Source: http://www.bloomsburyprofessionalonline.com/view/uk-accounting-standards/FRS03-UID11.xml
Timestamp: 2015-07-30 06:04:01
Document Index: 63714698

Matched Legal Cases: ['art 1', 'art 2', 'art 1', 'art 3', 'art 4', 'art 5', 'art 6', 'art 4', 'art 5', 'art 6', 'art 4', 'art 6', 'art 4', 'art 5', 'art 4', 'art 5', 'art 6', 'art 4', 'art 5', 'art 6', 'art 3', 'art 4', 'art 1', 'art 2', 'art 3', 'art 5', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 6', 'art 7']

Statement of Standard Accounting Practice : UK Accounting Standards Jump to Content
Statement of Standard ...
Part 1: Financial Reporting Standards
Adoption of FRS 1 (Revised 1996) by the board
Appendix I: Examples of cash flow statements
Example 1: A cash flow statement for an individual company - XYZ Limited
Example 2: A cash flow statement for a group - XYZ Group plc
Example 3: A cash flow statement for a bank - XYZ International Bank plc
Example 4: A cash flow statement for an insurance group - XYZ Insurance Group plc
Appendix II: Compliance With International Accounting Standards
Appendix III: The Development Of The FRS
Application to smaller entities
Changes in composition of a group
Changes in stake
Withdrawal of SSAP 14 'Group accounts' and 'Interim Statement: Consolidated Accounts'
Adoption of FRS 2 by the Accounting Standards Board (June 1992)
Adoption of Amendment to FRS 2 by the Accounting Standards Board (December 2004)
Adoption of Amendment to FRS 2 by the Accounting Standards Board (June 2009)
The purpose of consolidated financial statements
The legal background to the FRS
Parent undertakings not subject to the Act
The relationship between the legal background and accounting principles
Identifying parent and subsidiary undertakings
Exclusion of subsidiary undertakings from consolidation
Treatment of excluded subsidiary undertakings
Consolidation adjustments and intra-group transactions
Note of Legal Requirements
History of the FRS
Summary of the principal changes from Statement of Standard Accounting Practice NO. 14 - 'Group Accounts'
Summary of the principal changes from the Board's 'Interim Statement: Consolidated Accounts'
Summary of the principal changes from Exposure Draft No. 50 - 'Consolidated accounts'
The consequences of a decision to sell or terminate an operation
Profit or loss on the disposal of an asset
Withdrawal of SSAP 6 and amendment of other statements
Approval of FRS 3 by the Board (1992)
Adoption of Amendment to FRS 3 by the Board (1993)
Adoption of Amendment to FRS 3 by the Board (1999)
Adoption of Amendment to FRS 3 by Board (2007)
Profit and loss account Continuing and discontinued operations
Profit and loss account example 1
Profit and loss account example 2
Principal changes from FRED 1 The consequences of a decision to sell or terminate an operation
Revenue investment (discretionary expenditure)
Application Note A: Consignment stock
Application Note B: Sale and repurchase agreements
Application Note C: Factoring of debts
Application Note D: Securitised assets
Application Note E: Loan transfers
Application Note F: Private Finance Initiative and Similar Contracts
Flow chart and table
Application Note G: Revenue Recognition
Areas of specific guidance
Long-term contractual performance
Presentation of turnover as principal or as agent
Adoption of FRS 5 by the Board
Adoption of amendments to FRS 5 by the Board (1998)
Adoption of amendments to FRS 5 by the Board (2003)
Appendix I: Note on Legal Requirements
Adoption of FRS 6 by the Board
Adoption of amendment to FRS 6 by the Accounting Standards Board (June 2009)
Appendix IV: Illustrative example of disclosure of reorganisation and integration costs
Fair values of identifiable assets and liabilities
Investigation period and goodwill adjustments
Statement of Standard Accounting Practice Scope
Determining the fair values of identifiable assets and liabilities acquired
Determining the cost of acquisition
Amendment of SSAP 22
Adoption of FRS 7 by the Board
Appendix I: Note on Legal Requirements Great Britain
Appendix II: Compliance with Accounting Standards
Appendix III: The development of the FRS General and history
SSAP 14
SSAP 22
ASB Discussion Paper
Matters considered in the light of responses to FRED 7
Appendix IV: Dissenting view
Disclosure of control
