Small Company Financial Reporting

ISBN-13: 9781780438740 / Angielski / Miękka / 2015 / 720 str.

Steve Collings

Opis

This book addresses recent changes in EU law and is a useful addition to the Financial Reporting for Smaller Companies online service. The FRC is proposing to issue a new accounting standard for micro-entities, companies typically turning over less than 632,000 pounds a year. The Financial Reporting Standard for Micro-Entities (FRSME) will make accounts for these entities simpler, and the government is consulting on how to bring the directive into UK law. The FRC will also introduce a new section into FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland for small entities, proposed as those turning over less than 10.2 million pounds. The underlying accounting by small entities will in future be consistent with the standard for financial reporting used by other unlisted companies, subsidiaries of listed companies, and public benefit entities, such as charities; however the presentation of disclosure requirements for small entities should remain straight forward. The consultation period ends on November 30 and it is expected that the new version of FRS 102 will apply for periods beginning on or after January 1, 2016. The Accounting Directive must be implemented into the UK law by July 20, 2015. Whether practitioners decide to adopt the FRSME or the revised FRS 102, the book will assist them in understanding the new terminology and formats of the financial statements.

Spis treści

Contents Chapter 1 Introduction Chapter 2 The New Small Companies Regime Chapter 3 The Financial Statements Chapter 4 The Elements of Financial Statements Chapter 5 Reporting the Substance of Transactions Chapter 6 Contentious Areas of the Financial Statements Chapter 7 Small Company Legal Requirements Chapter 8 Consolidated Financial Statements Chapter 9 Related Parties Chapter 10 Transactions with Directors Chapter 11 Financial Reporting for Micro-entities Chapter 12 Financial Reporting of Key Areas of the Accounts Chapter 13 Small Company Audits and Ethical Standards Chapter 14 The Transition to New UK GAAP