UK GAAP 2017 E-Book
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- Herausgeber: John Wiley & Sons
- Kategorie: Fachliteratur
- Sprache: Englisch
The New UK GAAP has now been in effect for two years. UK GAAP 2017 is fully updated to reflect the application of the new standard in practice. UK GAAP 2017 focusses on each area of the financial statement in turn and explains how they are treated by FRS 102. Topics covered include: * The scope of UK GAAP; concepts and pervasive principles; presentation of financial statements; statement of cash flows; consolidated and separate financial statements; Accounting policies, estimates and errors * Financial instruments; inventories; investments in associates; investment in joint ventures; investment property; property, plant and equipment * Intangible assets other than goodwill; business combinations and goodwill * Leases; provisions and contingencies; revenue; grants, borrowing costs * Share based payment; impairment of assets; employees benefits; income tax * Foreign currency translation; hyperinflation; events after the end of the reporting period; related party disclosures * Service concession arrangements; agriculture; retirement benefit plans; heritage assets; public benefit entities; funding commitments; extractive industries; financial institutions; incoming resources from non-exchange transactions
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Veröffentlichungsjahr: 2017
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Table of Contents
Cover
Title
Copyright
About this book
Preface
Lists of chapters
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
4 SCOPE OF SMALL ENTITIES REGIME
5 EFFECTIVE DATE
6 ACCOUNTING 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
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
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 IMPLEMENTATION 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
References
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 IMPLEMENTATION ISSUES
5 COMPANY LAW MATTERS
6 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 IMPLEMENTATION 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
References
Chapter 18: Leases
1 INTRODUCTION
2 COMPARISON BETWEEN SECTION 20 AND IFRS (IAS 17)
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 IMPLEMENTATION ISSUES
5 SUMMARY OF GAAP DIFFERENCES
References
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
References
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 IMPLEMENTATION 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
Chapter 31: Specialised activities
1 INTRODUCTION
2 AGRICULTURE
3 EXTRACTIVE ACTIVITIES
4 SERVICE CONCESSION ARRANGEMENTS
5 HERITAGE ASSETS
6 PUBLIC BENEFIT ENTITIES
References
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
References
Chapter 33: FRS 103 – Insurance contracts
1 INTRODUCTION
2 COMPARISON BETWEEN FRS 103 AND IFRS
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
References
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
Index
End User License Agreement
List of Illustrations
Chapter 1: FRS 100 – Application of financial reporting requirements
Figure 1.1 The UK Financial Reporting Framework
Chapter 5: FRS 102 – Small entities
Figure 5.1 Analysis of investments
Figure 5.2 Presentation of non-controlling interest in statement of financial position – small UK company
Figure 5.3 Presentation of non-controlling interest in income statement (where presented separately) – small UK company
Figure 5.4 Format 1 individual balance sheet – small UK company
Figure 5.5 Format 1 individual balance sheet – small LLP
Figure 5.6 Presentation of small LLP balance sheet (following LLP SORP)
Figure 5.7 Format 1 abridged balance sheet – small UK company
Figure 5.8 Format 1 abridged balance sheet – small LLP
Figure 5.9 Balance sheet – line items included in adapted formats
Figure 5.10 Format 1 individual profit and loss account – small UK company
Figure 5.11 Format 1 individual profit and loss account – small LLP
Figure 5.12 Format 2 individual profit and loss account – small UK company
Figure 5.13 Format 2 individual profit and loss account – small LLP
Figure 5.14 Abridged format 1 profit and loss account – small UK company
Figure 5.15 Abridged format 2 profit and loss account – small UK company
Figure 5.16 Abridged format 1 profit and loss account – small LLP
Figure 5.17 Abridged format 2 profit and loss account – small LLP
Figure 5.18 Profit and loss account – line items included in adapted formats
Figure 5.19 Schedules that apply in the Small Companies Regulations and Small LLPs Regulations (as amended by SI 2015/980 and SI 2016/575)