Disclosure of transactions and balances
Adoption of FRS 8 by the Board (October 1995)
Adoption of amendment to FRS 8 by the Accounting Standards Board (December 2008)
Appendix II: Note on London Stock Exchange requirements
Appendix III: Compliance with International Accounting Standards
Appendix IV: The development of the FRS
FRS 9: Associates and joint ventures
Applying the key definitions in practice
Treatment of a joint arrangement that is not an entity
A structure with the form but not the substance of a joint venture
Applying the equity method and the gross equity method
Commencement or cessation of an associate or joint venture relationship
The treatment of losses and interests in net liabilities
Non-corporate associates and joint ventures
An investor that does not prepare consolidated financial statements
Withdrawal of SSAP 1 and Interim Statement and amendment of FRS 1 (Revised 1996)
Adoption of FRS 9 by the Board
Appendix IV: Examples of Alternative ways of giving information on Joint Ventures
Initial recognition of positive goodwill and intangible assets
Amortisation of positive goodwill and intangible assets
Impairment of positive goodwill and intangible assets
Revaluation and restoration of past losses
Withdrawal of SSAP 22 and UITF Abstract 3 and amendment of FRS 2
Adoption of FRS 10 by the Board
Appendix V: Effect on realised profits of elimination of goodwill against reserves
Calculation of net realisable value
Allocation of impairment losses
Subsequent monitoring of cash flows
Revalued fixed assets
Amendment of other accounting standards
Adoption of FRS 11 by the Board
Appendix I: Determining Pre-tax Discount Rates
FRS 12: Provisions, contingent liabilities and contingent assets
Recognising an asset when recognising a provision
Withdrawal of SSAP 18 and amendment of FRS 3
Adoption of FRS 12 by the Board
Appendix I: Tables: Main Requirements of the FRS
Appendix II: Decision Tree
Appendix III: Examples: Recognition
Example 2A: Contaminated land - legislation virtually certain to be enacted
Example 2B: Contaminated land and constructive obligation
Example 5A: Closure of a division - no implementation before balance sheet date
Example 5B: Closure of a division - communication/implementation before balance sheet date
Example 6: Legal requirement to fit smoke filters
Example 7: Staff retraining as a result of changes in the income tax system
Example 8: An onerous contract
Example 9: A single guarantee
Example 10: A court case
Example 11: Repairs and maintenance
Example 11A: Refurbishment costs - no legislative requirement
Example 11B: Refurbishment costs - legislative requirement
Example 12: Self-insurance
Appendix IV: Examples: Disclosures
These examples are illustrative only and do not form part of the FRS.
Example 2: Decommissioning costs
Example 3: Disclosure exemption
Appendix V: Note on Legal Requirements
Appendix VI: Compliance with International Accounting Standards
Appendix VII: The Development of the FRS
Recognition A present obligation
Probable outflow of economic resources
Decommissioning costs and repairs and maintenance provisions
Guide to the FRS
Part A: Reporting entities other than financial institutions and financial institution groups
Part B: Banks and similar institutions and banking and similar groups
Part C: Financial institutions and financial institution groups, other than banks and similar institutions and banking and similar groups
Appendix I: Types of risk arising from financial instruments
Appendix II: Examples applying the definition of a financial instrument
Contracts and contractual rights
Stocks, plant, equipment, patents and trade marks
Appendix III: Illustrations of the disclosures
Illustration 1 A simpler company
Illustration 2 A more complex company
Illustration 3 A bank or similar institution
Appendix IV: Guidance on procedures for estimating fair values
Types of market price information available
Financial instruments with quoted market prices
Financial instruments with no quoted market prices
Short-term financial instruments and loans that reprice frequently at market rates
Custom-tailored financial instruments
Deposit liabilities with defined maturities
Banking companies and groups (references are to Schedule 9)
Approach adopted in the FRS
To which entities should the FRS apply?
