UK-Irish GAAP update part 2

Read our guide to revenue accounting and special considerations for non-profits

UK-Irish GAAP update part 3

Read our guide to non-profits and financial guarantee arrangements

UK-Irish GAAP update part 1

Read our guide to lease accounting for lessees, with special considerations for non-profits

Updated accounting standards from 1 January 2021

The FRC has issued latest editions of UK and Ireland accounting standards to use for financial years beginning on or after 1 January 2021

Technical factsheet: FRS 102 – small company reporting

This technical factsheet has been updated to incorporate the results of the triennial review carried out by the Financial Reporting Council in 2017, which impacts small entities

Technical factsheet: FRS 102 – reporting for medium-sized and large entities

This technical factsheet has been updated to incorporate the results of the triennial review carried out by the Financial Reporting Council in 2017, which impact entities for accounting periods starting on or after 1 January 2019

Accounting by limited liability partnerships

A topical summary of the new SORP for LLPs

IFRS 15 – revenue recognition steps

The five revenue recognition steps of IFRS 15 and how to apply them.

Model accounts

ACCA is updating its successful and regularly requested free proforma model accounts

When audit thresholds can be confusing

The audit thresholds for limited companies changed from 1 January 2016 – and can be confusing for companies

FRS 102 – brace for change

Think you’ve mastered FRS 102? We have news for you…

People with significant control

Companies must provide details of their PSCs

FRS 105 – a new reporting regime for micro-companies

Guidance to share with clients who operate in the public sector

Directors’ loan account – valid entries are vital

Failing to record directors’ loans can prove costly

Loans to participators

How to handle written off payments to participators, directors and employees

FRS 101: reduced disclosure framework election

Parent companies wishing to take advantage of FRS 101 'reduced disclosure framework' need to notify shareholders

When unincorporated businesses can apply FRS 105

FRS 105 can be applied by unincorporated businesses that meet the size criteria

FRS 101 and FRS 102 tax overview

New guidance outlines the key tax considerations for companies transitioning from old UK GAAP to the new standards

Investment properties – practical issues adopting new UK GAAP

A look at the differences between FRSSE 2015, FRS 105 and FRS 102 and the new UK GAAP regime for transfers between investment properties and other classes of assets

FRS 102: accounting for director loans and inter-group loans

When is a loan from a director a financial instrument?

Implementing FRS 102 – problem areas

Members have raised a number of FRS 102 issues where ‘new’ UK GAAP is different from the previous treatment

FRS 102 intangible assets – what’s changed?

A look at the main differences between the old and the new UK GAAP regime, concerning intangible assets.

The latest changes to FRS 102

A summary of the latest incremental improvements and clarifications to (FRS) 102

Accounting standards

The Financial Reporting Council has issued revised accounting standards following the triennial review

Charitable incorporated organisations (CIO)

The conversion regulations and other secondary legislation under the Charities Act are now in force

FRS 102 amendments

The FRC has issued amendments to FRS 102

Technical factsheet: FRS 102 – transition issues for small companies

This factsheet addresses the issues for small companies arising from FRS 102

Technical factsheet: FRS 102 – transition issues for medium-sized and large companies

FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, is based on the principles found in International Financial Reporting Standards (IFRSs), specifically IFRS for SMEs.

Auto-enrolment: small company and LLP exemptions

Changes are due to come into force in April 2016

Charity SORP update

A number of amendments have been made to the regulations

Reporting: clear and concise

The Financial Reporting Council has published a report on developments in corporate reporting

New GAAP

FRS 100, FRS 101 and FRS 102 have been updated

Charities SORP 2015

The Charity Commission has advice on what to do while the 2015 Charity (Account and Reports) Regulations have not been issued

Academies: FRS 102 and Charities SORP 2015

The Education Funding Agency highlights the transition issues that will be faced by academies

FRS 102: FRC guidance

The FRC has issued a set of Staff Education Notes related to FRS 102

UK GAAP

The FRC has issued a number of changes

Charity GAAP changes

Changes will affect charities from 1 January 2016

New standards for turnovers under £10.2m

The Financial Reporting Council (FRC) launched a consultation on three financial reporting exposure drafts (FREDs) that make amendments to UK GAAP and base them on the FRS 102 framework

Thresholds

Still in a draft form, the Statutory Instrument sets out the new threshold limits

UK GAAP: the new regime

Convergence of financial reporting standards is at last in sight with the publishing by the FRC of FRS 100, FRS 101 and FRS 102, which between them set out the new UK GAAP framework that will be mandatory from 1 January 2015. Early adoption is permitted, and indeed encouraged, but mandatory implementation will be for accounting periods beginning on or after 1 January 2015

GAAP: Model accounts

ACCA has produced model accounts based on both the FRSSE 2015 and FRS 102.

