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by Ernst & Young LLP
UK GAAP 2019
Cover
About this book
Preface
References and abbreviations
Authoritative literature
Chapter 1: FRS 100 – Application of financial reporting requirements
1 INTRODUCTION
2 SUMMARY OF FRS 100
3 DEFINITIONS
4 FRS 100 – APPLICATION OF FINANCIAL REPORTING REQUIREMENTS
5 TRANSITION
6 COMPANIES ACT 2006
7 FINANCIAL REPORTING COUNCIL (FRC) AND ACCOUNTING STANDARD SETTING
REFERENCES
Chapter 2: FRS 101 – Reduced disclosure framework
1 INTRODUCTION
2 SCOPE OF FRS 101
3 TRANSITION TO FRS 101
4 MEASUREMENT DIFFERENCES BETWEEN FRS 101 AND EU-ADOPTED IFRS
5 PRESENTATIONAL DIFFERENCES BETWEEN FRS 101 AND EU-ADOPTED IFRS
6 DISCLOSURE EXEMPTIONS FOR QUALIFYING ENTITIES
7 ADDITIONAL COMPANIES ACT DISCLOSURES
8. FUTURE CHANGES TO IFRS AND THEIR IMPACT ON FRS 101
REFERENCES
Chapter 3: Scope of FRS 102
1 INTRODUCTION
2 SCOPE OF FRS 102
3 REDUCED DISCLOSURE FRAMEWORK
4 CA 2006 REQUIREMENTS
REFERENCES
Chapter 4: Concepts and pervasive principles
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 2 AND IFRS
3 THE CONCEPTS AND PERVASIVE PRINCIPLES OF SECTION 2
REFERENCES
Chapter 5: FRS 102 – Small entities
1 INTRODUCTION
2 SUMMARY OF SECTION 1A (AND RELATED CA 2006 REQUIREMENTS)
3 KEY DEFINITIONS AND ABBREVIATIONS
4 SCOPE OF SMALL ENTITIES REGIME
5 EFFECTIVE DATE
6 RECOGNITION AND MEASUREMENT REQUIREMENTS
7 PRESENTATION REQUIREMENTS IN SECTION 3 THAT STILL APPLY WHERE SECTION 1A IS APPLIED
8 COMPLETE SET OF FINANCIAL STATEMENTS
9 STATEMENT OF FINANCIAL POSITION
10 INCOME STATEMENT (OR PROFIT AND LOSS ACCOUNT)
11 INFORMATION TO BE PRESENTED IN THE NOTES TO THE FINANCIAL STATEMENTS
12 SMALL COMPANIES AND LLPS – STATUTORY EXEMPTIONS
13 FILING REQUIREMENTS – SMALL COMPANIES AND SMALL LLPS
REFERENCES
Chapter 6: Presentation of financial statements
1 INTRODUCTION
2 SUMMARY OF FRS 102'S PRESENTATION REQUIREMENTS
3 COMPOSITION OF FINANCIAL STATEMENTS
4 COMPANY LAW FORMATS
5 STATEMENT OF FINANCIAL POSITION
6 STATEMENT OF COMPREHENSIVE INCOME
7 STATEMENT OF CHANGES IN EQUITY
8 NOTES TO THE FINANCIAL STATEMENTS
9 GENERAL PRINCIPLES FOR PREPARATION OF FINANCIAL STATEMENTS
10 RECOGNITION AND MEASUREMENT, PRESENTATION AND DISCLOSURE – COMPANIES ACT ACCOUNTS
11 SUMMARY OF DIFFERENCES BETWEEN FRS 102 AND IFRS
REFERENCES
Chapter 7: Statement of cash flows
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 7 AND IFRS
3 THE REQUIREMENTS OF SECTION 7 FOR A STATEMENT OF CASH FLOWS
4 PRACTICAL ISSUES
5 SUMMARY OF GAAP DIFFERENCES
REFERENCES
Chapter 8: Consolidated and separate financial statements
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 9 AND IFRS
3 CONSOLIDATED FINANCIAL STATEMENTS
4 INDIVIDUAL AND SEPARATE FINANCIAL STATEMENTS
5 SUMMARY OF GAAP DIFFERENCES
Chapter 9: Accounting policies, estimates and errors
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 10 AND IFRS
3 REQUIREMENTS OF SECTION 10 FOR ACCOUNTING POLICIES, ESTIMATES AND ERRORS
4 COMPANY LAW MATTERS
5 SUMMARY OF GAAP DIFFERENCES
Chapter 10: Financial instruments
1 INTRODUCTION
2 COMPARISON BETWEEN SECTIONS 11, 12, 22 AND IFRS
3 SCOPE OF SECTIONS 11, 12 AND 22
4 RECOGNITION AND MEASUREMENT: ACCOUNTING POLICY CHOICE
5 FINANCIAL LIABILITIES AND EQUITY
6 CLASSIFICATION
7 INITIAL RECOGNITION AND MEASUREMENT
8 SUBSEQUENT MEASUREMENT
9 DERECOGNITION