To which instruments should the disclosures apply? Exempt financial instruments
Non-equity shares issued by the reporting entity
Numerical disclosures to be provided by non-financial institutions
Currency disclosures
Disclosures about financial assets and financial liabilities held or issued for trading
Disclosures about hedges
Disclosures about commodity contracts treated as financial instruments
Encouraged additional disclosures about market price risk
Numerical disclosures to be provided by banks and certain other institutions Main changes
Credit risk disclosures
Amendment to FRS 4
Amendment to SSAP 19 and withdrawal of SSAP 12
Adoption of FRS 15 by the Board
Appendix I: RICS definitions
Reporting revaluation gains and losses
Initial cost Decommissioning costs
Donated tangible fixed assets
Inalienable, historic and similar assets
Capitalisation of finance costs
Valuation Optional valuation
Reporting gains and losses on revaluation
Reporting gains and losses on disposal
Depreciation The objective of depreciation
Non-depreciation of tangible fixed assets
Review of useful economic life and residual value
Changes made following exposure of FRED 17
Withdrawal of SSAP 8 and UITF Abstract 16
Adoption of FRS 16 by the Board
Appendix I: Illustration of profit and loss account disclosure
Appendix II: Transitional arrangements for advance corporation tax (UK only)
Appendix III: Note on legal requirements
Appendix IV: Compliance with International Accounting Standards
Appendix V: The development of the FRS
Changes to the requirements of SSAP 8
Tax credits and withholding tax Proposals in FRED 18
Changes to the FRED proposals
Measurement of defined benefit schemes
Recognition of defined benefit schemes
Withdrawal of SSAP 24 and UITF Abstracts 6 and 18 and amendment of other accounting standards
Adoption of FRS 17 by the Board
Adoption of amendment to FRS 17 by the Accounting Standards Board (December 2006)
Appendix I: Illustrative disclosures
Measurement of scheme assets and scheme liabilities Scheme assets
Recognition in the performance statements Analysis of pension cost
Recognition of past service costs
Impact of limit on balance sheet asset
Amendment to FRS 17 (2006)
Alternative cash-based approach to pension cost accounting
Alternative accounting standards
Withdrawal of SSAP 2 and UITF Abstracts 7 and 14 and amendment of other accounting standards and UITF abstracts
Adoption of FRS 18 by the Board
Appendix I: Examples of changes to accounting policies and to estimation techniques
Example 1: Capitalised finance costs
Example 2: Indirect overheads recorded in the value of stock
Example 3: Classification of overheads
Example 4a: Depreciation of vehicles
Example 4b: Depreciation of vehicles
Example 5: Accounting for fungible stocks
Example 6a: Discounting
Example 6b: Discounting
Example 7: Translating the financial statements of a foreign subsidiary
Appendix II - Note on legal requirements
The true and fair view override
Appendix III - Compliance with International Accounting Standards
Appendix IV - The development of the FRS
The fundamental accounting concepts in SSAP 2
Going concern and accruals
Definitions Accounting bases
Accounting policies and estimation techniques
FRS 3 'Reporting Financial Performance'
Adopting and changing accounting policies Requiring adoption of the most appropriate accounting policies
Identifying the most appropriate accounting policies
Disclosures: estimation techniques
FRED 21 Supplement 'Accounting Policies: Compliance with Statements of Recommended Practice'
Recognition in the statements of performance
Withdrawal of SSAP 15 and amendment of other accounting standards
Adoption of FRS 19 by the Board
Appendix I: Discounting example
Appendix II: Disclosure illustrations
Requirement for full provision
Reasons for rejecting the partial provision method
Reasons for rejecting flow-through accounting
Recognition criteria - Incremental liability approach Overview
Reasons for rejecting the temporary difference approach
Reasons for adopting the incremental liability approach
Detailed aspects of the recognition requirements
Measurement - Tax rates
Measurement - Discounting Overview
Arguments for and against discounting
Reasons for making discounting optional
Detailed requirements for discounting
Presentation of deferred tax balances Offset of deferred tax assets and liabilities
Presentation on the face of the balance sheet
Disclosures Unrecognised deferred tax
Other factors affecting future tax charges
Other disclosures required by IAS 12 (revised)
Amendment to FRS 7 General changes
Previously unrecognised deferred tax assets
Changes to requirements proposed in FRED 19
FRS 20 (IFRS 2): Share-based payment
Preface by the Accounting Standards Board
Appendix B: Application guidance
Appendix C: Amendments to other standards and UITF Abstracts
Adoption of the Standard (April 2004)
Adoption of amendments to FRS 20 by the Board (March 2008)
Adoption of amendments to FRS 20 by the Board (August 2009)
Notes on the standard's application in the UK and the Republic of Ireland
The need for an FRS on share-based payments
Scope exemptions from FRS 20
Parents' and subsidiaries' single entity financial statements
Consequential amendments to existing standards and UITF Abstracts
Consequential amendments set out in IFRS 2
Additional ASB consequential amendments
The FRS' implications for distributable profits
Recognition of equity-settled share- based payment transactions
Measurement of equity-settled share- based payment transactions
