UK GAAP for business and practice:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Amsterdam [u.a.]
Elsevier/CIMA Publ.
2006
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XV, 496 S. |
| ISBN: | 0750668733 9780750668736 |
Internformat
MARC
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
1 Executive Summary 2005 1
1.1 UK GAAP or IFRS? 1
1.2 Recent Developments 2
1.3 Recent Financial Reporting Standards 3
1.4 Recent Financial Reporting Exposure Drafts 5
1.5 Earlier Financial Reporting Standards 5
1.6 The Financial Reporting Standard for Smaller Entities (FRSSE) 5
1.7 Urgent Issues Task Force Developments 6
1.8 Company Law Changes 6
1.9 Listed Company Reporting 8
1.10 Financial Reporting Review Panel (FRRP) 8
1.11 Statements of Recommended Practice (SORPs) 8
1.12 International Financial Reporting Standards 8
2 The UK Regulatory Framework 10
2.1 Companies Act 1985 Requirements 10
2.2 Financial Reporting Council (FRC) 16
2.3 Accounting Standards Board (ASB) 17
2.4 Urgent Issues Task Force (UITF) 18
2.5 Statements of Recommended Practice (SORPs) 18
2.6 Statement of Principles 19
2.7 Companies (Audit, Investigations and Community Enterprise)
Act 2004 20
2.8 The Companies Act 1985 (Operating and Financial Review
and Directors Report etc.) Regulations 2005 21
2.9 Companies Act 1985 (Investment Companies and Accounting
and Audit Amendments) 23
2.10 Legal Opinion on Role of Accounting Standards and True and Fair 24
2.11 Directors Report 25
2.12 Revision of Defective Accounts 28
2.13 Financial Reporting Review Panel 29
2.14 International Financial Reporting Standards 31
3 Accounting Policies and Estimation Techniques 33
3.1 Objectives of FRS 18 33
3.2 Concepts 33
3.3 Definitions 34
3.4 Examples 35
3.5 Concepts and Objectives Further Comments 36
3.6 Changes in Accounting Policies 37
^fc Contents
3.7 Estimation Techniques 37
3.8 Disclosures 38
3.9 Illustration 39
3.10 International Financial Reporting Standards 43
4 Profit and Loss Account, Statement of Total Recognized Gains
and Losses (STRGL) and Balance Sheet 44
4.1 Introduction 44
4.2 FRS 3 The Profit and Loss Account 48
4.3 Exceptional Items 51
4.4 Extraordinary Items 54
4.5 Discontinued Operations and Provisions 55
4.6 Operations in the Process of Being Discontinued 56
4.7 Profit or Loss on Disposal of Fixed Assets 56
4.8 FRS 3 The Statement of Total Recognized Gains and
Losses (STRGL) 57
4.9 FRS 3 Other Statements 57
4.10 Prior Period Adjustments 60
4.11 Comparative Figures 66
4.12 International Financial Reporting Standards 66
5 Cash Flow Statements 68
5.1 Background and Scope 68
5.2 Format and Content Single Companies 69
5.3 Worked Example A Single Company Using the Indirect
Method 75
5.4 Problem Areas Single Companies 79
5.5 Group Accounts Considerations 80
5.6 Worked Example A Group 81
5.7 Illustrations from Published Accounts 86
5.8 Using Cash Flow Statements 88
5.9 International Financial Reporting Standards 89
6 Reporting the Substance of Transactions 90
6.1 Background 90
6.2 The Substance of Transactions 91
6.3 Features of More Complex Transactions 91
6.4 Applying the Principles of FRS 5 92
6.5 Recognition of Assets and Liabilities 93
6.6 De recognition 94
6.7 Relationship with Other Standards 96
6.8 Disclosure Requirements 97
6.9 Linked Presentation for Certain Non recourse Finance Arrangements 98
Contents ^^
6.10 Offset 99
6.11 Consignment Stocks 100
6.12 Debt Factoring and Invoice Discounting 102
6.13 Sale and Repurchase Agreements 105
6.14 Further Complications 108
6.15 International Financial Reporting Standards 109
7 Converging UK GAAP with IFRS 110
7.1 Terminology 110
7.2 Recap 110
7.3 Options for Members of a Group 110