Chapter 6: Presentation of financial statements
Figure 6.1 Presentation of non-controlling interests in statement of financial position
Figure 6.2 Presentation of non-controlling interests in separate income statement
Figure 6.3 Adapted formats – balance sheet
Figure 6.4 Format 1 individual balance sheet (UK company other than a banking company or insurance company)
Figure 6.5 Format 1 individual balance sheet (for an LLP)
Figure 6.6 Presentation of LLP balance sheet (following SORP)
Figure 6.7 Analysis of intangible assets
Figure 6.8 Analysis of tangible fixed assets
Figure 6.9 Analysis of investments
Figure 6.10 Analysis of stocks
Figure 6.11 Analysis of debtors
Figure 6.12 Analysis of creditors: amounts falling due within one year
Figure 6.13 Analysis of provisions for liabilities
Figure 6.14 Analysis of capital and reserves – UK company
Figure 6.15 Profit and loss account - UK company (other than a banking company or insurance company) and LLP – adapted formats
Figure 6.16 Format 1 profit and loss account (UK company other than a banking company or insurance company)
Figure 6.17 Format 1 profit and loss account (LLP)
Figure 6.18 Format 2 for the profit and loss account (UK company other than a banking company or insurance company)
Figure 6.19 Format 2 for the profit and loss account (LLP)
Chapter 10: Financial instruments
Figure 10.1: Hierarchy
Figure 10.2: Cash flow hedge accounting model
Figure 10.3: Fair value hedge accounting model
Chapter 23: Share-based payment
Figure 23.1: Scope of IFRS 2
Chapter 33: FRS 103 – Insurance contracts
Figure 33.1 Individual statement of financial position (UK insurance company)
Figure 33.2 Analysis of intangible assets
Figure 33.3 Analysis of investments in group undertakings and participating interests
Figure 33.4 Analysis of other financial investments
Figure 33.5 Analysis of reinsurers’ share of technical provisions
Figure 33.6 Analysis of other assets
Figure 33.7 Analysis of reserves
Figure 33.8 Analysis of technical provisions
Figure 33.9 Analysis of provisions for other risks
Figure 33.10 Format of the Technical account – General business
Figure 33.11 Format of the Technical account – Long-term business
Figure 33.12 Format of the Non-technical account
Guide
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UK GAAP 2017
Application of FRS 100-104 in the UK
Mike Bonham
Rob Carrington
Larissa Connor
Mike Davies
Diego Fernandez
Parbin Khatun
Maria Kingston
Dean Lockhart
Sharon MacIntyre
Amanda Marrion
Margaret Pankhurst
Tina Patel
Michael Pratt
Timothy Rogerson
Claire Taylor
Michael Varila
This edition first published in 2017 by John Wiley & Sons Ltd.
Cover, cover design and content copyright © 2017 Ernst & Young LLP.
The United Kingdom firm of Ernst & Young LLP is a member of Ernst & Young Global Limited.
International GAAP® is a registered trademark of Ernst & Young LLP
Registered office
John Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, United Kingdom
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All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher.
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Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. It is sold on the understanding that the publisher is not engaged in rendering professional services and neither the publisher nor the author shall be liable for damages arising herefrom. If professional advice or other expert assistance is required, the services of a competent professional should be sought.
This publication has been carefully prepared, but it necessarily contains information in summary form and is therefore intended for general guidance only, and is not intended to be a substitute for detailed research or the exercise of professional judgement. The publishers, Ernst & Young LLP, Ernst & Young Global Limited or any of its Member Firms or partners or staff can accept no responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate adviser.
© Financial Reporting Council (FRC). Adapted and reproduced with the kind permission of the Financial Reporting Council. All rights reserved. For further information, please visit www.frc.org.uk or call +44 (0)20 7492 2300.
This publication contains extracts from TECH 02/10 © ICAEW/ICAS 2010. Reproduced by kind permission of ICAEW/ICAS. First issued in October 2010. No reproduction or re-distribution allowed. The institutes do not accept responsibility for any loss caused to any person who acts or refrains from acting in reliance on the material within TECH 02/10.