Recognition and measurement of services received in an equity-settled share-based payment transaction
Modifications to the terms and conditions of share-based payment arrangements
Overall conclusions on accounting for employee share options
Transitional provisions Share-based payment transactions among group entities
Consequential amendments to other standards*
Tax effects of share-based payment transactions
Accounting for own shares held
Definition of vesting conditions
Transactions with parties other than employees
Transaction in which the entity cannot identify specifically some or all of the goods or services received
FRS 21 (IAS 10): Events after the balance sheet date
Appendix: Amendments to other Standards
FRS 22 (IAS 33): Earnings per share
Appendix A: Application Guidance
Appendix B: Amendments to other standards and UITF abstracts
Appendix C: Application to merger accounting
Appendix D: Non-mandatory application guidance
Development of the FRS
Presentation of parent's separate earnings per share
Calculation of year-to-date diluted earnings per share
Example 1: Increasing rate preference shares
Example 2: Weighted average number of ordinary shares
Example 3: Bonus issue
Example 4: Rights issue
Example 5: Effects of share options on diluted earnings per share
Example 5A: Determining the exercise price of employee share options
Example 6: Convertible bonds
Example 7: Contingently issuable shares
Example 8: Convertible bonds settled in shares or cash at the issuer's option
Example 9: Calculation of weighted average number of shares: determining the order in which to include dilutive instruments
Example 10: Instruments of a subsidiary: calculation of basic and diluted earnings per share
Example 11: Participating equity instruments and two-class ordinary shares
Example 12: Calculation and presentation of basic and diluted earnings per share and income statement comprehensive example)
FRS 23 (IAS 21): The effects of changes in foreign exchange rates
Reporting foreign currency transactions in the functional currency Initial recognition
Use of a presentation currency other than the functional currency Translation to the presentation currency
FRS 24 (IAS 29): Financial reporting in hyperinflationary economies
Corresponding amountsfigures
Basis for conclusions on FRS 24 (IAS 29) 'Financial reporting in hyperinflationary economies'
FRS 25: Financial instruments: Presentation
Definitions (see also paragraphs AG3-AG23 )
Disclosure requirements for puttable financial instruments and obligations arising on liquidation classified as equity*
Withdrawal of, and amendments to, existing UK standards and UITF abstracts
Appendix: Application guidance FRS 25 Financial instruments: Presentation
Definitions (paragraphs 11-14 and AG3-AG24 )
Presentation (paragraphs 15-50 and AG25-AG39 )
No contractual obligation to deliver cash or another financial asset (paragraphs 17-20, AG25 and AG26)
Compound financial instruments (paragraphs 28-32 and AG30-AG35 )
Treasury shares (paragraphs 33 , 34 and AG36 )
Interest, dividends, losses and gains (paragraphs 35-41 and AG37 )
Amendments for some puttable instruments and some instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation
Amendment for obligations to deliver to another party a pro rata share of the net assets of the entity only on liquidation
Entities such as mutual funds and co-operatives whose share capital is not equity as defined in IAS 32
FRS 26 (IAS 39): Financial instruments: recognition and measurement
Appendix B: Amendments to other pronouncements
Appendix C: Insurance contracts - extracts from IFRS 4
Guidance on implementing International Accounting Standard 39
Implementation guidance relating to IAS 39 extracted from IFRS 1 First-time Application of International Financial Reporting Standards
Life assurance liabilities and assets
Adoption of FRS 27 by the Board
Appendix I: Illustration of the capital statement
Amendments to the financial reporting standard for smaller entities (effective January 2005) [Deleted]
Adoption of FRS 28 by the Board
Adoption of amendment to FRS 28 by the Accounting Standards Board (May 2009)
Appendix I Note on legal requirements
Appendix II Compliance with International Accounting Standards
Appendix III The development of the FRS
Appendix C Amendments To Other Standards
Appendix D Amendments to FRS 29 if the amendments to FRS 26 (IAS 39) Financial Instruments: Measurement - The Fair Value Option have not been applied
Appendix E Capital disclosures
Guidance on implementing FRS 29 Financial Instruments: Disclosures
Amendment to FRS 11 'Impairment of fixed assets and goodwill'
Amendments to FRS 15 'Tangible fixed assets'
Adoption of FRS 30 by the Accounting Standards Board
Appendix I -The development of the FRS
Appendix II -Illustrative examples of disclosures
The Accounting Council’s Advice to the FRC to issue FRS 100
A differential financial reporting system and the elimination of ‘public accountability’
Clarification of equivalence
Approval of this advice
Size exemptions from the preparation of group accounts under Irish company law
Disclosure exemptions from EU-adopted IFRS for qualifying entities
Financial Reporting Standard 101 Reduced Disclosure Framework Disclosure exemptions from EU-adopted IFRS for qualifying entities
Application Guidance: Amendments to International Financial Reporting Standards as Adopted in the European Union for Compliance with the Act and the Regulations
The Accounting Council’s Advice to the FRC to issue FRS 101
