New UK GAAP 2015 (eBook)

Application of FRS 100-102 in the UK

eBook Download: EPUB

2015
John Wiley & Sons (Verlag)
978-1-119-03819-1 (ISBN)

Infos

New UK GAAP 2015 provides a comprehensive guide to interpreting and implementing the new UK accounting standards, particularly:

• FRS 100 – Application of Financial Reporting Requirements;
• FRS 101 – Reduced Disclosure Framework – Disclosure exemptions from EU-adopted IFRS for qualifying entities; and
• FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland.

This book is an essential tool for anyone applying, auditing, interpreting, regulating, studying or teaching these new accounting standards.

Written by the financial reporting professionals from the Financial Reporting Group of EY, this book provides a clear explanation of the new accounting requirements which are mandatory for 2015, and will prove invaluable in implementing these new requirements. It also addresses the requirements of the UK Companies Act and relevant statutory instruments, as well as practical worked examples.

Also available is International GAAP 2015® – a three volume comprehensive guide to interpreting and implementing IFRS, setting IFRS in a relevant business context and providing insights into how complex practical issues should be resolved in the real world of global financial reporting.

Autor

Ernst & Young is a global leader in professional services with some 114,000 people based in 140 countries. Around the world the firm is committed to pursuing the highest levels of integrity, quality, and professionalism in delivering a broad inventory of services to their clients. By connecting their people's talents, Ernst & Young provides solutions to clients based on financial, transactional, and risk-management knowledge in its core services of audit, tax, and transactions. The UK Financial Reporting Group of Ernst & Young is based in London.

Inhalt

1 FRS 100 1

2 Scope of FRS 102 61

3 Concepts and pervasive principles 93

4 Presentation of financial statements 109

5 Statement of cash flows 243

6 Consolidated and separate financial statements 267

7 Accounting policies, estimates and errors 337

8 Financial instruments 355

9 Inventories 437

10 Investments in associates 457

11 Investments in joint ventures 493

12 Investment property 527

13 Property, plant and equipment 545

14 Intangible assets other than goodwill 597

15 Business combinations and goodwill 635

16 Leases 713

17 Provisions and contingencies 777

18 Revenue 821

19 Government grants 869

20 Borrowing costs 883

21 Share-based payment 909

22 Impairment of assets 1061

23 Employee benefits 1107

24 Income tax 1147

25 Foreign currency translation 1201

26 Hyperinflation 1237

27 Events after the end of the reporting period 1247

28 Related party disclosures 1259

29 Specialised activities 1279

30 Transition to FRS 102 1319

31 FRS 101 - Reduced Disclosure Framework 1393

Index of standards index 1

Index index 3

Textauszug

Chapter 2 Scope of FRS 102

1 Introduction

   1.1 Summary

   1.2 Development of FRS 102

       1.2.1 Amendments made in FRS 102 compared to the IFRS for SMEs

       1.2.2 Ongoing review of FRS 102

       1.2.3 Changes made or anticipated prior to FRS 102 becoming effective 1 January 2015

1. 1.2.3.A Editorial amendments and clarification statements made to FRS 102 (effective 1 January 2015)
2. 1.2.3.B July 2014 Amendments to FRS 102 – Basic Financial Instruments and Hedge Accounting
3. 1.2.3.C FRED 55 – Draft Amendments to FRS 102 – Pension Obligations
4. 1.2.3.D FRED 56 – Draft FRS 104 – Interim Financial Reporting
5. 1.2.3.E Amendments pursuant to the new EU Accounting Directive

       1.2.4 FRS 103

   1.3 Effective date

       1.3.1 Effective date – entity subject to SORP

1. 1.3.1.A Charities

   1.4 Structure of FRS 102

2 Scope

   2.1 Basis of preparation of financial statements

   2.2 Application of SORPs

   2.3 Extension of specific IFRSs to certain types of entities

   2.4 Specialised activities

       2.4.1 Financial institutions – disclosure requirements

1. 2.4.1.A Definition of a financial institution

       2.4.2 Public benefit entities

3 Reduced disclosure framework

   3.1 Definition of a qualifying entity

       3.1.1 Reporting date of the consolidated financial statements of the parent

       3.1.2 Definition of ‘group’ and ‘subsidiary’

       3.1.3 Publicly available consolidated financial statements

       3.1.4 Non-UK qualifying entities

       3.1.5 Non-controlling interests

       3.1.6 Intended to give a true and fair view

   3.2 Use of the disclosure exemptions

   3.3 Entities that are not financial institutions

       3.3.1 Statement of financial position

       3.3.2 Statement of cash flows

       3.3.3 Financial instruments

       3.3.4 Share-based payment

       3.3.5 Related party transactions

   3.4 Disclosures required by non-financial institutions for certain financial instruments held at fair value

   3.5 Entities that are financial institutions

   3.6 Equivalent disclosures

4 Companies Act 2006 and regulations

   4.1 Small and medium-sized companies

       4.1.1 Small companies regime and small companies exemption

       4.1.2 Micro-entities

       4.1.3 Medium-sized companies

Chapter 2 Scope of FRS 102

1 Introduction

FRS 100 – Application of Financial Reporting Requirements, which sets out the new financial reporting framework in the UK and Republic of Ireland, applies to entities preparing financial statements in accordance with legislation, regulation or accounting standards applicable in the UK and the Republic of Ireland (ROI). [FRS 100.1]. See Chapter 1.