GAAP: Software and website development costs

What impact will new UK GAAP have on certain technologies?

GAAP: Employee benefits

How to account for employee benefits under the new standard.

GAAP v FRS 102: cash flow statement

A look at the cash flow statement when transitioning to FRS 102.

GAAP: Foreign currency translation

Understanding the treatment of foreign currency under FRS 102.

GAAP: Deferred tax

How will deferred tax change under FRS 102?

GAAP: Consolidated financial statements and business combinations, current GAAP v FRS 102

How to address business combinations under FRS 102.

GAAP: Accounting for investment properties

Analysis of how to treat investment properties under FRS 102.

GAAP: Small company limit increases in 2015 or 2016?

Should a company transition to FRS 102 this year, or wait until 2016?

GAAP: Recognition of intangibles and goodwill: old GAAP v FRS 102

A comparison of the recognition treatment of intangibles and goodwill between old UK GAAP and FRS 102, including the potential tax impact of the new standard.

GAAP: Measurement of basic financial instruments: old GAAP v FRS 102

A comparison of the measurement treatment of basic financial instruments between old UK GAAP and FRS 102, including the potential tax impact of the new standard.

FRC issues new FREDs streamlining UK GAAP

On February 19 2015, the FRC launched a consultation on three financial reporting exposure drafts (FREDs) that make amendments to UK GAAP and base them on the FRS 102 framework.

New UK GAAP – an overview

Make sure that you are ready for the new UK GAAP and understand the choices available to businesses.

New SORPs for LLPs and Charities

The LLP SORP 2010 and the Charities SORP 2005 have been updated for the changes to UK GAAP brought about by FRS 102 and FRSSE 2015.

The dawn of the new UK GAAP – requirements and options

The era of the new UK GAAP begins on 1 January 2015 and for many will change again from 1 January 2016. Reporting entities have to choose which of the reporting standards that they are allowed to adopt is best suited to their circumstances.

Implementation of the EU Accounting Directive – your views count

ACCA seeks your views on two aspects surrounding the implementation of the EU Accounting Directive.

FRS 101: guidance

1st January 2015 is now only a few weeks away, and after all the months and months of talking about it, UK GAAP will finally change.

Public sector: other entities reporting

The International Public Sector Accounting Standards Board (IPSASB) have issued for comment a consultation called The Applicability of IPSASs to Government Business Enterprises and Other Public Sector Entities. They have asked for comments by 31 December.

New UK GAAP: All change - Consultation

Your view is needed as changes being proposed may increase costs and create confusion for your business and also your providers of finance.

FRS 102: Pensions

FRED 55 proposes amendments to accounting for pension obligations under FRS102 and is open for comment until 21 November 2014.

Academy reporting under SORP 2015

Academy reporting under SORP 2015.

Reporting for societies

The Co-operative and Community Benefit Societies Act 2014 replaces the 1965, 1967, 1975, 1978 and 2002 Industrial and Provident Societies Acts; the Friendly and Industrial and Provident Societies Act 1968; the Co-operatives and Community Benefit Societies Act 2003; and the Co operative and Community Benefit Societies and Credit Unions Act 2010.

New UK GAAP changes to financial instruments and hedge accounting

The FRC has issued amendments to new UK GAAP to improve the accounting for certain financial transactions.

LLP SORP

The LLP SORP applies for periods beginning on or after 1 January 2015.

Charities SORP

It is decision time for many charities given the choice between adopting the SORP based on FRS 102 or the SORP based on the FRSSE.

New UK GAAP and charities

The Charity Commission’s Nigel Davies introduces the new framework for charity accounting and reporting.

Tax implications of the new UK GAAP

The transition to UK GAAP will bring with it some tax changes. Read more here.

New UK GAAP: deferred tax

Changes could impact on profits and net assets

New Charities SORP

The new charity SORP based on the FRSSE and FRS 102 have now been issued. You can access them here.