ISBN 978-1-119-37690-3 (paperback)
ISBN 978-1-119-37691-0 (ebk)
ISBN 978-1-119-37692-7 (ebk)
About this book
UK GAAP 2017 is the second edition of the EY publication on UK GAAP following the replacement of all previous UK accounting standards with new financial reporting standards. The original publication, New UK GAAP 2015, was published in 2015 and a supplement, New UK GAAP Supplement 2016, was published the following year. This publication has been fully revised and updated in order to:
incorporate the amendments made to FRSs 100-102 in September 2014, February 2015, March 2015, July 2015, March 2016 and July 2016. This includes the new small entities accounting regime within FRS 102 –
The Financial Reporting Standard applicable in the UK and Republic of Ireland
– which is covered in a separate chapter;
include a chapter on FRS 103 –
Insurance Contracts
– which was issued in March 2014 and amended in May 2016;
include a chapter on FRS 104 –
Interim Financial Reporting
– which was issued in March 2015;
include the changes to legal requirements for UK companies and LLPs introduced largely as a consequence of the new EU Accounting Directive; and
provide further insight on the many issues relating to the practical application of the new UK accounting standards, based on the extensive experience of the book’s authors in dealing with recent day-to-day issues.
This book comprises 34 chapters. Each chapter includes a detailed list of contents and list of illustrative examples. The book contains an index of references to standards and interpretations and a general index.
FRS 101 – Reduced Disclosure Framework – Disclosure exemptions from EU-adopted IFRS for qualifying entities – uses the recognition and measurement principles of International Financial Reporting Standards (IFRS). In certain circumstances, FRS 102 also refers entities to IFRS. Detailed guidance on applying IFRS can be found in EY’s publication International GAAP 2017®.
Preface
Over the last few years the Financial Reporting Council (FRC) has fundamentally changed financial reporting standards in the UK and Ireland. All previous UK GAAP has been replaced with new Financial Reporting Standards. These new standards were mandatory for accounting periods beginning on or after 1 January 2015, along with the associated accounting requirements of the Companies Act 2006.
Since the publication of New UK GAAP 2015, a number of amendments have been made to FRSs 100-102. The most significant of these were issued in July 2015 and principally implement the requirements of the new EU Accounting Directive. The July 2015 amendments were incorporated into the versions of FRSs 100-102 issued in September 2015 and most are mandatory for accounting periods beginning on or after 1 January 2016. This publication highlights these amendments as well as the related changes made to UK company law.
The amendments made in July 2015 also changed the financial reporting regime for small and micro-entities. For accounting periods beginning on or after 1 January 2016, the Financial Reporting Standard for Smaller Entities (FRSSE) is withdrawn. Instead, small entities that choose to apply the small entities regime are subject to the recognition and measurement requirements of FRS 102 but with separate (and reduced) disclosure requirements. Chapter 5 of this publication is devoted to the new small entities regime within FRS 102. The requirement to use FRS 102 for recognition and measurement is likely to result in significant change and challenge for some small entities since more accounting transactions, such as defined benefit pension schemes and derivatives, may need to be ‘on balance sheet’. A micro-entity that chooses to apply the micro-entities regime applies a new accounting standard, FRS 105 – The Financial Reporting Standard applicable to the Micro-entities Regime – although the requirements and proposals for micro-entities are not covered in detail in this publication.
In 2016 to date, the FRC has issued amendments to FRS 101 with the main purpose of providing disclosure exemptions from IFRS 15 – Revenue from Contracts with Customers, amendments to FRS 102 that align the fair value hierarchy used by financial institutions for disclosure purposes with that of IFRS 13 – Fair Value Measurement – and amendments to FRS 103 necessary because of the change in the regulatory regime for insurers to Solvency II. FRS 105 has also been amended to extend its scope to include eligible limited liability partnerships and qualifying partnerships following a change in legislation. Awaiting final issue as this publication goes to press is an amendment to both FRS 101 and FRS 102 that proposes to remove the requirement for a qualifying entity to notify its shareholders in writing that it intends to take advantage of the disclosure exemptions available within the reduced disclosure framework.
The FRC intends to carry out its first triennial review of FRS 102 in 2017 with a view to a revised version of the standard becoming effective for accounting periods beginning in 2019. This review is likely to propose limited amendments to FRS 102 for changes in equivalent IFRSs. However, more significant amendments to FRS 102 to align it with recent IFRSs are expected to be effective for accounting periods beginning in 2022.