7.4 Application to Different Categories of Company 111
7.5 Comparison of UK GAAP and IFRS 111
7.6 True and Fair Requirement 117
7.7 Converging UK GAAP with IFRS Recent Developments 118
7.8 Urgent Issues Task Force Abstracts 119
7.9 Extant Standards 119
8 Revenue Recognition 121
8.1 Introduction 121
8.2 The Statement of Principles Recognition in Financial Statements 122
8.3 FRS 5, Application Note G 123
8.4 Contracts for Services and UITF Abstract 40 131
8.5 Other Aspects of UK GAAP 137
8.6 Review Panel Press Notices 138
8.7 Illustrations from Published Accounts 139
8.8 International Financial Reporting Standards 141
9 Employee Benefits 143
9.1 Directors Remuneration Unlisted Companies (Other than those
Claiming Small Company Exemptions under CA 1985 s246) 143
9.2 Directors Remuneration Other Disclosures 145
9.3 Directors Remuneration Small Companies Claiming Exemptions
Under CA 1985, Part VII 147
9.4 Retirement Benefit Introduction 148
9.5 Retirement Benefit Companies Act 1985 Requirements 148
9.6 Funding of Pension Arrangements 149
9.7 Accounting for Retirement Benefits FRS 17: Introduction 150
9.8 FRS 17 Transitional Provisions 150
9.9 FRS 17 Full Implementation 152
9.10 International Financial Reporting Standards 156
% Contents
3 Share based Payment 158
10.1 Overview 158
10.2 Employee Share Schemes UITF Abstract 17 159
10.3 National Insurance Contributions on Share Option Gains
UITF Abstract 25 162
10.4 Accounting for ESOP Trusts UITF Abstract 38 165
10.5 Share based Payment, FRS 20 I68
10.6 International Financial Reporting Standards 178
1 Taxation Including Deferred Tax 179
11.1 Accounting for Current Tax I79
11.2 Deferred Tax Introduction 181
11.3 Accounting for Deferred Tax FRS 19 184
11.4 Accounting for Deferred Tax FRS 19: Deferred Tax Assets 186
11.5 Accounting for Deferred Tax FRS 19: Disclosure Requirements 188
11.6 Accounting for Government Grants 194
11.7 SSAP 5 (Accounting for Value Added Tax) 196
11.8 International Financial Reporting Standards 196
12 Tangible Fixed Assets, Including Impairment 198
12.1 Introduction 198
12.2 Tangible Fixed Assets Overview of FRS 15 199
12.3 Determining Cost 200
12.4 Capitalization of Interest 202
12.5 Revaluation 203
12.6 Depreciation 208
12.7 Website Development Costs 213
12.8 Impairment 215
12.9 Disposal of Fixed Assets 220
12.10 UITF 5 Transfers from Current Assets to Fixed Assets 221
12.11 Investment Properties (SSAP 19) 221
12.12 Government Grants for Capital Expenditure 223
12.13 International Financial Reporting Standards 224
13 Intangible Fixed Assets, Including Goodwill 226
13.1 Introduction 226
13.2 Accounting for Goodwill FRS 10 227
13.3 Intangible Assets (Other than Goodwill) 231
13.4 UITF 27 Revision to Estimates of the Useful Economic Life of
Goodwill and Intangible Assets 232
13.5 FRS 10 Disclosure Requirements Overview 232
13.6 Accounting for Research and Development Expenditure 233
13.7 International Financial Reporting Standards 236 ;
Contents ^^
14 Hire Purchase and Leasing 238
14.1 Introduction Financing of Fixed Assets 238
14.2 Hire Purchase Accounting for the Hirer 239
14.3 Lessee Accounting — Background 240
14.4 Lessee Accounting Classification 242
14.5 Lessee Accounting Finance Leases and Hire Purchase Contracts 244
14.6 Lessee Accounting Operating Leases 247
14.7 Lessee Accounting Disclosures Finance Leases 248
14.8 Lessee — Accounting Disclosures — Operating Leases 250
14.9 Lease Classification and FRS 5 251
14.10 Lessor Accounting Background 252
14.11 Lessor Accounting Operating Leases 252
14.12 Lessor Accounting Finance Leases 253
14.13 Manufacturer/Dealer Lessor 255
14.14 Lessor Accounting Disclosure Requirements 256
14.15 Sale and Leaseback 258
14.16 UITF 28 Operating Lease Incentives 258