Scope of this Financial Reporting Standard
Reduced disclosures for subsidiaries (and ultimate parents)
Compliance with this FRS
Presentation of information not required by this FRS
Information to be presented in the notes
Presentation of total comprehensive income
Exchanges of businesses or other non-monetary assets for an interest in a subsidiary, jointly controlled entity or associate
Disclosure of a change in accounting policy
Section 11: Basic Financial Instruments
Scope of Sections 11 and 12
Scope of Section 11
Section 12: Other Financial Instruments Issues
Scope of Section 12
Derecognition of a financial asset or financial liability
Appendix to Section 12: Examples of hedge accounting
Allocation of production overheads
Techniques for measuring cost, such as standard costing, retail method and most recent purchase price
Presentation in individual and consolidated financial statements
Disclosures in individual and consolidated financial statements
Amortisation over useful life
Recoverability of the carrying amount – impairment losses
Business combinations defined
Financial statements of lessees: finance leases
Financial statements of lessees: operating leases
Appendix to Section 21
Classification of an instrument as liability or equity
Original issue of shares or other equity instruments
Exercise of options, rights and warrants
Capitalisation or bonus issues of shares and share splits
Convertible debt or similar compound financial instruments
Non-controlling interest and transactions in shares of a consolidated subsidiary
Appendix to Section 22
Identification of the revenue transaction
Appendix to Section 23
Impairment of assets other than inventories
Additional requirements for impairment of goodwill
General recognition principle for all employee benefits
Recognition and measurement of current tax
Measurement of both current and deferred tax
Value Added Tax (‘VAT’) and other similar sales taxes
Measuring unit in the financial statements
Procedures for restating historical cost financial statements
Events after the end of the reporting period defined
Appendix A to Section 34
Appendix B to Section 34
Section 35: Transition to this FRS
Procedures for preparing financial statements at the date of transition
Approval by the FRC (July 2014)
Approval by the FRC (March 2013)
The Accounting Council’s Advice to the FRC to issue FRS 102
Appendix II: Significant Differences Between FRS 102 and the IFRS for SMEs
Appendix III: Table of Equivalence for UK Companies Act Terminology
Appendix IV: Note on Legal Requirements
Appendix V: Previous Consultations
Appendix VI: Republic of Ireland (RoI) Legal References
Impact Assessment: FRS 100 Application of Financial Reporting Requirements FRS 101 Reduced Disclosure Framework FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
2: Background to the Impact Assessment
4: Rationale for introducing the Standards
5: Aspects of the Standards that augment or diverge from relevant IFRS or legislation
Appendix I – Other solutions considered but rejected
Appendix II – Case study scenarios
FRS 102 – Editorial amendments and clarification statements
FRS 103: Insurance Contracts Consolidated accounting and reporting requirements for entities in the UK and Republic of Ireland issuing insurance contracts
Withdrawal of FRS 27
Consequential amendment to FRS 101 Reduced Disclosure Framework
Section 2: Accounting Policies, Recognition and Measurement
Exemption from some requirements of FRS 102
Section 3: Recognition and Measurement: Requirements for entities with long-term insurance business
Measurement of with-profits liabilities and related assets
Value of in-force life assurance business
Explanation of recognised amounts from insurance contracts
Financial instruments, other than insurance contracts, containing discretionary participation features
Section 5: Disclosure: Additional requirements for with-profits business
Disclosure and presentation relating to with-profits business
Section 6: Transition to this FRS
The Accounting Council’s Advice to the FRC to issue FRS 103
Using IFRS 4 Insurance Contracts as a basis for FRS 103
Supplementing IFRS 4 from FRS 27 and the ABI SORP
Insurance contracts denominated in foreign currencies
Applicability to insurance contracts and to insurance companies
Disclosure: Capital
Implementation Guidance accompanying draft FRS 103
Memorandum of Understanding concerning FRS 27 Life Assurance
Appendix II: Definition of an insurance contract
Appendix III: Tables of concordance between FRS 103, FRS 27 and the ABI SORP
Appendix V: Republic of Ireland (RoI) Legal References
Implementation Guidance – Section 1 Guidance for entities with long-term insurance business
Implementation Guidance – Section 2 Guidance for entities with general insurance business or long-term insurance business
Appendix to Implementation Guidance Section 2: Republic of Ireland (RoI) Legal References
Implementation Guidance – Section 3 Guidance on capital disclosures for entities with long-term insurance business
Impact assessment and Feedback statement: FRS 103 Insurance Contracts
Appendix to Feedback Statement: Republic of Ireland (RoI) Legal References
Consequential amendments to FRS 100 Application of Financial Reporting Requirements
Consequential amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
The Accounting Council’s Advice to the FRC to issue FRS 104
Appendix II: Illustrations and examples
Appendix III: Significant differences between FRS 104 and IAS 34
Appendix IV: Table of comparison between terminology used in the DTRs and FRS 104