After the EU referendum result, the FRC issued a press notice confirming that companies must continue to abide by their regulations under UK law, including those derived from EU law and continue with implementation plans for legislation that is still to come into effect. In this respect, it is important to note that, although most UK accounting requirements derive from EU Directives, many of these requirements are directly incorporated into UK company law. As a result, even in the event of EU legislation ceasing to apply, UK financial and reporting regulations will not change until applicable company law and regulations are amended. In particular, the application of UK GAAP and EU adopted IFRS is enshrined in the Companies Act 2006 and nothing will change in that respect without a change to the Act.
FRS 102 is much shorter in length than either IFRS or previous UK GAAP and, as a result, is less prescriptive on many issues. This publication includes our views on the judgemental areas we believe are likely to be most common in practice based on our experience of applying the new standards and similar issues encountered under IFRS. As experience of applying FRS 102 grows over time, we expect our views will continue to evolve. It is not possible for this publication to cover every aspect of company reporting. For some of the more complicated or less common areas which are not covered by FRS 102 and for which IFRSs provide relevant guidance, further explanations can be found in our publication International GAAP® 2017.
********************************************************
We are deeply indebted to many of our colleagues within the UK organisation of EY for their selfless assistance and support in the publication of this book.
Our thanks go particularly to those who reviewed, edited and assisted in the preparation of drafts, most notably: Tony Clifford, Pieter Dekker, Tim Denton, Jane Hurworth, Ted Jones, Bernd Kremp and Richard Moore.
Our thanks also go to everyone who directly or indirectly contributed to the book’s creation, including the following members of the Financial Reporting Group in the UK: Denise Brand, Anna Costigan, Prahalad Halgeri, Andrea Maylor and Anna Pickup.
We also thank Jeremy Gugenheim for his assistance with the production technology throughout the period of writing.
London,
November 2016
Mike Bonham
Rob Carrington
Larissa Connor
Mike Davies
Diego Fernandez
Parbin Khatun
Maria Kingston
Dean Lockhart
Sharon MacIntyre
Amanda Marrion
Margaret Pankhurst
Tina Patel
Michael Pratt
Timothy Rogerson
Claire Taylor
Michael Varila
Lists of chapters
1 FRS 100 – Application of financial reporting requirements
2 FRS 101 – Reduced disclosure framework
3 Scope of FRS 102
4 Concepts and pervasive principles
5 FRS 102 – Small entities
6 Presentation of financial statements
7 Statement of cash flows
8 Consolidated and separate financial statements
9 Accounting policies, estimates and errors
10 Financial instruments
11 Inventories
12 Investments in associates
13 Investments in joint ventures
14 Investment property
15 Property, plant and equipment
16 Intangible assets other than goodwill
17 Business combinations and goodwill
18 Leases
19 Provisions and contingencies
20 Revenue
21 Government grants
22 Borrowing costs
23 Share-based payment
24 Impairment of assets
25 Employee benefits
26 Income tax
27 Foreign currency translation
28 Hyperinflation
29 Events after the end of the reporting period
30 Related party disclosures
31 Specialised activities
32 Transition to FRS 102
33 FRS 103 – Insurance contracts
34 FRS 104 – Interim financial reporting
Index of standards
Index
References and abbreviations
The following references and abbreviations are used in this book:
References in index of standards:
Foreword to Accounting Standards.19
Paragraph 19 of the Foreword to Accounting Standards issued by the FRC
FRS 100 Summary (i)
Paragraph i of the Summary of FRS 100
FRS 100.4
Paragraph 4 of FRS 100
FRS 100 Appendix I
Appendix I to FRS 100: Glossary of FRS 100
FRS 100.AG7
Paragraph 7 of the Application Guidance to FRS 100
FRS 101.10
