UK companies other than those listed on the full market or AIM will be permitted to continue using UK GAAP for several years to come. The Accounting Standards Board recently announced that it was re-considering its strategy for converging UK GAAP with IFRS. The UK Government has also brought in many company law changes in the past two years. Never in the history of financial reporting has the pace of change been so rapid. This book provides you with a concise and easily accessible guide to all the recent changes, and their likely practical impact. This new edition has been extensively updated and revised and includes: An Executive summary of recent developments; UITF Abstract 40 on Revenue recognition; Financial Reporting Standard for Smaller Entities (effective January 2005); The latest convergence developments, including summaries of comparison of UK GAAP with IFRS; Financial instruments (FRS 25 and 26); Events after the balance sheet date (FRS 21); A new chapter on the UK regulatory framework, including statutory Instruments issued during 2005; Overview of reporting requirements for listed companies. New features within the book include: Frequently Asked Questions at the end of most chapters. Each chapter concludes with a concise summary of relevant IFRS requirements. References to relevant websites. The book also includes summaries of current standards and key implementation dates. [This book was previously known as: Spicer and Pegler: Financial Reporting for Business and Practice]

Key Features

*Practical, concise reference *Worked examples *Checklists *Chapter "what-if" scenarios *Fully updated to cover convergence of GAAP/IAS/IFRS


Accountants in small accounting firms (LLPs), and small groups of accountants in SMEs.

Table of Contents

1 Executive summary 2005; 1.1 UK GAAP or IFRS?; 1.2 Recent developments; 1.3 Recent Financial Reporting Standards; 1.4 Recent Financial Reporting Exposure Drafts; 1.5 Earlier Financial Reporting Standards; 1.6 The Financial Reporting Standard for Smaller Entities (FRSSE); 1.7 Urgent Issues Task Force developments; 1.8 Company law changes; 1.9 Listed company reporting; 1.10 Financial Reporting Review Panel; 1.11 Statements of Recommended Practice (SORPs); 1.12 International Financial Reporting Standards; 2 The UK Regulatory Framework; 2.1 Companies Act 1985 requirements; 2.2 Financial Reporting Council (FRC); 2.3 Accounting Standards Board (ASB); 2.4 Urgent Issues Task Force (UITF); 2.5 Statements of Recommended Practice (SORPs); 2.6 Statement of Principles; 2.7 Companies (Audit, Investigations and Community Enterprise) Act 2004; 2.8 The Companies Act 1985 (Operating and Financial Review and Directors’ Report etc) Regulations 2005; 2.9 Companies Act 1985 (Investment Companies and Accounting and Audit Amendments) Regulations 2005; 2.10 Legal Opinion on Role of Accounting Standards and True and Fair; 2.11 Directors’ report; 2.12 Revision of defective accounts; 2.13 Financial Reporting Review Panel; 2.14 International Financial Reporting Standards; 3 Accounting policies and estimation techniques; 3.1 Objectives of FRS 18; 3.2 Concepts; 3.3 Definitions; 3.4 Examples; 3.5 Concepts and objectives – further comments; 3.6 Changes in accounting policies; 3.7 Estimation techniques; 3.8 Disclosures; 3.9 Illustration; 3.10 International Financial Reporting Standards; 4 Profit and loss account, Statement of total recognised gains and losses and balance sheet; 4.1 Introduction; 4.2 FRS 3 – The Profit and Loss Account; 4.3 Exceptional Items; 4.4 Extraordinary Items; 4.5 Discontinued Operations and Provisions; 4.6 Operations in the process of being discontinued; 4.7 Profit or loss on disposal of fixed assets; 4.8 FRS 3 – The Statement of total recognised gains and losses (STRGL); 4


No. of pages:
© 2006
Electronic ISBN:
Print ISBN:

About the author