Technical resources

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.

Guidelines on enforcement measures against recognised supervisory bodies and recognised qualifying bodies

Comments from ACCA to the Financial Reporting Council.

The European Commission’s multi-stakeholder forum on corporate social responsibility

This article reports on the CSR forum hosted at the European Commission on 3-4 February 2015.

Public sector reporting

The International Public Sector Accounting Standards Board has issued several new standards for public sector reporting.

Academies

Schools must publish the amount of grant received, how they spent it (or will spend it) and the impact on pupils’ PE (physical education) and sport participation and attainment.

Regulatory fees and levies: policy proposals for 2015/16

Comments from ACCA to the Financial Conduct Authority.

The international project on lease accounting: the view from Europe

Following the issue of two Exposure Drafts on leasing by the IASB, deliberation continues on the contents of a revised IFRS. Peter Ujvari reports on a European outreach event intended to help progress this project.

Proportionate regulation: reporting accountant requirements

Comments from ACCA to the Solicitors Regulation Authority.

Measuring quoted investments in subsidiaries, joint ventures and associates at fair value

Comments from ACCA to the International Accounting Standards Board (IASB).

Accounting for Complex Supplier Arrangements falls under FRC’s spotlight

The FRC has urged reporting entities to clarify the accounting treatment of complex supplier arrangements, which include supply chain finance and ‘pay to stay’ fees.

Reporting the financial effects of rate regulation

Comments from ACCA to the International Accounting Standards Board (IASB).

Remuneration

The GC100 and Investor Group published a statement updating their guidance on the Directors' Remuneration Reporting Regulations 2013.

FRS 101

The FRC has proposed a small number of additional disclosure exemptions to FRS 101 in its consultation FRED 57: Draft amendments to FRS 10; Reduced Disclosure Framework.

Investment entities

Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28) is a narrow-scope amendment to IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests in Other Entities and IAS 28 Investments in Associates and Joint Ventures.

Recognition of deferred tax assets for unrealised losses: proposed amendments to IAS12

Comments from ACCA to the International Accounting Standards Board.

Risk reporting

This report examines how the quality and value of risk reporting can be improved. It reviews current practice in risk reporting, the barriers to better risk reporting, the wishes of users, and the concerns of preparers.

Integrated Reporting

The International Integrated reporting Council (IIRC) has issued the first in what it promises will be a series of publications called the Creating Value series.

Share-based payments

International Accounting Standards Board Exposure Draft amending IFRS 2 for share-based payment is open for comment until 25 March.

Consultation on the updated CDSB framework

Comments from ACCA to the Climate Disclosure Standards Board (CDSB).

Proposed statement on non-GAAP financial measures

Comments from ACCA to the Board of the International Organization of Securities Commissions (IOSCO).

Concept paper on weighted voting rights

ACCA response to Concept paper on weighted voting rights - a consultation issued by the Hong Kong Stock Exchange

Accounting standards for small entities

Comments from ACCA to the Financial Reporting Council (FRC).

FRED 55: Amendments to FRS102, pension obligations

Comments from ACCA to the Financial Reporting Council.

Automatic Exchange of Information for Tax Purpose HK

Automatic Exchange of Information for Tax Purpose (AEOI). Consultation issued by the Financial Services and the Treasury Bureau, Hong Kong

UK implementation of the EU accounting directive, chapters 1–9

Comments from ACCA to BIS.

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.

THE DAWN OF THE NEW UK GAAP – REQUIREMENTS AND OPTIONS

Find out what you need to know about the transition to the new UK GAAP here.

ACCA response to HKSE consultation Disclosure of Financial Information

Review of Listing Rules on Disclosure of Financial Information with reference to the new Companies Ordinance and Hong Kong Financial Reporting Standards and proposed Minor / Housekeeping Rule Amendments. Consultation issued by the Hong Kong Stock Exchange

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.

Experts - errors in accounts

In a recent case, the opinion of an expert accountant was overturned because the opinion was based on past accounting errors.

Corporate Governance Code

The new Code has been published and applies to accounting periods beginning on or after 1 October 2014 for all companies with a premium listing of equity shares regardless of whether they are incorporated in the UK or elsewhere.

ACCA welcomes proposed new accounting rules for pensions

Statement of Recommended Practice will bring clarity, but lobbying of DWP is important in achieving this.

Simplifying and streamlining statutory annual report and accounts

Comments from ACCA to HM Treasury.

Solicitors Account Rule Changes – an update

In the main the SRA will continue to require accountants reports to be prepared but will ONLY require Solicitors to submit qualified accountants reports with them.

Maintaining momentum

While South Africa has blazed a trail on integrated reporting, there is still much work to be done.

Taking stock of sustainability

Africa’s stock exchanges have a vital role to play in helping listed companies get to grips with reporting on environmental, social and governance issues.

IAS 12: Income taxes

The International Accounting Standards Board has proposed amendments to IAS 12 Income Taxes.

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.