Accounts and audit of limited liability partnerships:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Haywards Heath
Tottel Publ. [u.a.]
2007
|
| Ausgabe: | 2. ed. |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | IX, 229 S. |
| ISBN: | 9781845928100 |
Internformat
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV022527097 | ||
| 003 | DE-604 | ||
| 005 | 20071126 | ||
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| 008 | 070724s2007 |||| 00||| eng d | ||
| 020 | |a 9781845928100 |9 978-1-84592-810-0 | ||
| 035 | |a (DE-599)BVBBV022527097 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-M382 | ||
| 100 | 1 | |a Lang, Yvonne |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Accounts and audit of limited liability partnerships |c Yvonne Lang ; Clare Copeman |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a Haywards Heath |b Tottel Publ. [u.a.] |c 2007 | |
| 300 | |a IX, 229 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 700 | 1 | |a Copeman, Clare |e Verfasser |4 aut | |
| 856 | 4 | 2 | |m HBZ Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015733750&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-015733750 | ||
Datensatz im Suchindex
| _version_ | 1804136635354316800 |
|---|---|
| adam_text | Contents
Preface to the second edition Hi
Abbreviations and definitions ix
Chapter 1: The law and practice of limited liability partnerships 1
1 Introduction 1
2 The legislation 2
3 Incorporation 2
4 Forming an LLP 3
5 The members agreement 4
6 Designated members 5
7 Duties and responsibilities of members 6
Chapter 2: General accounting requirements and the LLP SORP 7
1 Statutory provisions 7
2 The impact of the Companies Act 2006 7
3 Requirements to keep accounting records 7
4 Accounting reference dates and accounting periods 8
5 Form and content of accounts 9
6 Statement of recommended practice accounting by
limited liability partnerships 9
7 Groups 10
8 Approval, publication and filing of accounts 11
9 Special provisions applicable to small and medium sized
LLPs 12
10 International financial reporting standards 14
Chapter 3: The LLP and auditor relationship 15
1 General requirement to appoint auditors 15
2 Exemption from audit 15
3 Responsibilities of members and auditors 16
4 Terms of engagement 16
5 Letters of representation 17
6 The audit report 18
7 Communication between the auditor and the LLP 18
8 Regulatory reports required from auditors 19
9 Reporting to third parties 19
10 Changes in audit appointment 20
v
Contents
Chapter 4: The audit process and auditing standards 21
1 What is an audit? 21
2 Auditing standards 21
3 The audit process 22
4 Planning 22
5 Materiality 24
6 Assessment of accounting systems and internal controls 24
7 Obtaining audit evidence 25
8 Audit work papers 26
9 Sampling 26
10 Errors found during audit work 27
11 Review 27
12 Completion of the audit 27
13 The audit opinion 28
Chapter 5: Remuneration of members and employees, division
of profit and members balances 29
1 Members interests as financial instruments 29
2 The nature of members remuneration 29
3 Accounting for members remuneration 30
4 Identifying remuneration charged as an expense 31
5 The composition of members interests 33
6 Presentation of members interests within the accounts 34
7 Classification of profit in the balance sheet 35
8 Accounting records 37
9 Members capital 37
10 Reconciliation of movement in members interests 38
11 Borrowings of members 40
12 Members remuneration disclosures 40
13 Disclosure of members balances 41
14 Employee costs 42
15 Disclosures in respect of employees 42
Chapter 6: Retirement benefits 43
1 Introduction 43
2 Retirement benefits of employees 43
3 Retirement benefits to current members 45
4 Calculation of the provision 47
5 Presentation of members retirement benefits 48
6 Investments held to fund future retirement benefits 49
7 Specific issues on conversion to an LLP 49
vi
Contents
Chapter 7: Taxation 51
1 Introduction 51
2 Basic tax principles and compliance procedures 51
3 Salaried members 52
4 Timing of tax payments 53
5 Providing for tax in the accounts 53
6 Profits subject to tax 54
7 Retirement benefits and annuities 55
8 Other provisions 55
9 Members borrowings 55
10 Capital gains tax 56
Chapter 8: Revenue recognition and work in progress 59
1 The concept of earned income 59
2 The principles of revenue recognition for service contracts 59
3 Analysing contracts 60
4 Determining the value of revenue 61
5 Accounting entries 62
6 Work in progress 62
7 Determining the cost of work in progress 63
8 Valuing work in progress in practice 64
Chapter 9: Business combinations 65
1 Introduction 65