Technical Factsheet 187: Going concern

The purpose of this factsheet is to provide guidance on going concern within statutory financial statements. This factsheet will consider the provisions within the Companies Act 2006 and the accounting and disclosure requirements within the related accounting regulations, FRS 18 Accounting policies, Financial Reporting Standard for Smaller Entities 2008 (FRSSE2008), FRSSE 2015 and Financial Reporting Standard 102 (FRS 102) The Financial Reporting Standard Applicable in the UK and Republic of Ireland.

Reporting for academies

Academies Accounts Direction 2013 to 2014 is a reference pack for academy trusts to use when preparing their annual reports and financial statements for accounting periods ending on 31 August 2014. It also supports auditors with their audit of the financial statements.

Reporting for colleges

Guidance on financial management from the Skills Funding agency.

True and Fair statement published by FRC

The Financial Reporting Council (FRC) has published a statement to confirm that the requirement to present a true and fair view remains of fundamental importance in IFRS and UK GAAP, including the new UK standards FRS 100 -103.

Micro-entities

The FRC has issued an amended version of the FRSSE for use by micro-entities.

New UK GAAP - Presentation in Financial Statements

A look at how financial statements should appear under FRS 102

FRS 103: Insurance Contracts

The standard applies to entities applying FRS 102 that have insurance contracts with accounting periods beginning on or after 1 January 2015

Amendments to fair value accounting

Amendments to fair value accounting

Changes to UK GAAP

Watch our video on changes to UK GAAP.

Business Income Manual - New UK GAAP

Just as the penalty regime commences, new information will need to be added to payroll submissions.

UK Charities: Strategic Report

The Charity Commission and the Office of the Scottish Charity Regulator (OSCR) have issued guidance

FRC Staff Education Notes

The FRC has provided helpful information on FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland

Micro-Entity Accounts

Simplified accounting is available for small companies, but is not suitable or available for all...

FRS 101

FRED 53: Draft Amendments to FRS 101 Reduced Disclosure Framework (2013/14) sets out proposed amendments to FRS 101

The new strategic report

The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 apply to financial years ending on or after 30 September 2013

XBRL and new UK GAAP

[29/10/2013] How financial statements prepared under the new financial reporting standards will be submitted in XBRL format.

Community interest companies

[28/10/2013] How to establish and run a successful community interest company.

New UK GAAP and changes to FRS 100-103

[15/10/2013] The new UK GAAP framework introduces significant changes, particularly to FRS 102. Find out more about these, and ACCA’s new model accounts.

UK GAAP: how ACCA can help you prepare

[16/09/2013] ACCA Technical Factsheet 181 explaining the financial reporting and taxation consequences of the change to the new UK GAAP is now available.

Housing SORP 2014

The National Housing Federation has published an invitation to comment on the Housing SORP - Statement of Recommended Practice (SORP): Accounting by registered social housing providers.

Cash accounting - the pros and cons

Arguments in favour of and against the cash accounting regime for small businesses, which is optional for small unincorporated businesses from 6 April 2013.

FRS 102: changes to UK GAAP

A look at FRS 102 and some of the changes between itself and the standards it replaces

FRSSE 2015 amendments under UK GAAP framework

The new UK GAAP framework, mandatory from January 2015, does not dispense with the FRSSE

Charity SORP podcast

[21/06/2013] The Exposure Draft of the charities SORP is due to be released for public consultation.

UK GAAP: status of IFRIC interpretations

A guide to the International Financial Reporting Interpretations Committee's interpretations that relate to UK GAAP

Companies limited by guarantee

Often a source of confusion, this guide to what constitutes a company limited by guarantee should help.

Exemption from preparing and filing accounts for qualifying subsidiaries

A look at the potential impact of the announcement that dormant subsidiaries could be exempted from the requirement to prepare and file accounts at Companies House

The future of UK GAAP - an update

The three new accounting standards are the next step in the process of converging UK GAAP with IFRS.

Reporting issues for charities

ACCA in partnership with the Charity Commission have developed a podcast focusing on the key reporting issues facing Charities in the UK.

FRS 101

The new FRS 101 (FRED 47) will allow financial statements to be prepared for subsidiaries and parent companies using recognition and measurement as set out in EU-adopted IFRS, but with reduced disclosures.

FRS 102

The long-awaited FRS 102 has been issued, completing the FRS 100, 101 and 102 suite. FRS 102 applies to the financial statements of entities that are not applying EU-adopted IFRS, FRS 101 or the FRSSE. It is effective from 1 January 2015, but may be adopted early for accounting periods ending on or after 31 December 2012.