14.17 International Financial Reporting Standards 260
15 Current Assets 262
15.1 Stocks and Long term Contracts Overview 262
15.2 Short term Stocks and Work in Progress 263
15.3 Long term Contracts 269
15.4 Debtors 283
15.5 Current Asset Investments 286
15.6 Cash 286
15.7 International Financial Reporting Standards 286
16 Loans, Provisions, Contingencies and Commitments 288
16.1 Introduction 288
16.2 Creditors and Loans 288
16.3 Provisions 289
16.4 Contingencies 298
16.5 Commitments 300
16.6 International Financial Reporting Standards 301
17 Financial Instruments 302
17.1 Overview 302
17.2 FRS 4, Capital Instruments Shareholders Funds 304
17.3 FRS 4, Capital Instruments Debt 309
17.4 FRS 25 Financial Instruments: Disclosure and Presentation 310
17.5 International Financial Reporting Standards 313
m Contents
5 Shareholders Funds and Dividends 315
L8.1 Introduction 315
L8.2 Share Capital Disclosures Companies Act 1985 315
18.3 Reserves Categories 317
18.4 Permitted Reserves Movements 319
18.5 FRS 25 Financial Instruments: Disclosure and Presentation 319
18.6 Purchase and Redemption of Shares CA 1985 Rules 321
18.7 Distributable Profits 325
18.8 International Financial Reporting Standards 327
9 Related Party Transactions 328
19.1 Introduction to FRS 8 328
19.2 Identifying Related Parties 329
19.3 Related Party Transactions Definitions and Examples 331
19.4 Disclosure Requirements 33^
19.5 Companies Act 1985 Directors Interests in Contracts 334
19.6 International Financial Reporting Standards 335
!0 Events after the Balance Sheet Date 337
20.1 SSAP 17 Post Balance Sheet Events 337
20.2 FRS 21 Events after the Balance Sheet Date 340
20.3 International Financial Reporting Standards 343
21 Segmental Reporting 344
21.1 The Need for Segmental Analysis 344
21.2 Companies Act 1985 Requirements 344
21.3 SSAP 25 Segmental Reporting 345
21.4 Terminology 345
21.5 Disclosure Requirements 345
21.6 Relaxations for Smaller Entities 346
21.7 Summary of SSAP 25 Requirements 346
21.8 International Financial Reporting Standards 349
22 Accounting for Smaller Companies 351
22.1 Reporting Requirements an Overview 351
22.2 Statutory Definitions 352
22.3 Shorter Form of Accounts for Shareholders 354
22.4 The Financial Reporting Standard for Smaller Entities (FRSSE)
Overview 356
22.5 Using the FRSSE Accounting and Disclosure Issues 357
i
Contents ^P
22.6 Using the FRSSE (Effective January 2005) Accounting
and Disclosure Issues 366
22.7 Abbreviated Accounts 368
22.8 Small and Medium sized Groups 369
22.9 Concessions Offered by Particular Accounting Standards 369
22.10 Legal Considerations 370
22.11 Parent Companies 371
22.12 Audit Exemption 371
22.13 International Financial Reporting Standards 372
23 Listed Company Reporting 373
23.1 Introduction 373
23.2 Fully Listed or AIM Who Makes the Rules? 373
23.3 Members of a Listed Group UK GAAP or IFRS? 374
23.4 Directors Remuneration Additional Considerations 375
23.5 Operating and Financial Review (OFR) 375
23.6 Financial Reporting Review Panel (FRRP) 376
23.7 International Financial Reporting Standards Specific to Listed
Companies 377
24 Limited Liability Partnerships 379
24.1 Introduction 379
24.2 Legal and Administrative Matters 380
24.3 Accounts and Audit 381
24.4 Statement of Recommended Practice (SORP) 383
24.5 Summary Comparisons with Unlimited Partnerships and Limited
Companies 387
24.6 Exposure Draft of Proposed Revised SORP 388
24.7 International Financial Reporting Standards 388
25 Accounting for Subsidiary Undertakings 390
25.1 Requirement to Prepare Consolidated Accounts 390
25.2 Definitions Parent Undertaking and Subsidiary Undertaking 390