2 General accounting principles for business combinations 65
3 Principles of acquisition accounting 66
4 Determining the date of acquisition 66
5 Cost of acquisition 67
6 Determining the fair value of assets and liabilities 68
7 Acquisition of a business 70
8 Goodwill 70
9 Impairment testing of goodwill 71
10 Application of merger accounting 72
11 Conditions permitting merger accounting 72
12 The accounting consequences of a merger 74
13 Effect of possible harmonisation with International
Financial Reporting Standards 75
Chapter 10: Provisions 77
1 Use of provisions 77
2 The principles of FRS 12 77
3 Repairs and maintenance expenditure 78
4 Future operating losses 78
5 Onerous contracts 79
vii
Contents
6 Restructuring costs 79
7 Reimbursement of amounts included within provisions 80
Chapter 11: Related parties 83
1 The source of disclosure requirements 83
2 The general requirements of FRS 8 83
3 Identifying related parties 83
4 Identifying related party transactions 85
5 Exemptions from disclosure 85
6 Circumstances where disclosure is not required 86
7 Materiality in the context of FRS 8 86
8 Information that should be disclosed 86
Chapter 12: Going concern 89
1 The going concern concept 89
2 Evidence supporting going concern assessments 90
3 Factors indicating a significant level of concern 90
4 Reliance on the support of other entities within a group 91
5 Assessments made by auditors 91
6 Disclosure where there is significant concern 92
7 Reassessment prior to signing the accounts 93
8 Impact on the audit report 93
Chapter 13: Other accounting standards 95
1 Introduction 95
2 Leases 95
3 Tangible fixed assets 97
4 Accounting for events after the balance sheet date 99
5 Start up costs 101
6 Website development costs 102
7 Pre contract costs 103
Chapter 14: The transition from partnership to LLP 105
1 Introduction 105
2 How much capital? 105
3 The assets and liabilities to be transferred 105
4 Alignment of accounting policies 106
5 Groups 106
6 Presenting the transition in the accounts 108
7 Audit issues arising in the first year of transition 110
Appendix 1: LLP proforma accounts 113
Appendix 2: LLP disclosure checklist 159
Index 223
viii
|
| adam_txt |
Contents
Preface to the second edition Hi
Abbreviations and definitions ix
Chapter 1: The law and practice of limited liability partnerships 1
1 Introduction 1
2 The legislation 2
3 Incorporation 2
4 Forming an LLP 3
5 The members' agreement 4
6 Designated members 5
7 Duties and responsibilities of members 6
Chapter 2: General accounting requirements and the LLP SORP 7
1 Statutory provisions 7
2 The impact of the Companies Act 2006 7
3 Requirements to keep accounting records 7
4 Accounting reference dates and accounting periods 8
5 Form and content of accounts 9
6 Statement of recommended practice accounting by
limited liability partnerships 9
7 Groups 10
8 Approval, publication and filing of accounts 11
9 Special provisions applicable to small and medium sized
LLPs 12
10 International financial reporting standards 14
Chapter 3: The LLP and auditor relationship 15
1 General requirement to appoint auditors 15
2 Exemption from audit 15
3 Responsibilities of members and auditors 16
4 Terms of engagement 16
5 Letters of representation 17
6 The audit report 18
7 Communication between the auditor and the LLP 18
8 Regulatory reports required from auditors 19
9 Reporting to third parties 19
10 Changes in audit appointment 20
v
Contents
Chapter 4: The audit process and auditing standards 21
1 What is an audit? 21
2 Auditing standards 21
3 The audit process 22
4 Planning 22
5 Materiality 24
6 Assessment of accounting systems and internal controls 24
7 Obtaining audit evidence 25
8 Audit work papers 26
9 Sampling 26
10 Errors found during audit work 27
11 Review 27
12 Completion of the audit 27
13 The audit opinion 28
Chapter 5: Remuneration of members and employees, division
of profit and members'balances 29
1 Members' interests as financial instruments 29
2 The nature of members' remuneration 29
3 Accounting for members' remuneration 30
4 Identifying remuneration charged as an expense 31
5 The composition of members' interests 33
6 Presentation of members' interests within the accounts 34
7 Classification of profit in the balance sheet 35
8 Accounting records 37
9 Members' capital 37
10 Reconciliation of movement in members'interests 38
11 Borrowings of members 40
12 Members' remuneration disclosures 40
13 Disclosure of members'balances 41
14 Employee costs 42
15 Disclosures in respect of employees 42
Chapter 6: Retirement benefits 43
1 Introduction 43
2 Retirement benefits of employees 43
3 Retirement benefits to current members 45