Appendix V: Note on UK regulatory requirements
Appendix VI: Republic of Ireland legal references
B: Statement Of Standard Accounting Practice
3: Profit and loss account
4: Revenue recognition
5: Statement of total recognised gains and losses
6: Fixed assets and goodwill
8: Current assets
10: Pensions
11: Provisions, contingent liabilities and contingent assets
12: Financial instruments, share capital and share-based payments
13: Foreign currency translation
14: Post balance sheet events
15: Related party disclosures
16: Consolidated financial statements
17: Directors' remuneration
18: The directors' report
19: Date from which effective and transitional arrangements
20: Withdrawal of the FRSSE (effective January 2007)
D: Voluntary Disclosures
E: Adoption Of The FRSSE (Effective April 2008) By The Board
Appendix I: Note On Legal Requirements For Companies
Appendix II: Accounting For Retirement Benefits: Defined Benefit Schemes
Appendix III: Illustrative Examples And Practical Considerations
Appendix IV: The Development Of The FRSSE
Appendix V: Amendment To The FRSSE (Effective January 2007)
E: Approval by the FRC
Derivation tables for legal requirements referred to in the FRSSE
Example: Statement of Total Recognised Gains and Losses
Example: Disclosure – defined contribution pension scheme
Example: Disclosure – defined benefit pension scheme
Practical considerations: Stocks and long-term contracts
Practical considerations – Consignment stock
Practical considerations – Debt factoring
Practical considerations – Bill and hold arrangements
Practical considerations – Sales with rights of return
Practical considerations – Presentation of turnover as principal or as agent
Practical considerations – Classification of preference shares
Example: Discounting when making a provision
Part 2: Statements of Standard Accounting Practice
Part 1: Explanatory note
Part 3: Standard accounting practice
Part 4: Legal requirements in Great Britain and Northern Ireland
Part 5: Legal requirements in the Republic of Ireland
Part 6: Compliance with International Accounting Standard No.20 “Accounting for Government Grants and Disclosure of Government Assistance”
Part 4: Note on legal requirements in Great Britainand Northern Ireland
Part 5: Note on legal requirements in the Republic of Ireland
Part 6: Compliance with IAS 2 Valuation and presentation of inventories in the context of the historical cost system and IAS 11 Accounting for construction contracts
Appendix 1 – Further practical considerations
Appendix 3 – Long-term contracts: further consideration of financial statement presentation
Part 4: Note on legal requirements in Great Britain and Northern Ireland
Part 6: Compliance with IAS 9 Accounting for research and development activities
Part 4: Legal requirements in UK and Ireland
Part 5: Compliance with IAS 21 Accounting for the effects of changes in foreign exchange rates
Part 4: Legal requirements in Great Britain
Part 5: Legal requirements in Ireland
Part 6: Compliance with IAS 17 Accounting for leases
Part 4: Legal and International Stock Exchange requirements in Great Britain and Northern Ireland
Part 5: Legal and International Stock Exchange requirements in the Republic of Ireland
Part 6: Compliance with IAS 14 Reporting Financial Information by Segment
Appendix: – Illustrative segmental report
Part 3: UITF Abstracts
UITF Abstract 4: Presentation of long-term debtors in current assets
UITF Consensus
UITF Abstract 5: Transfers from current assets to fixed assets
UITF Abstract 9: Accounting for operations in hyper-inflationary economies
Appendix: Extract from IAS 29 'Financial Reporting in Hyperinflationary Economies'
UITF Abstract 11: Capital instruments: issuer call options
UITF Abstract 15: Disclosure of substantial acquisitions
Date from which effective and withdrawal of UITF Abstract 15 (as issued on 30 January 1996)
UITF Abstract 19: Tax on gains and losses on foreign currency borrowings that hedge an investment in a foreign enterprise
UITF Abstract 21: Accounting issues arising from the proposed introduction of the euro
Costs associated with the introduction of the euro
Anticipatory hedges existing at the date of introduction of the euro
Appendix: Further accounting issues arising from the introduction of the euro
UITF Abstract 22: The acquisition of a Lloyd's business
UITF Abstract 23: Application of the transitional rules in FRS 15
UITF Abstract 24: Accounting for start-up costs
UITF Abstract 25: National Insurance contributions on share option gains
References and legal considerations
Appendix: Illustrative example of the consensus in paragraphs 10 and 11
UITF Abstract 26: Barter transactions for advertising
UITF Abstract 27: Revision to estimates of the useful economic life of goodwill and intangible assets
UITF Abstract 28: Operating lease incentives
Date from which effective and withdrawal of UITF Abstract 12
Appendix: - Illustrative examples of the consensus in paragraphs 13-17
UITF Abstract 29: Website development costs
UITF Abstract 31: Exchanges of businesses or other non-monetary assets for an interest in a subsidiary, joint venture or associate
UITF Abstract 32: Employee benefit trusts and other intermediate payment arrangements
Does the sponsoring entity's payment to the intermediary represent an immediate expense?
If the sponsoring entity's payment to the intermediary does not represent an immediate expense, what is the nature and extent of its assets and liabilities after the payment?