25.3 Dominant Influence and Managed on a Unified Basis 391
25.4 Accounting Policies 392
25.5 Intra group Items 392
25.6 Accounting Dates 393
25.7 Exclusion from Consolidation 394
25.8 Minority Interests 396
25.9 Individual Profit and Loss Account of Parent Company 397
25.10 Exemptions from the Preparation of Group Accounts 397
25.11 Significant Restrictions on Distributions 403
25.12 International Financial Reporting Standards 404
Contents
Acquisition Accounting, Fair Values and Business Disposals 406
D.I Accounting for Business Combinations 406
3.2 Features of Acquisition Accounting 407
B.3 Fair Values and Acquisition Accounting 408
6.4 The Merger Reserve (CA 1985, s 131) 410
6.5 Acquisition Accounting Illustration 411
6.6 Acquisition Accounting Disclosures 413
6.7 Changes in Stake 417
6.8 Accounting for Disposals of Shares in Subsidiary Undertakings 420
6.9 Realization of the Merger Reserve 426
1.10 Merger Accounting 428
1.11 International Financial Reporting Standards 432
Associates and Joint Ventures 434
7.1 Introduction 434
27.2 Regulatory Environment Overview 435
27.3 Classification of Fixed Asset Investments 436
27.4 Cost Method and Equity Method Compared an Introduction 436
27.5 Investments in Subsidiaries 439
27.6 Associates 439
27.7 Joint Ventures 442
27.8 Acquisitions and Disposals 444
27.9 Commencement or Cessation of an Associate or Joint
Venture Relationship 445
7.10 Loss making Associates and Joint Ventures 445
7.11 Joint Arrangements not Entities (JANEs) 446
7.12 Investor not Preparing Consolidated Accounts 447
7.13 Associates and Joint Ventures Further Disclosures 448
7.14 International Financial Reporting Standards 450
:8 Accounting for Overseas Operations 451
28.1 Introduction 451
28.2 Accounts of Individual Companies 451
28.3 Consolidation of Foreign Subsidiaries an Introduction 455
28.4 Closing Rate/Net Investment Method 456
28.5 Temporal Method 463
28.6 Equity Investments Financed by Foreign Borrowings 464
28.7 Foreign Branches 467
28.8 Foreign Associated Companies 468
28.9 Disclosure in Financial Statements 468
28.10 International Financial Reporting Standards/FRS 23 469
Contents ^B
29 Converging UK GAAP with IFRS the Road Ahead 471
29.1 Convergence Experience to Date 471
29.2 Progress During 2005 472
29.3 ASB December 2005 Convergence Paper 472
29.4 And Finally 473
Appendix 1 Implementation Dates for Unlisted Companies 474
Al.l Accounting Standards and UITF Abstracts: Mandatory 474
A1.2 Accounting Standards and UITF Abstracts: Optional 474
A1.3 Company Law Changes 475
Appendix 2 UK GAAP Status Report as at 31 January 2006 476
A2.1 Statements of Standard Accounting Practice 476
A2.2 Financial Reporting Standards 477
A2.3 Financial Reporting Exposure Drafts 479
A2.4 Abstracts Issued by UITF 479
A2.5 Statements of Recommended Practice (SORPs) 481
Appendix 3 Extant IASs and IFRSs: Status Report as at 31 January 2006 483
A3.1 International Accounting Standards (IASs) 483
A3.2 International Financial Reporting Standards 485
Appendix 4 Useful Website Addresses 486
Index 487
|
| adam_txt |
Contents
1 Executive Summary 2005 1
1.1 UK GAAP or IFRS? 1
1.2 Recent Developments 2
1.3 Recent Financial Reporting Standards 3
1.4 Recent Financial Reporting Exposure Drafts 5
1.5 Earlier Financial Reporting Standards 5
1.6 The Financial Reporting Standard for Smaller Entities (FRSSE) 5
1.7 Urgent Issues Task Force Developments 6
1.8 Company Law Changes 6
1.9 Listed Company Reporting 8
1.10 Financial Reporting Review Panel (FRRP) 8
1.11 Statements of Recommended Practice (SORPs) 8
1.12 International Financial Reporting Standards 8
2 The UK Regulatory Framework 10
2.1 Companies Act 1985 Requirements 10
2.2 Financial Reporting Council (FRC) 16
