ED 46 and FRED 8 1533
2.2 Identification of related parties 1534
2.2.1 General definitions of related party 1535
2.2.2 Deemed related parties , 1538
2.2.3 Presumed related parties 1541
2.2.4 Close family and controlled entities 1546
2.2.5 Parties presumed not to be related parties 1548
2.3 Disclosure of related party transactions I549
2.3.1 Disclosable transactions 2549
2.3.2 Materiality 1550
2.3.3 Disclosures required 1553
2.3.4 Aggregation 1556
2.3.5 Exemptions from disclosure 2558
2.3.6 Transactions subject to a duty of confidentiality 1563
2.4 Disclosure of control 1c,a
15oj
2.5 No exemption for small companies isa*
Detailed contents xlJii
3 Other requirements in the UK 1566
3.1 Legislative requirements 1566
3.1.1 Directors 1566
3.1.2 Non director officers 1567
3.1.3 Related undertakings 1567
3.2 UK accounting standards other than FRS 8 1571
3.3 Stock Exchange requirements 1571
3.3.1 Directors 1571
3.3.2 Shareholders 1572
3.3.3 Smaller related party transactions 1573
3.3.4 AIM companies 1575
4 Comparison with IASC and US pronouncements 1575
4.1 IASC 1575
4.2 US 1576
5 Conclusion 1577
CHAPTER 29 DIRECTORS AND OFFICERS LOANS AND
TRANSACTIONS 1581
1 Introduction 1581
1.1 Outline of historical development in the UK. 1581
2 Definitions 1582
2.1 Director 1582
2.2 Shadow director 1582
2.3 Alternate director 1582
2.4 Connected person 1583
2.5 Officer 1584
2.6 Loan 1584
2.7 Quasi loan 1585
2.8 Credit transaction 1585
3 Disclosure requirements 1587
3.1 Introduction 1587
3.2 Scope 1587
3.3 Transactions requiring disclosure 1588
3.4 Section 330 transactions 1589
3.4.1 Introduction 1589
3.4.2 Disclosure requirements 1590
3.5 Material interest transactions 1592
3.5.1 Introduction 1592
3.5.2 Definition of material interest 1593
3.5.3 Disclosure requirements 1594
xliv Generally Accepted Accounting Practice in the United Kingdom
3.6 Exemptions from disclosure 1598
3.6.1 General 1598
3.6.2 Section 330 transactions 1598
3.6.3 Material interest transactions 1598
4 Banking companies under the Banking Act 1987 1599
4.1 Disclosure of transactions by banking companies 1600
5 Stock Exchange requirements 1601
6 Transactions involving officers 1602
6.1 Introduction 1602
6.2 Disclosure requirements 1602
6.3 Banking companies under the Banking Act 1987 1603
7 Conclusion 1603
Appendix: Legal requirements 1605
A Introduction 1605
B Prohibited transactions 1605
B.I Loans 1605
B.2 Quasi loans and credit transactions 1605
B.3 Assignment/assumption of rights, obligations or liabilities 1605
B.4 Arrangements 1606
C Exempted transactions 1606
C.I Loans of small amounts 1606
C.2 Short term quasi loans 1606
C.3 Minor or business credit transactions 1606
C.4 Inter company transactions 1607
C.5 Directors business expenditure 1607
C.6 Money lending companies 1607
C.7 Companies registered overseas 1608
D Sanctions 1608
D.I Civil remedies 1608
D.2 Criminal penalties 1609
E Interests in contracts 1609
F Substantial property transactions 1610
G Transactions involving officers 1611
CHAPTER 30 DIRECTORS REMUNERATION 1615
1 Introduction 1615
1.1 Remuneration 1617
1.2 Pensions ^18
Detailed contents xlv
1.3 Compensation for loss of office 1618
1.4 Service contracts 1618
2 Disclosure of remuneration under the Companies Act 1985 1619
2.1 Introduction 1619
2.2 Disclosure of aggregate emoluments 1620
2.2.1 Legal requirements 1620
2.2.2 Problem areas 1621
2.3 Definition of emoluments 1622
2.3.1 Legal requirements 1622
2.3.2 Problem areas 1624
2.4 Computing aggregate emoluments 1627
2.4.1 Legal requirements 1627
2.4.2 Problem areas 1631
2.5 Gains made on exercise of share options 1633
2.6 Long term incentive schemes 1636
2.7 Pension contributions in respect of money purchase schemes 1640
2.8 Excess retirement benefits of directors and past directors 1642
2.9 Compensation for loss of office 1643
2.9.1 Legal requirements 1643
2.9.2 Problem areas „ 1645
2.10 Payments to third parties 1647
2.11 Highest paid director 1649
