Manual of Accounting - New UK GAAP

Erscheinungsjahr 2013
ISBN: 978-1-78043-416-2
Verlag: Bloomsbury

Buch, Englisch, 1186 Seiten, Format (B × H): 150 mm x 234 mm

Manual of Accounting - New UK GAAP forms part of the PwC Manual of Accounting series and addresses what is generally expected to be the last significant change in structure in UK Financial Reporting. In the first quarter of 2013 the Financial Reporting Council, after years of debate in the accountancy profession issued Financial Reporting Standards 100-102 which will largely replace the existing set of UK Financial Reporting Standards (29 Standards in force plus one for smaller companies). Companies are free to adopt these standards now but the likelihood is that most will wait until the mandatory adoption date of 1st January 2015.

Manual of Accounting - New UK GAAP addresses the requirements of FRS 102 which is the new UK GAAP and will be adopted by all companies not wanting to move to IFRS and who are too large to implement the Financial Reporting Standard for Smaller Entities which in 2015 can be applied by companies with a turnover of £6,500,000 per year and a balance sheet of £3,260,000 per year.

While the requirements of FRS 102 are in some ways less onerous than the existing UK set of standards, there will still be a large onus on companies and their advisors to plan properly as they make the transition to adopting the new standard. There are a number of factors accountants need to consider in adopting the new standard such as the way in which a number of areas will be accounted for e.g. subsequent expenditure on fixed assets; leases, and employee benefits. Also the terminology of the new standard will be unfamiliar to many, and there will be some changes to the format of the financial statements.
Readers will benefit from the usual well-structured and practical nature of the commentary. Worked examples are prevalent and as new editions are published examples from real life companies will be added.

The book focusses on each area of the financial statement in turn and explains how they are treated by FRS 102 as opposed to the existing UK GAAP. There are chapters covering various specialist sectors such as agriculture; financial institutions; oil and gas; insurance, and public benefit entities. The final chapter gives some guidance on the processes that need to be considered as businesses make the transition from the existing set of standards to FRS 102.

Autoren/Hrsg.

Fachgebiete

• Rechtswissenschaften Ausländisches Recht Common Law (UK, USA, Australien u.a.)
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Externes Rechnungswesen, Rechnungslegung, Bilanzierung

Inhaltsverzeichnis

1 Scope
2 Concepts and pervasive principles
3 Financial statement presentation
4 Statement of financial position
5 Statement of comprehensive income and income statement
6 Statement of changes in equity and statement of income and retained earnings
7 Statement of cash flows
8 Notes to the financial statements
9 Consolidated and separate financial statements
10 Accounting policies, estimates and errors
11 Basic financial instruments
12 Other financial instruments issues
13 Inventories
14 Investments in associates
15 Investments in joint ventures
16 Investment property
17 Property, plant and equipment
18 Intangible assets other than goodwill
19 Business combinations and goodwill
20 Leases
21 Provisions and contingencies
22 Liabilities and equity
23 Revenue
24 Government grants
25 Borrowing costs
26 Share-based payment
27 Impairment of assets
28 Employee benefits
29 Income tax
30 Foreign currency translation
31 Hyper-inflation
32 Events after the end of the reporting period
33 Related party disclosures
34 Specialised activities
34.1 - Agriculture.
34.2 - Extractive activities
34.3 - Service concession arrangements
34.4 - Financial institutions: Disclosures
34.5 - Public benefit entities
34.6 - Heritage assets
34.7 - Funding commitments
34.8 - Insurance
35 Transition to FRS 102

Über Autor(innen)

PwC is one of the leading accountancy practices in the world and authors of the acclaimed Manual of Accounting series

PricewaterhouseCoopers is one of the leading accountancy practices in the world