2.3 Accounting Standards Board (ASB) 17
2.4 Urgent Issues Task Force (UITF) 18
2.5 Statements of Recommended Practice (SORPs) 18
2.6 Statement of Principles 19
2.7 Companies (Audit, Investigations and Community Enterprise)
Act 2004 20
2.8 The Companies Act 1985 (Operating and Financial Review
and Directors' Report etc.) Regulations 2005 21
2.9 Companies Act 1985 (Investment Companies and Accounting
and Audit Amendments) 23
2.10 Legal Opinion on Role of Accounting Standards and True and Fair 24
2.11 Directors' Report 25
2.12 Revision of Defective Accounts 28
2.13 Financial Reporting Review Panel 29
2.14 International Financial Reporting Standards 31
3 Accounting Policies and Estimation Techniques 33
3.1 Objectives of FRS 18 33
3.2 Concepts 33
3.3 Definitions 34
3.4 Examples 35
3.5 Concepts and Objectives Further Comments 36
3.6 Changes in Accounting Policies 37
^fc Contents
3.7 Estimation Techniques 37
3.8 Disclosures 38
3.9 Illustration 39
3.10 International Financial Reporting Standards 43
4 Profit and Loss Account, Statement of Total Recognized Gains
and Losses (STRGL) and Balance Sheet 44
4.1 Introduction 44
4.2 FRS 3 The Profit and Loss Account 48
4.3 Exceptional Items 51
4.4 Extraordinary Items 54
4.5 Discontinued Operations and Provisions 55
4.6 Operations in the Process of Being Discontinued 56
4.7 Profit or Loss on Disposal of Fixed Assets 56
4.8 FRS 3 The Statement of Total Recognized Gains and
Losses (STRGL) 57
4.9 FRS 3 Other Statements 57
4.10 Prior Period Adjustments 60
4.11 Comparative Figures 66
4.12 International Financial Reporting Standards 66
5 Cash Flow Statements 68
5.1 Background and Scope 68
5.2 Format and Content Single Companies 69
5.3 Worked Example A Single Company Using the Indirect
Method 75
5.4 Problem Areas Single Companies 79
5.5 Group Accounts Considerations 80
5.6 Worked Example A Group 81
5.7 Illustrations from Published Accounts 86
5.8 Using Cash Flow Statements 88
5.9 International Financial Reporting Standards 89
6 Reporting the Substance of Transactions 90
6.1 Background 90
6.2 The Substance of Transactions 91
6.3 Features of More Complex Transactions 91
6.4 Applying the Principles of FRS 5 92
6.5 Recognition of Assets and Liabilities 93
6.6 De recognition 94
6.7 Relationship with Other Standards 96
6.8 Disclosure Requirements 97
6.9 Linked Presentation for Certain Non recourse Finance Arrangements 98
Contents ^^
6.10 Offset 99
6.11 Consignment Stocks 100
6.12 Debt Factoring and Invoice Discounting 102
6.13 Sale and Repurchase Agreements 105
6.14 Further Complications 108
6.15 International Financial Reporting Standards 109
7 Converging UK GAAP with IFRS 110
7.1 Terminology 110
7.2 Recap 110
7.3 Options for Members of a Group 110
7.4 Application to Different Categories of Company 111
7.5 Comparison of UK GAAP and IFRS 111
7.6 True and Fair Requirement 117
7.7 Converging UK GAAP with IFRS Recent Developments 118
7.8 Urgent Issues Task Force Abstracts 119
7.9 Extant Standards 119
8 Revenue Recognition 121
8.1 Introduction 121
8.2 The Statement of Principles Recognition in Financial Statements 122
8.3 FRS 5, Application Note G 123
8.4 Contracts for Services and UITF Abstract 40 131
8.5 Other Aspects of UK GAAP 137
8.6 Review Panel Press Notices 138
8.7 Illustrations from Published Accounts 139
8.8 International Financial Reporting Standards 141
9 Employee Benefits 143
9.1 Directors' Remuneration Unlisted Companies (Other than those
Claiming Small Company Exemptions under CA 1985 s246) 143
9.2 Directors' Remuneration Other Disclosures 145
9.3 Directors' Remuneration Small Companies Claiming Exemptions
Under CA 1985, Part VII 147
9.4 Retirement Benefit Introduction 148