3 Employee disclosures 1653
3.1 Director as an employee 1653
4 Stock Exchange requirements 1654
4.1 CadburyCode 1654
4.2 Greenbury Code 1655
4.2.1 Section A The remuneration committee 1655
4.2.2 Section B Disclosure and approval provisions 1655
4.2.3 Section C Remuneration policy 1655
4.2.4 Section D Service contracts and compensation 1656
4.3 Stock Exchange requirements in respect of the Greenbury Code 1656
4.3.1 Positioning of Remuneration Committee Report and Disclosures 1660
4.3.2 Statement of compliance with Best Practice Provisions 1660
4.3.3 Statement of remuneration policy 1662
4.3.4 Individual directors emoluments 1663
4.3.5 Annual bonuses 1667
4.3.6 Deferred bonuses 1670
4.3.7 Compensation payments 1674
4.3.8 Payments to former directors 1674
4.3.9 Pension benefits 1677
xlvi Generally Accepted Accounting Practice in the United Kingdom
4.3.10 Share options and other long term scheme 1683
4.3.11 Directors service contracts 1699
5 Conclusion 1701
CHAPTER 31 INTERIM REPORTING 1705
1 Introduction 1705
2 Requirements 1706
2.1 The Stock Exchange Listing Rules 1706
2.2 The Cadbury Committee 1708
2.3 The ICAEW Consultative Paper 1708
2.4 The ASB s draft Statement 1709
2.4.1 Statements to be included 1709
2.4.2 Accounting policies and measurement principles 1712
3 Problem areas 1713
3.1 Seasonal businesses 1713
3.2 Taxation 1714
3.3 Other items determined on an annual basis 1716
3.4 Non recurring items 1717
3.5 Asset values 1717
4 Comparison with US and IASC pronouncements 1718
4.1 US 1718
4.1.1 SEC requirements 1718
4.1.2 APB 28 1718
4.2 IASC 1720
5 Conclusion 1720
APPENDIX: SPECIMEN FINANCIAL STATEMENTS 1723
Introduction 1723
Good Group P.L.C 1725
INDEX OF EXTRACTS FROM ACCOUNTS 1795
INDEX OF STATUTES AND STANDARDS 1803
Detailed contents xlvii
INDEX 1815
|
| any_adam_object | 1 |
| author | Davies, Mike Paterson, Ron Wilson, Allister |
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| dewey-search | 657.0941 |
| dewey-sort | 3657.0941 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 5. ed. |
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| spelling | Davies, Mike Verfasser aut UK GAAP generally accepted accounting practice in the United Kingdom Mike Davies, Ron Paterson and Allister Wilson Generally accepted accounting practice in the United Kingdom 5. ed. London Macmillan 1997 XLVII, 1863 S. txt rdacontent n rdamedia nc rdacarrier Accounting Standards Great Britain Rechnungswesen (DE-588)4048732-5 gnd rswk-swf Richtlinie (DE-588)4137814-3 gnd rswk-swf Rechnungslegung (DE-588)4128343-0 gnd rswk-swf Großbritannien Großbritannien (DE-588)4022153-2 gnd rswk-swf Großbritannien (DE-588)4022153-2 g Rechnungswesen (DE-588)4048732-5 s DE-604 Rechnungslegung (DE-588)4128343-0 s Richtlinie (DE-588)4137814-3 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=008171223&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 Accounting Standards Great Britain Rechnungswesen (DE-588)4048732-5 gnd Richtlinie (DE-588)4137814-3 gnd Rechnungslegung (DE-588)4128343-0 gnd |
| subject_GND | (DE-588)4048732-5 (DE-588)4137814-3 (DE-588)4128343-0 (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 and Allister Wilson |
| title_fullStr | UK GAAP generally accepted accounting practice in the United Kingdom Mike Davies, Ron Paterson and Allister Wilson |
| title_full_unstemmed | UK GAAP generally accepted accounting practice in the United Kingdom Mike Davies, Ron Paterson and 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 | Accounting Standards Great Britain Rechnungswesen (DE-588)4048732-5 gnd Richtlinie (DE-588)4137814-3 gnd Rechnungslegung (DE-588)4128343-0 gnd |
| topic_facet | Accounting Standards Great Britain Rechnungswesen Richtlinie Rechnungslegung Großbritannien |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008171223&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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