Paragraph 10 of FRS 101
FRS 101 Appendix I Table 1
Table 1 of Appendix I to FRS 101
FRS 101. AC Advice 2014/15 Cycle.35
Paragraph 35 of the Accounting Council’s Advice to the FRC to issue Amendments to FRS 101 – 2014/15 cycle and other minor amendments
FRS 102.1A.7
Paragraph 7 of Section 1A of FRS 102
FRS 102.23.9
Paragraph 9 of Section 23 of FRS 102
FRS 102.PBE34.89
Paragraph PBE34.89 of Section 34 of FRS 102
FRS 102.AC Advice.10
Paragraph 10 of the Accounting Council’s Advice to the FRC to issue FRS 102
FRS 102.AC Advice (FI&H).10
Paragraph 10 of The Accounting Council’s Advice to the FRC to issue Amendments FRS 102 – Basic financial instruments and hedge accounting
FRS 102.AC Advice (FV).15
Paragraph 15 of The Accounting Council’s Advice to the FRC to issue Amendments to FRS 102 – Fair value hierarchy disclosures
FRS 102.AC Advice (SE).10
Paragraph 10 of The Accounting Council’s Advice to the FRC to issue Amendments to FRS 102 – Small entities and other minor amendments
FRS 102 Appendix I
Appendix I to FRS 102: Glossary of FRS 102
FRS 102 Appendix II
Appendix II to FRS 102: Significant differences between FRS 102 and the IFRS for SMEs
FRS 102 Appendix IV.10
Paragraph 10 of Appendix IV to FRS 102: Note on legal requirements
FRS 102 Appendix VI.1
Paragraph 1 of Appendix VI to FRS 102: Republic of Ireland (RoI) legal references
FRS 103.1
Paragraph 1 of FRS 103
FRS 103.IG2.15
Paragraph 15 of Section 2 of the Implementation Guidance to accompany FRS 103
FRS 104.1
Paragraph 1 of FRS 104
FRS 105.1
Paragraph 1 of FRS 105
FRS 11.9
Paragraph 9 of FRS 11
SSAP 19.11
Paragraph 11 of SSAP 19
FRSSE 6.51
Paragraph 6.51 of the Financial Reporting Standard for Smaller Entities (effective January 2015)
IFRS 1 Appendix A
Appendix A of IFRS 1
IFRS 3 (2004).29
Paragraph 29 of IFRS 3 issued in 2004
IFRS 4.IG70
Paragraph 70 of the Implementation Guidance to IFRS 4
IFRS 10.B98
Paragraph 98 of Appendix B to IFRS 10
IAS 1.12
Paragraph 12 of IAS 1
IAS 27.15 (2012)
Paragraph 15 of the version of IAS 27 effective in 2012
IFRIC 18.BC22
Paragraph 22 of the Basis for Conclusions to IFRIC 18
s395(2)
Section 395 subsection (2) of the Companies Act 2006
s408 (LLP)
Section 408 of The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (SI 2008/1911)
Regulations 6(2)
Paragraph 6(2) of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/1910)
1 Sch 55
Paragraph 55 of Schedule 1 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/1910)
Regulations (SC) 8
Paragraph 8 of the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (SI 2008/409)
I Sch 1C (SC)
Paragraph 1C of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (SI 2008/409)
LLP Regulations 3
Paragraph 3 of The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1913)
1 Sch 1 (LLP)
Paragraph 1 of Schedule 1 to The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1913)
LLP SC Regulations 6
Paragraph 6 of The Small Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1912)
1 Sch 10(2) (LLP SC)
Paragraph 10(2) of Schedule 1 to the Small Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1912)
TECH 02/10
Technical Release 02/10 issued by the ICAEW and ICAS
Draft TECH 05/16BL
Draft Technical Release 05/16BL issued by the ICAEW and ICAS
DTR 7.2
Paragraph 7.2 of the Disclosure and Transparency Rules
LR 11
Paragraph 11 to the LSE Listing Rules
LLP SORP Appendix 4
Appendix 4 to the Statement on Recommended Practice – Accounting by Limited Liability Partnerships - issued by the Consultative Committee of Accountancy Bodies (2014)
Professional and regulatory bodies:
BEIS
Department for Business, Energy & Industrial Strategy (formally Department for Business, Innovation and Skills (BIS))
CCAB
Consultative Committee of Accountancy Bodies
CRC
Corporate Reporting Council (formally Accounting Council (AC))
FRC
Financial Reporting Council
IASB
International Accounting Standards Board
ICAEW
Institute of Chartered Accountants in England and Wales
ICAS
Institute of Chartered Accountants of Scotland
IFRIC
International Financial Reporting Interpretations Committee
PRA
Prudential Regulation Authority
TAG