UITF Abstract 34: Pre-contract costs
Should pre-contract costs be recognised as an asset?
How should the asset be measured?
UITF Abstract 35: Death-in-service and incapacity benefits
UITF Abstract 36: Contracts for Sales of Capacity
Derecognition issue
Performance reporting issue
UITF Abstract 38: Accounting for ESOP trusts
Withdrawal of UITF Abstract 13 (as issued on 8 June 1995)
Appendix I: Further explanation of consensus in terms of the principles of FRS 5
Appendix II: Illustrative examples
UITF Abstract 39: (IFRIC Interpretation 2) Members' shares in co-operative entities and similar instruments
Preface by the Urgent Issues Task Force
UITF CONSENSUS PRONOUNCEMENTS
Appendix: Examples of application of the consensus
UITF Abstract 40: Revenue recognition and service contracts
Application Note G: general principles
Other contracts for services
UITF Abstract 41: (IFRIC Interpretation 8) Scope of FRS 20 (IFRS 2)
Basis for Conclusions on IFRIC Interpretation 8
UITF Abstract 42: Reassessment of Embedded Derivatives
Basis for Conclusions on IFRIC Interpretation 9
UITF Abstract 43: The interpretation of equivalence for the purposes of section 228A of the Companies Act 1985
Appendix 1: Extract from the Seventh Directive concerning undertakings to be included in the consolidation
Appendix 2: Extract from the Fourth Directive dealing with contents of the annual report
UITF Abstract 44: (IFRIC Interpretation 11) FRS 20 (IFRS 2) - Group and Treasury Share Transactions
Basis for Conclusions on IFRIC Interpretation 11
UITF Abstract 45: (IFRIC Interpretation 6) Liabilities arising from Participating in a Specific Market Waste Electrical and Electronic Equipment
Basis for Conclusions on IFRIC 6
UITF Abstract 46: (IFRIC Interpretation 16) Hedges of a net investment in a foreign operation
Basis for Conclusions on IFRIC Interpretation 16
UITF Abstract 47: Extinguishing Financial Liabilities with Equity Instruments
Basis for Conclusions on IFRIC Interpretation 19
Urgent Issues Task Force UK Legal Appendix: Extinguishing Financial Liabilities with Equity Instruments
UITF Abstract 48: Accounting implications of the replacement of the retail prices index with the consumer prices index for retirement benefits
Appendix: Development of the Abstract: Accounting implications of the replacement of the retail prices index with the consumer prices index for retirement benefits
Part 4: ICAEW Technical Releases
TECH 14/13FRF: Disclosure of auditor remuneration
The Regulations and other general issues
Associates of a company’s auditor
Other companies’ individual accounts
The audit fee for companies’ individual accounts
More than one auditor
The audit fee for groups
Appendix: Example of disclosure of services provided by the company’s auditor and its associates
Analysis of fees – working schedules
TECH07/13BL: Exemption from audit by parent guarantee
Q1 When does the new exemption become available?
Q2 When do the formalities for obtaining the exemption need to be completed?
Q3 Are any companies ineligible to use the exemption?
Q4 What are the conditions for exemption?
Q5 What are the formalities for members agreeing on use of the exemption?
Q6 What are the requirements in relation to the parent?
Q7 What are the requirements for filing the written notice of agreement?
Q8 What does a subsidiary using the audit exemption need to disclose in its own accounts?
Q9 How is the guarantee given?
Q10 What are the requirements for the statement referred to in s479C?
Q11 What is the effect of the guarantee?
Q12 What is the scope of ‘outstanding liabilities’ covered by the guarantee?
Q13 Will the guarantee be enforceable against an overseas parent undertaking?
Q14 What is the effect of a change of ownership of the company after a guarantee has been given?
Q15 Does the guarantee fall away if the company later decides to have an audit for the year in question?
Q16 Are there any special considerations for charities?
Q17 Do the accounts of the subsidiary still have to be prepared and filed at Companies House?
Q18 For a company with a premium listing in the UK, could entering into a guarantee require shareholder approval as a class 1 transaction?