9.5 Retirement Benefit Companies Act 1985 Requirements 148
9.6 Funding of Pension Arrangements 149
9.7 Accounting for Retirement Benefits FRS 17: Introduction 150
9.8 FRS 17 Transitional Provisions 150
9.9 FRS 17 Full Implementation 152
9.10 International Financial Reporting Standards 156
% Contents
3 Share based Payment 158
10.1 Overview 158
10.2 Employee Share Schemes UITF Abstract 17 159
10.3 National Insurance Contributions on Share Option Gains
UITF Abstract 25 162
10.4 Accounting for ESOP Trusts UITF Abstract 38 165
10.5 Share based Payment, FRS 20 I68
10.6 International Financial Reporting Standards 178
1 Taxation Including Deferred Tax 179
11.1 Accounting for Current Tax I79
11.2 Deferred Tax Introduction 181
11.3 Accounting for Deferred Tax FRS 19 184
11.4 Accounting for Deferred Tax FRS 19: Deferred Tax Assets 186
11.5 Accounting for Deferred Tax FRS 19: Disclosure Requirements 188
11.6 Accounting for Government Grants 194
11.7 SSAP 5 (Accounting for Value Added Tax) 196
11.8 International Financial Reporting Standards 196
12 Tangible Fixed Assets, Including Impairment 198
12.1 Introduction 198
12.2 Tangible Fixed Assets Overview of FRS 15 199
12.3 Determining Cost 200
12.4 Capitalization of Interest 202
12.5 Revaluation 203
12.6 Depreciation 208
12.7 Website Development Costs 213
12.8 Impairment 215
12.9 Disposal of Fixed Assets 220
12.10 UITF 5 Transfers from Current Assets to Fixed Assets 221
12.11 Investment Properties (SSAP 19) 221
12.12 Government Grants for Capital Expenditure 223
12.13 International Financial Reporting Standards 224
13 Intangible Fixed Assets, Including Goodwill 226
13.1 Introduction 226
13.2 Accounting for Goodwill FRS 10 227
13.3 Intangible Assets (Other than Goodwill) 231
13.4 UITF 27 Revision to Estimates of the Useful Economic Life of
Goodwill and Intangible Assets 232
13.5 FRS 10 Disclosure Requirements Overview 232
13.6 Accounting for Research and Development Expenditure 233
13.7 International Financial Reporting Standards 236 ;
Contents ^^
14 Hire Purchase and Leasing 238
14.1 Introduction Financing of Fixed Assets 238
14.2 Hire Purchase Accounting for the Hirer 239
14.3 Lessee Accounting — Background 240
14.4 Lessee Accounting Classification 242
14.5 Lessee Accounting Finance Leases and Hire Purchase Contracts 244
14.6 Lessee Accounting Operating Leases 247
14.7 Lessee Accounting Disclosures Finance Leases 248
14.8 Lessee — Accounting Disclosures — Operating Leases 250
14.9 Lease Classification and FRS 5 251
14.10 Lessor Accounting Background 252
14.11 Lessor Accounting Operating Leases 252
14.12 Lessor Accounting Finance Leases 253
14.13 Manufacturer/Dealer Lessor 255
14.14 Lessor Accounting Disclosure Requirements 256
14.15 Sale and Leaseback 258
14.16 UITF 28 Operating Lease Incentives 258
14.17 International Financial Reporting Standards 260
15 Current Assets 262
15.1 Stocks and Long term Contracts Overview 262
15.2 Short term Stocks and Work in Progress 263
15.3 Long term Contracts 269
15.4 Debtors 283
15.5 Current Asset Investments 286
15.6 Cash 286
15.7 International Financial Reporting Standards 286
16 Loans, Provisions, Contingencies and Commitments 288
16.1 Introduction 288
16.2 Creditors and Loans 288
16.3 Provisions 289
16.4 Contingencies 298
16.5 Commitments 300
16.6 International Financial Reporting Standards 301
17 Financial Instruments 302
17.1 Overview 302
17.2 FRS 4, Capital Instruments Shareholders' Funds 304
17.3 FRS 4, Capital Instruments Debt 309
17.4 FRS 25 Financial Instruments: Disclosure and Presentation 310
17.5 International Financial Reporting Standards 313
m Contents
5 Shareholders' Funds and Dividends 315
L8.1 Introduction 315
L8.2 Share Capital Disclosures Companies Act 1985 315
