Small Company Financial Reporting

By: Steve Collings
ISBN: 9781526508898

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About Small Company Financial Reporting

The 1st edition of this book was published in October 2015 when FRS 105 was fairly new and there was an emphasis on transition from old GAAP to new GAAP. Whether practitioners decided to adopt the new Financial Reporting Standard for Micro-Entities or the revised FRS 102, they needed to understand the new terminology and formats of the financial statements. Three years later, there have been several new developments which... Read more

About Small Company Financial Reporting

The 1st edition of this book was published in October 2015 when FRS 105 was fairly new and there was an emphasis on transition from old GAAP to new GAAP. Whether practitioners decided to adopt the new Financial Reporting Standard for Micro-Entities or the revised FRS 102, they needed to understand the new terminology and formats of the financial statements.
Three years later, there have been several new developments which should be reflected, including:
– the Companies (Accounting) Act 2017 for small companies in the Republic of Ireland, which did not feature in the 1st edition as it had not been enacted
– amendments arising from the FRC’s Triennial Review in December 2017
– FRS 105 amendments, together with issues relating to micro-entities in the Republic of Ireland who previously couldn’t use FRS 105.
In addition, the new content will include:
– amendments to the illustrative financial statements to reflect changes in company law regarding presentation and the finalised small company thresholds which were previously only in draft format
– additional material on the filing regime at Companies House for small companies now that most companies prefer to file ‘filleted’ accounts
– reference in the tax chapter to the updated HMRC guidance via their Overview Papers
– a complete restructure from chapter 12 onwards so that each accounting area is now in its own standalone chapter which reflects the implementation feedback
– updated worked examples for things such as the effective interest method/financial instruments
– removal of all references to the FRC’s previous 2009 guidance on going concern and inclusion of the up-to-date 2016 version. This is resulting in considerable changes to chapter 4.

Table of Contents

1 Introduction
2 The Small Companies Regime
3 The Financial Statements
4 Elements of the Financial Statements
5 Reporting the Substance of Transactions
6 Contentious Areas of the Financial Statements
7 Small Company Legal Requirements
8 Consolidated Financial Statements
9 Related Parties
10 Transactions with Directors
11 Financial Reporting for Micro-entities
12 Accounting Policies, Estimates and Errors
13 Basic Financial Instruments
14 Other Financial Instruments
15 Inventory
16 Investments in Associates
17 Investments in Joint Ventures
18 Investment Property
19 Property, Plant and Equipment
20 Intangible Assets (excluding Goodwill)
21 Business Combinations and Goodwill
22 Leases
23 Provisions and Contingencies
24 Liabilities and Equity
25 Revenue
26 Government Grants
27 Borrowing Costs
28 Share-based Payment
29 Impairment of Assets
30 Employee Benefits
31 Foreign Currency
32 Events after the end of the Reporting Period
33 Specialised Activities
34 Small Company Audits and the Ethical Standard
35 Transition Issues
Appendix 1 Sample Micro-entity Financial Statements
Appendix 2 Sample Small Company Financial Statements
Index

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