10 HEDGE ACCOUNTING
11 PRESENTATION AND DISCLOSURES
12 SUMMARY OF GAAP DIFFERENCES
Chapter 11: Inventories
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 13 AND IFRS
3 REQUIREMENTS OF SECTION 13 FOR INVENTORIES
4 SUMMARY OF GAAP DIFFERENCES
Chapter 12: Investments in associates
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 14 AND IFRS
3 REQUIREMENTS OF SECTION 14 FOR INVESTMENTS IN ASSOCIATES
4 PRACTICAL ISSUES
5 SUMMARY OF GAAP DIFFERENCES
Chapter 13: Investments in joint ventures
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 15 AND IFRS
3 REQUIREMENTS OF SECTION 15 FOR INVESTMENTS IN JOINT VENTURES
4 COMPANY LAW MATTERS
5 SUMMARY OF GAAP DIFFERENCES
Chapter 14: Investment property
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 16 AND IFRS
3 REQUIREMENTS OF SECTION 16 FOR INVESTMENT PROPERTY
4 SUMMARY OF GAAP DIFFERENCES
REFERENCES
Chapter 15: Property, plant and equipment
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 17 AND IFRS
3 REQUIREMENTS OF SECTION 17 FOR PROPERTY, PLANT AND EQUIPMENT
4 SUMMARY OF GAAP DIFFERENCES
Chapter 16: Intangible assets other than goodwill
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 18 AND IFRS
3 REQUIREMENTS OF SECTION 18 FOR INTANGIBLE ASSETS OTHER THAN GOODWILL
4 PRACTICAL ISSUES
5 SUMMARY OF GAAP DIFFERENCES
Chapter 17: Business combinations and goodwill
1 INTRODUCTION
2 KEY DIFFERENCES BETWEEN SECTION 19 AND IFRS
3 REQUIREMENTS OF SECTION 19 FOR BUSINESS COMBINATIONS AND GOODWILL
4 DISCLOSURES RELATING TO BUSINESS COMBINATIONS AND GOODWILL
5 GROUP RECONSTRUCTIONS
6 SUMMARY OF GAAP DIFFERENCES
Chapter 18: Leases
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 20 AND IFRS (IFRS 16)
3 REQUIREMENTS OF SECTION 20 FOR LEASES
4 SUMMARY OF GAAP DIFFERENCES
REFERENCES
Chapter 19: Provisions and contingencies
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 21 AND IFRS
3 REQUIREMENTS OF SECTION 21 FOR PROVISIONS AND CONTINGENCIES
4 OTHER EXAMPLES OF PROVISIONS
5 SUMMARY OF GAAP DIFFERENCES
REFERENCES
Chapter 20: Revenue
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 23 AND IFRS
3 REQUIREMENTS OF SECTION 23 FOR REVENUE
4 PRACTICAL ISSUES
5 SUMMARY OF GAAP DIFFERENCES
Chapter 21: Government grants
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 24 AND IFRS
3 REQUIREMENTS OF SECTION 24 FOR GOVERNMENT GRANTS
4 SUMMARY OF GAAP DIFFERENCES
REFERENCES
Chapter 22: Borrowing costs
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 25 AND IFRS
3 THE REQUIREMENTS OF SECTION 25 FOR BORROWING COSTS
4 SUMMARY OF GAAP DIFFERENCES
REFERENCES
Chapter 23: Share-based payment
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 26 AND IFRS
3 SCOPE OF SECTION 26
4 GENERAL RECOGNITION PRINCIPLES
5 EQUITY-SETTLED TRANSACTIONS – OVERVIEW
6 EQUITY-SETTLED TRANSACTIONS – COST OF AWARDS
7 EQUITY-SETTLED TRANSACTIONS – ALLOCATION OF EXPENSE
8 EQUITY-SETTLED TRANSACTIONS – MODIFICATION, CANCELLATION AND SETTLEMENT
9 EQUITY-SETTLED TRANSACTIONS – VALUATION
10 CASH-SETTLED TRANSACTIONS
11 TRANSACTIONS WITH EQUITY AND CASH ALTERNATIVES
12 REPLACEMENT SHARE-BASED PAYMENT AWARDS ISSUED IN A BUSINESS COMBINATION
13 GROUP SHARE SCHEMES
14 DISCLOSURES
15 TAXES RELATED TO SHARE-BASED PAYMENT TRANSACTIONS
16 OTHER PRACTICAL ISSUES
17 FIRST-TIME ADOPTION AND TRANSITIONAL PROVISIONS
18 SUMMARY OF GAAP DIFFERENCES