4 Calculation of the provision 47
5 Presentation of members'retirement benefits 48
6 Investments held to fund future retirement benefits 49
7 Specific issues on conversion to an LLP 49
vi
Contents
Chapter 7: Taxation 51
1 Introduction 51
2 Basic tax principles and compliance procedures 51
3 Salaried members 52
4 Timing of tax payments 53
5 Providing for tax in the accounts 53
6 Profits subject to tax 54
7 Retirement benefits and annuities 55
8 Other provisions 55
9 Members' borrowings 55
10 Capital gains tax 56
Chapter 8: Revenue recognition and work in progress 59
1 The concept of earned income 59
2 The principles of revenue recognition for service contracts 59
3 Analysing contracts 60
4 Determining the value of revenue 61
5 Accounting entries 62
6 Work in progress 62
7 Determining the cost of work in progress 63
8 Valuing work in progress in practice 64
Chapter 9: Business combinations 65
1 Introduction 65
2 General accounting principles for business combinations 65
3 Principles of acquisition accounting 66
4 Determining the date of acquisition 66
5 Cost of acquisition 67
6 Determining the fair value of assets and liabilities 68
7 Acquisition of a business 70
8 Goodwill 70
9 Impairment testing of goodwill 71
10 Application of merger accounting 72
11 Conditions permitting merger accounting 72
12 The accounting consequences of a merger 74
13 Effect of possible harmonisation with International
Financial Reporting Standards 75
Chapter 10: Provisions 77
1 Use of 'provisions' 77
2 The principles of FRS 12 77
3 Repairs and maintenance expenditure 78
4 Future operating losses 78
5 Onerous contracts 79
vii
Contents
6 Restructuring costs 79
7 Reimbursement of amounts included within provisions 80
Chapter 11: Related parties 83
1 The source of disclosure requirements 83
2 The general requirements of FRS 8 83
3 Identifying related parties 83
4 Identifying related party transactions 85
5 Exemptions from disclosure 85
6 Circumstances where disclosure is not required 86
7 Materiality in the context of FRS 8 86
8 Information that should be disclosed 86
Chapter 12: Going concern 89
1 The going concern concept 89
2 Evidence supporting going concern assessments 90
3 Factors indicating a significant level of concern 90
4 Reliance on the support of other entities within a group 91
5 Assessments made by auditors 91
6 Disclosure where there is significant concern 92
7 Reassessment prior to signing the accounts 93
8 Impact on the audit report 93
Chapter 13: Other accounting standards 95
1 Introduction 95
2 Leases 95
3 Tangible fixed assets 97
4 Accounting for events after the balance sheet date 99
5 Start up costs 101
6 Website development costs 102
7 Pre contract costs 103
Chapter 14: The transition from partnership to LLP 105
1 Introduction 105
2 How much capital? 105
3 The assets and liabilities to be transferred 105
4 Alignment of accounting policies 106
5 Groups 106
6 Presenting the transition in the accounts 108
7 Audit issues arising in the first year of transition 110
Appendix 1: LLP proforma accounts 113
Appendix 2: LLP disclosure checklist 159
Index 223
viii |
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| illustrated | Not Illustrated |
| index_date | 2024-07-02T18:05:14Z |
| indexdate | 2024-07-09T20:59:32Z |
| institution | BVB |
| isbn | 9781845928100 |
| language | English |
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| spelling | Lang, Yvonne Verfasser aut Accounts and audit of limited liability partnerships Yvonne Lang ; Clare Copeman 2. ed. Haywards Heath Tottel Publ. [u.a.] 2007 IX, 229 S. txt rdacontent n rdamedia nc rdacarrier Copeman, Clare Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015733750&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Lang, Yvonne Copeman, Clare Accounts and audit of limited liability partnerships |
| title | Accounts and audit of limited liability partnerships |
| title_auth | Accounts and audit of limited liability partnerships |
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| title_full | Accounts and audit of limited liability partnerships Yvonne Lang ; Clare Copeman |
| title_fullStr | Accounts and audit of limited liability partnerships Yvonne Lang ; Clare Copeman |
| title_full_unstemmed | Accounts and audit of limited liability partnerships Yvonne Lang ; Clare Copeman |
| title_short | Accounts and audit of limited liability partnerships |
| title_sort | accounts and audit of limited liability partnerships |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015733750&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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