18.3 Reserves Categories 317
18.4 Permitted Reserves Movements 319
18.5 FRS 25 Financial Instruments: Disclosure and Presentation 319
18.6 Purchase and Redemption of Shares CA 1985 Rules 321
18.7 Distributable Profits 325
18.8 International Financial Reporting Standards 327
9 Related Party Transactions 328
19.1 Introduction to FRS 8 328
19.2 Identifying Related Parties 329
19.3 Related Party Transactions Definitions and Examples 331
19.4 Disclosure Requirements 33^
19.5 Companies Act 1985 Directors' Interests in Contracts 334
19.6 International Financial Reporting Standards 335
!0 Events after the Balance Sheet Date 337
20.1 SSAP 17 Post Balance Sheet Events 337
20.2 FRS 21 Events after the Balance Sheet Date 340
20.3 International Financial Reporting Standards 343
21 Segmental Reporting 344
21.1 The Need for Segmental Analysis 344
21.2 Companies Act 1985 Requirements 344
21.3 SSAP 25 Segmental Reporting 345
21.4 Terminology 345
21.5 Disclosure Requirements 345
21.6 Relaxations for Smaller Entities 346
21.7 Summary of SSAP 25 Requirements 346
21.8 International Financial Reporting Standards 349
22 Accounting for Smaller Companies 351
22.1 Reporting Requirements an Overview 351
22.2 Statutory Definitions 352
22.3 Shorter Form of Accounts for Shareholders 354
22.4 The Financial Reporting Standard for Smaller Entities (FRSSE)
Overview 356
22.5 Using the FRSSE Accounting and Disclosure Issues 357
i
Contents ^P
22.6 Using the FRSSE (Effective January 2005) Accounting
and Disclosure Issues 366
22.7 Abbreviated Accounts 368
22.8 Small and Medium sized Groups 369
22.9 Concessions Offered by Particular Accounting Standards 369
22.10 Legal Considerations 370
22.11 Parent Companies 371
22.12 Audit Exemption 371
22.13 International Financial Reporting Standards 372
23 Listed Company Reporting 373
23.1 Introduction 373
23.2 Fully Listed or AIM Who Makes the Rules? 373
23.3 Members of a Listed Group UK GAAP or IFRS? 374
23.4 Directors' Remuneration Additional Considerations 375
23.5 Operating and Financial Review (OFR) 375
23.6 Financial Reporting Review Panel (FRRP) 376
23.7 International Financial Reporting Standards Specific to Listed
Companies 377
24 Limited Liability Partnerships 379
24.1 Introduction 379
24.2 Legal and Administrative Matters 380
24.3 Accounts and Audit 381
24.4 Statement of Recommended Practice (SORP) 383
24.5 Summary Comparisons with Unlimited Partnerships and Limited
Companies 387
24.6 Exposure Draft of Proposed Revised SORP 388
24.7 International Financial Reporting Standards 388
25 Accounting for Subsidiary Undertakings 390
25.1 Requirement to Prepare Consolidated Accounts 390
25.2 Definitions Parent Undertaking and Subsidiary Undertaking 390
25.3 "Dominant Influence" and "Managed on a Unified Basis" 391
25.4 Accounting Policies 392
25.5 Intra group Items 392
25.6 Accounting Dates 393
25.7 Exclusion from Consolidation 394
25.8 Minority Interests 396
25.9 Individual Profit and Loss Account of Parent Company 397
25.10 Exemptions from the Preparation of Group Accounts 397
25.11 Significant Restrictions on Distributions 403
25.12 International Financial Reporting Standards 404
Contents
Acquisition Accounting, Fair Values and Business Disposals 406
D.I Accounting for Business Combinations 406
3.2 Features of Acquisition Accounting 407
B.3 Fair Values and Acquisition Accounting 408
6.4 The Merger Reserve (CA 1985, s 131) 410
6.5 Acquisition Accounting Illustration 411
6.6 Acquisition Accounting Disclosures 413
6.7 Changes in Stake 417
6.8 Accounting for Disposals of Shares in Subsidiary Undertakings 420
6.9 Realization of the Merger Reserve 426
1.10 Merger Accounting 428
1.11 International Financial Reporting Standards 432