Chapter 24: Impairment of assets
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 27 AND IFRS
3 REQUIREMENTS OF SECTION 27 FOR IMPAIRMENT
4 IMPAIRMENT OF ASSETS OTHER THAN INVENTORIES
5 GOODWILL AND ITS ALLOCATION TO CGUs
6 RECOGNISING AND MEASURING IMPAIRMENT LOSSES
7 REVERSAL OF AN IMPAIRMENT LOSS
8 DISCLOSURES
9 SUMMARY OF GAAP DIFFERENCES
Chapter 25: Employee benefits
1 INTRODUCTION
2 COMPARISON BETWEEN SECTIONS 28 AND IFRS
3 THE REQUIREMENTS OF SECTION 28 FOR EMPLOYEE BENEFITS
4 COMPANIES ACT REQUIREMENTS
5 SUMMARY OF GAAP DIFFERENCES
REFERENCES
Chapter 26: Income tax
1 INTRODUCTION
2 KEY DIFFERENCES TO IFRS
3 SCOPE OF SECTION 29
4. VALUE ADDED TAX (‘VAT’) AND OTHER SIMILAR SALES TAXES
5 CURRENT TAX
6 DEFERRED TAX – RECOGNITION
7 DEFERRED TAX – MEASUREMENT
8 ALLOCATION OF TAX CHARGE OR CREDIT
9 CONSOLIDATED TAX RETURNS AND OFFSET OF TAXABLE PROFITS AND LOSSES WITHIN GROUPS
10 PRESENTATION
11 DISCLOSURE
12 SUMMARY OF GAAP DIFFERENCES
REFERENCES
Chapter 27: Foreign currency translation
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 30 AND IFRS
3 REQUIREMENTS OF SECTION 30 FOR FOREIGN CURRENCY TRANSLATION
4 UK COMPANY LAW MATTERS
5 SUMMARY OF GAAP DIFFERENCES
Chapter 28: Hyperinflation
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 31 AND IFRS
3 REQUIREMENTS OF SECTION 31 FOR HYPERINFLATION
Chapter 29: Events after the end of the reporting period
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 32 AND IFRS
3 REQUIREMENTS OF SECTION 32 FOR EVENTS AFTER THE END OF THE REPORTING PERIOD
4. PRACTICAL ISSUES
Chapter 30: Related party disclosures
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 33 AND IFRS
3 REQUIREMENTS OF SECTION 33 FOR RELATED PARTY DISCLOSURES
4. SUMMARY OF GAAP DIFFERENCES
REFERENCES
Chapter 31: Specialised activities
1 INTRODUCTION
2 AGRICULTURE
3 EXTRACTIVE ACTIVITIES
4 SERVICE CONCESSION ARRANGEMENTS
5 HERITAGE ASSETS
6 PUBLIC BENEFIT ENTITIES
Chapter 32: Transition to FRS 102
1 INTRODUCTION
2 KEY DIFFERENCES BETWEEN SECTION 35 AND IFRS
3 DEFINITIONS, SCOPE, AND PREPARATION OF THE OPENING FRS 102 STATEMENT OF FINANCIAL POSITION
4 MANDATORY EXCEPTIONS TO RETROSPECTIVE APPLICATION
5 OPTIONAL EXEMPTIONS TO RETROSPECTIVE APPLICATION
6 PRESENTATION AND DISCLOSURE
7 FRS 105
REFERENCES
Chapter 33: FRS 103 – Insurance contracts
1 INTRODUCTION
2 COMPARISON BETWEEN FRS 103 AND IFRS 4
3 THE OBJECTIVES, SCOPE OF AND TRANSITION TO FRS 103
4 THE DEFINITION OF AN INSURANCE CONTRACT
5 EMBEDDED DERIVATIVES
6 UNBUNDLING OF DEPOSIT COMPONENTS
7 DISCRETIONARY PARTICIPATION FEATURES
8 PRESENTATION, RECOGNITION AND MEASUREMENT OF INSURANCE CONTRACTS
9 CHANGES IN ACCOUNTING POLICIES
10 INSURANCE CONTRACTS ACQUIRED IN BUSINESS COMBINATIONS AND PORTFOLIO TRANSFERS
11 DISCLOSURE
Chapter 34: FRS 104 – Interim financial reporting
1 INTRODUCTION
2 OBJECTIVE AND SCOPE OF FRS 104
3 FORM AND CONTENT OF AN INTERIM FINANCIAL REPORT UNDER FRS 104
4 DISCLOSURES IN CONDENSED FINANCIAL STATEMENTS
5 ENTITIES REPORTING UNDER FRS 101
6. PERIODS FOR WHICH INTERIM FINANCIAL STATEMENTS ARE REQUIRED TO BE PRESENTED
7 MATERIALITY
8 RECOGNITION AND MEASUREMENT
9 EXAMPLES OF THE RECOGNITION AND MEASUREMENT PRINCIPLES
10 USE OF ESTIMATES
11 FIRST-TIME PRESENTATION OF INTERIM REPORTS COMPLYING WITH FRS 104
Index of standards
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