Section 1 – Scope – sets out which entities can apply FRS 102 – The Financial Reporting Standard Applicable in the UK and Republic of Ireland. Its requirements, discussed further at 2.1 below, are consistent with the general financial reporting framework set out in FRS 100. The standard applies to financial statements intended to give a true and fair view. As its application is not restricted to UK and Irish companies, all entities should ensure that preparation of their financial statements in accordance with FRS 102 is permitted by the legal framework in which they operate. The legal framework for UK companies is discussed in more detail in Chapter 1 at 6.

FRS 103 – Insurance Contracts – Consolidated accounting and reporting requirements for entities in the UK and Republic of Ireland issuing insurance contracts (see 1.2.4 below) applies to financial statements prepared in accordance with FRS 102 by entities with insurance contracts and financial instruments with discretionary participation features. [FRS 103.1.1].

Section 1 of this chapter sets out the development of FRS 102 and its ongoing review, its effective date, and structure of the standard. Section 2 of this chapter then addresses the scope of the standard, which is set out in Section 1 – Scope – of FRS 102. Section 3 of this chapter discusses the reduced disclosure framework available to qualifying entities in their individual financial statements. Section 4 discusses how exemptions available for small companies, companies that are micro-entities and medium-sized companies under UK companies legislation interact with the standard.

Except where otherwise stated, the rest of this chapter will refer to the requirements for UK companies, and therefore will refer to UK GAAP (prior to implementation of FRS 100 to FRS 103) as ‘previous UK GAAP’. UK LLPs and other entities preparing financial statements in accordance with Part 15 of the Companies Act 2006 are subject to similar requirements, modified as necessary by the regulations that govern the content of their financial statements.

1.1 Summary

This summary covers a number of areas relevant to the scope of FRS 102 and to its structure which are addressed more fully in the chapter, as indicated.

• Adoption of FRS 102 is voluntary – the standard applies to the financial statements of entities preparing financial statements in accordance with legislation, regulation or accounting standards applicable in the UK and the Republic of Ireland that are not prepared in accordance with EU-adopted IFRS, FRS 101 – Reduced Disclosure Framework or the Financial Reporting Standard for Smaller Entities (FRSSE).
• The standard is effective for accounting periods beginning on or after 1 January 2015. It can be applied for accounting periods ending on or after 31 December 2012 except for entities within the scope of a SORP, this is providing it does not conflict with the requirements of a current SORP or legal requirements for the preparation of financial statements (see 1.3.1 below).
• FRS 102 applies to general purpose financial statements of entities, including public benefit entities (see 2.4.2 below) that are intended to give a true and fair view. FRS 102 can be applied in consolidated and/or individual financial statements.
• FRS 102 does not set out which entities must prepare financial statements; this is governed by the legal framework (or other regulation or requirements), if any, relating to the preparation of the entity’s financial statements. Statutory accounts prepared in accordance with FRS 102 by a UK company are Companies Act accounts. See 2.1 below.
• FRS 102 is a single financial reporting standard based on the IFRS for SMEs, which itself generally includes simplified requirements and disclosures compared to full IFRSs. A number of modifications have been made to FRS 102 compared to the IFRS for SMEs (see 1.2 below). While largely based on IFRSs, FRS 102 is not just a simplified version of IFRSs. In certain cases, the standard includes direct references to IFRSs.
• Since FRS 102 includes less guidance than IFRSs, judgement is likely to be required in applying the standard. Section 10 – Accounting Policies, Estimates and Errors – of the standard sets out a ‘GAAP hierarchy’ that management should refer to in developing and applying relevant and reliable accounting policies where the standard does not specifically address the issue. This...

Produkt-Details

• Erscheint lt. Verlag: 4.3.2015
• Sprache: englisch
• Themenwelt: Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Bewerbung / Karriere
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen
• Schlagworte: Accounting • Ernst & Young LLP • Financial Accounting • Finanzbuchhaltung • GAAP • GAAP (US-Vorschriften Rechnungslegung) • International Accounting • practical UK GAAP • Rechnungslegung • Rechnungswesen • UK accounting rules • UK GAAP • UK GAAP 2015 • UK GAAP application • UK GAAP changes • UK GAAP compliance • UK GAAP disclosures • UK GAAP examples • UK GAAP financial statements • UK GAAP guide • UK GAAP handbook • UK GAAP help • UK GAAP regulations • UK GAAP requirements • UK GAAP technicalities • UK GAAP updates
• ISBN-10: 1-119-03819-7 / 1119038197
• ISBN-13: 978-1-119-03819-1 / 9781119038191