UK GAAP Technical Advisory Group
Accounting related terms:
AIM
Alternative Investment Market
CA 2006
Companies Act 2006
CGU
Cash-generating unit
Code
The UK Corporate Governance Code (April 2016) issued by the FRC
DRAFT LLP SORP (August 2016)
Draft Statement of Recommended Practice – Accounting by Limited Liability Partnerships (August 2016) issued by the CCAB
E&E
Exploration and evaluation
EBIT
Earnings before interest and taxes
EBITDA
Earnings before interest, taxes, depreciation and amortisation
EBT
Employee benefit trust
EIR
Effective interest rate
EPS
Earnings per share
FC
Foreign currency
FIFO
First-in, first-out basis of valuation
FRED
Financial Reporting Exposure Draft
FRS
Financial Reporting Standard (issued by the ASB)
FRSSE
Financial Reporting Standard for Smaller Entities
FTA
First-time adoption
FVLCD
Fair value less costs of disposal
FVLCS
Fair value less costs to sell
GAAP
Generally Accepted Accounting Practice
IAS
International Accounting Standard (issued by the former board of the IASC)
IFRS
International Financial Reporting Standard (issued by the IASB)
IRR
Internal rate of return
JA
Joint arrangement
JANE
Joint arrangement that is not an entity
JCA
Jointly controlled asset
JCE
Jointly controlled entity
JV
Joint venture
LIBOR
London Inter Bank Offered Rate
LIFO
Last-in, first-out basis of valuation
LLP
Limited liability partnership
LLP Regulations
The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1913)
NCI
Non-controlling interest
NBV
Net book value
NPV
Net present value
NRV
Net realisable value
OCI
Other comprehensive income
PP&E
Property, plant and equipment
R&D
Research and development
Regulations
The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410)
SCA
Service concession arrangement
SE
Structured entity
SI 2015/980
The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (SI 2015/980)
SI 2016/575
The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (SI 2016/575)
Small Regulations
The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (SI 2008/409)
SME
Small or medium-sized entity
SORP
Statement of Recommended Practice
SPE
Special purpose entity
SSAP
Statement of Standard Accounting Practice
SV
Separate vehicle
TSR
Total shareholder return
2016 FRC Guidance
Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risks – Guidance for directors of companies that do not apply the UK Corporate Governance Code (April 2016) - issued by the FRC
UITF
Urgent Issues Task Force
UK
United Kingdom
VIU
Value in use
WACC
Weighted average cost of capital
Authoritative literature
The content of this book takes into account all UK accounting standards and exposure drafts extant as at September 2016.
References to the main text of each chapter to the pronouncements below for FRSs 100-102 are generally based on the version of the standard issued in September 2015 (which incorporate amendments made in July 2015 and earlier).
Accounting Standards
Foreword to Accounting Standards
FRS 100 – Application of Financial Reporting Requirements (September 2015)
FRS 101 – Reduced Disclosure Framework – Disclosure exemptions from EU-adopted IFRS for qualifying entities (September 2015)
Amendments to FRS 101 – Reduced Disclosure Framework – 2015/16 cycle (July 2016)
FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland (September 2015)
Amendments to FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland – Fair value hierarchy disclosures (March 2016)
FRS 103 – Insurance Contracts – Consolidated accounting and reporting requirements for entities in the UK and Republic of Ireland issuing insurance contracts (March 2014)
Amendments to FRS 103 – Insurance Contracts – Solvency II (May 2016)
FRS 104 – Interim Financial Reporting (March 2015)
FRS 105 – The Financial Reporting Standard applicable to the Micro-entities Regime (July 2015)
Amendments to FRS 105 – The Financial Reporting Standard applicable to the Micro-entities Regime – Limited Liability Partnerships and Qualifying Partnerships (July 2016)
Exposure Drafts
FRED 65 – Draft Amendments to FRS 101 – Reduced Disclosure Framework – Notification of Shareholders (July 2016)
