Interpretation and Application of UK GAAP: For Accounting Periods Commencing On or After 1 January 2015

547 Pages·2015·2.14 MB·English

by  Steven Collings

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Interpretation and
Application of UK GAAP
for Accounting Periods
Commencing on or After
1 January 2015
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Interpretation and
Application of UK
GAAP for Accounting
Periods Commencing
on or After 1 January
2015
Steven Collings
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This edition first published 2015
© 2015 Steven Collings
Registered office
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CONTENTS
About the Author vii
Foreword ix
Preface xi
Acknowledgements xiii
Introduction xv
1 General Requirements of the Companies Act 2006 1
2 The Statutory Audit Requirement and Accounting Principles 27
3 The Primary Financial Statements and Disclosure Notes 43
4 Financial Reporting for Smaller Companies 65
5 Summary of the Key Differences between FRS 102 and ‘Old’ UK GAAP 83
6 Consolidated and Separate Financial Statements 103
7 Accounting Policies, Estimates and Errors 125
8 Revenue Recognition 137
9 Assets Held for Sale and Discontinued Operations 153
10 Employee Benefits 159
11 Income Tax 177
12 Intangible Assets 199
13 Property, Plant and Equipment and Investment Properties 213
14 Borrowing Costs 237
15 Impairment of Assets 241
16 Government Grants 261
17 Financial Instruments 267
18 Inventories and Work-in-Progress 299
19 Share-based Payment 309
20 Leases 321
21 Provisions and Contingencies 341
22 Statement of Cash Flows 351
23 Investments in Associates and Joint Ventures 365
24 Related Parties 379
25 Specialised Activities 395
26 Liabilities and Equity 421
27 Events after the Reporting Period 443
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Contents
28 Foreign Currency Translation 457
29 Small Company Abbreviated Financial Statements 467
30 Reduced Disclosure Framework 485
31 First-Time Adoption of FRS 102 491
Index 505
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ABOUT THE AUTHOR
Steve Collings FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Asso-
ciates Ltd, a firm of Chartered Certified Accountants based in Sale, Cheshire, in the United
Kingdom, where Steve trained and qualified. Steve was admitted as a member of the Associa-
tion of Accounting Technicians (AAT) in 2001 and went on to qualify as a Chartered Certified
Accountant (ACCA) in 2005. He was admitted as a Fellow Member of the AAT in 2006 and
became a Fellow Member of ACCA in 2010. Steve also holds ACCA’s Diploma in Interna-
tional Financial Reporting Standards, Diploma in International Financial Reporting Standards
for Small–Medium Entities as well as ACCA’s Certificates in IFRS and International Auditing
Standards and holds Senior Statutory Auditor status in the UK.
Steve is the author of several books on the subjects of accounting and auditing, includ-
ing Interpretation and Application of International Standards on Auditing (Wiley, March
2011), IFRS For Dummies (Wiley, March 2012), Frequently Asked Questions in IFRS (Wiley,
April 2013), Financial Accounting for Dummies (Wiley, April 2013) and Corporate Finance
for Dummies (Wiley, October 2013). He has had many articles published in the professional
accounting media, most notably AccountingWEB.co.uk and much of Steve’s work can be seen
on his website at www.stevecollings.co.uk.
Steve lectures professionally qualified accountants on the areas of accounting, audit-
ing and Solicitors Accounts Rules and was named Accounting Technician of the Year at the
British Accountancy Awards in 2011. He was also awarded Outstanding Contribution to the
Accountancy Profession by the Association of International Accountants in 2013. In 2014 he
was shortlisted for Practitioner of the Year at the 2014 British Accountancy Awards.
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