' Associates and Joint Ventures 434
7.1 Introduction 434
27.2 Regulatory Environment Overview 435
27.3 Classification of Fixed Asset Investments 436
27.4 Cost Method and Equity Method Compared an Introduction 436
27.5 Investments in Subsidiaries 439
27.6 Associates 439
27.7 Joint Ventures 442
27.8 Acquisitions and Disposals 444
27.9 Commencement or Cessation of an Associate or Joint
Venture Relationship 445
7.10 Loss making Associates and Joint Ventures 445
7.11 Joint Arrangements not Entities (JANEs) 446
7.12 Investor not Preparing Consolidated Accounts 447
7.13 Associates and Joint Ventures Further Disclosures 448
7.14 International Financial Reporting Standards 450
:8 Accounting for Overseas Operations 451
28.1 Introduction 451
28.2 Accounts of Individual Companies 451
28.3 Consolidation of Foreign Subsidiaries an Introduction 455
28.4 Closing Rate/Net Investment Method 456
28.5 Temporal Method 463
28.6 Equity Investments Financed by Foreign Borrowings 464
28.7 Foreign Branches 467
28.8 Foreign Associated Companies 468
28.9 Disclosure in Financial Statements 468
28.10 International Financial Reporting Standards/FRS 23 469
Contents ^B
29 Converging UK GAAP with IFRS the Road Ahead 471
29.1 Convergence Experience to Date 471
29.2 Progress During 2005 472
29.3 ASB December 2005 Convergence Paper 472
29.4 And Finally 473
Appendix 1 Implementation Dates for Unlisted Companies 474
Al.l Accounting Standards and UITF Abstracts: Mandatory 474
A1.2 Accounting Standards and UITF Abstracts: Optional 474
A1.3 Company Law Changes 475
Appendix 2 UK GAAP Status Report as at 31 January 2006 476
A2.1 Statements of Standard Accounting Practice 476
A2.2 Financial Reporting Standards 477
A2.3 Financial Reporting Exposure Drafts 479
A2.4 Abstracts Issued by UITF 479
A2.5 Statements of Recommended Practice (SORPs) 481
Appendix 3 Extant IASs and IFRSs: Status Report as at 31 January 2006 483
A3.1 International Accounting Standards (IASs) 483
A3.2 International Financial Reporting Standards 485
Appendix 4 Useful Website Addresses 486
Index 487 |
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| dewey-search | 657.0941 |
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. publ. |
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| id | DE-604.BV021588489 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T14:43:44Z |
| indexdate | 2024-07-09T20:39:20Z |
| institution | BVB |
| isbn | 0750668733 9780750668736 |
| language | English |
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| spellingShingle | Gee, Paul UK GAAP for business and practice Accounting Accounting Standards Great Britain Bilanzierungsgrundsätze (DE-588)4069454-9 gnd Methode (DE-588)4038971-6 gnd Rechnungswesen (DE-588)4048732-5 gnd |
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| title | UK GAAP for business and practice |
| title_auth | UK GAAP for business and practice |
| title_exact_search | UK GAAP for business and practice |
| title_exact_search_txtP | UK GAAP for business and practice |
| title_full | UK GAAP for business and practice Paul Gee |
| title_fullStr | UK GAAP for business and practice Paul Gee |
| title_full_unstemmed | UK GAAP for business and practice Paul Gee |
| title_short | UK GAAP for business and practice |
| title_sort | uk gaap for business and practice |
| topic | Accounting Accounting Standards Great Britain Bilanzierungsgrundsätze (DE-588)4069454-9 gnd Methode (DE-588)4038971-6 gnd Rechnungswesen (DE-588)4048732-5 gnd |
| topic_facet | Accounting Accounting Standards Great Britain Bilanzierungsgrundsätze Methode Rechnungswesen Großbritannien |
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