TECH 01/13CFF: Guidance on financial position and prospects procedures
1.1: Regulatory background
1.2: Users of this guidance
1.3: Definition of FPP procedures
1.4: Significance of FPP procedures for IPOs
1.5: Key principles underpinning the guidance
1.6: Wider application of the principles of the guidance
1.7: Effective date
2: Guidance for directors
2.1: Directors’ responsibilities
2.2: Fulfilling directors’ responsibilities
2.3: Objectives for FPP procedures
2.4: Appropriate and established procedures
2.5: Established procedures in special situations
2.6: documentation of the basis for the directors’ assertion and other matters
3: Sponsors and nominated and corporate advisors
3.1: Responsibilities in relation to FPP procedures
3.2: Other responsibilities
4: Work of the reporting accountant
4.1: Engaging a reporting accountant
4.2: Framework for FPP procedures assurance engagements
4.3: Conduct of an assurance engagement
4.4: reporting
Appendix 1: Illustrative objectives
A. Risk assessment of FPP
B. High-level reporting environment
C. Forecasting and budgeting
D. Management reporting framework
E. Significant transaction complexity, potential financial exposure or risk
F. Strategic projects and initiatives
G. Financial accounting and reporting
H. IT environment
Appendix 2: Example wording for matters of board approval
Appendix 3: Example paragraphs for an engagement letter
Appendix 4: Example reporting accountant’s assurance report
TECH 04/11: Disclosure of auditor remuneration
Introduction and invitation to comment
Q1. When do the 2011 Regulations take effect
Q2. To which companies do the Regulations apply?
Q3. To which other types of entity do the Regulations apply?
Q4. Where does the information required by the Act have to be disclosed?
Q5. Will comparative figures have to be given?
Corresponding amounts or IAS 1 Presentation of financial statements applies.
Q7. What is an associate of a company’s auditor?
Q8. What is a ‘distant associate’ of a company’s auditor?
Q9. What is the definition of a small or medium-sized company?
Q10. What do SMEs have to disclose?
Q11. What do companies that are not SMEs have to disclose in their individual accounts if they are not a member of a group?
Q12. What do companies that are not SMEs have to disclose in their individual accounts if they are a member of a group
Q13. What is an associate of a company?
Q14. Is disclosure required of fees receivable by the company’s auditor in respect of the company’s ‘associates’ and ‘joint ventures’ as defined by accounting standards?
Q15. What about audit-assist fees?
Q16. What is an associated pension scheme of a company?
Q17. What disclosure is required in respect of associated pension schemes?
Q18. How will the information for associated pension schemes be obtained?
Q19. What is included in the audit fee?
Q20. Is it permissible to provide a sub-total of audit fees together with the fees for the statutory audits of subsidiaries?
Q21. What is disclosed where there has been a change of auditor?
Q22. What is disclosed if the auditor is appointed after the year end?
Q23. What is disclosed in relation to joint auditors?
Q24. What should be disclosed as the audit fee in group accounts?
Q25. If an auditor that is not an associate of the parent company’s auditor performs the audit of a subsidiary, does that mean that the group has joint auditors?
Q26. What is disclosable if the parent company’s auditor invoices a single fee to the parent for all the group company audits?
Q27. Are there exemptions for the accounts of companies in a group?
Q28. Can a parent company that takes advantage of the permission not to publish its individual profit and loss account/income statement under section 408 also not publish the information about its own audit fee and fees for other services?
Q29. Which entities and which auditors’ fees have to be considered for inclusion?
Q30. What is included in ‘Other services’?
Q31. What disclosure should be made if a single fee is agreed (and a single engagement letter is in place) for the audit and for the provision of services in addition to the audit of the accounts?
Q32. Will complying with the Regulations ensure compliance with the Audit Directive?
Q33. Are the categories consistent with those required by the US Securities and Exchange Commission (SEC)?
Q34. Is it necessary to disclose the eight services specified in Schedule 2A in the order in which they are listed in the Schedule?
Q35. Are sub-analyses required?
Q36. Is it necessary to disclose nil or immaterial amounts?
Q37. Is it necessary to disclose the aggregated total of fees for other services?
Q38. What is included in Category 1 ‘The auditing of accounts of any associate of the company’?
Q39. What is included in Category 2 ‘Audit-related assurance services’?
Q40. Should fees for the review of the half-yearly report be included in Category 2?
Q41. What is included in Category 3 ‘Taxation compliance services’ and Category 4 ‘All taxation advisory services not falling within paragraph 3’?
Q42. What is included in Category 5 ‘Internal audit services’?
Q43. What is included in Category 6 ‘All assurance services not falling within paragraphs 1 to 5’?
Q44. What is included in Category 7 ‘All services relating to corporate finance transactions entered into, or proposed to be entered into, by or on behalf of the company or any of its associates not falling within paragraphs 1 to 6’?
Q45. What is included in Category 8 ‘All non-audit services not falling within paragraphs 2 to 7’?
Q46. Are amounts receivable by the company’s auditor from third parties ever disclosable?
Q47. Does information about other services performed after the period end need to be disclosed in the accounts?
Q48. Is any narrative disclosure required?
Q49. Where should transition fees be disclosed?
Q50. Should the amounts disclosed include irrecoverable VAT?
Q51. What is the exemption for ‘distant associates’?
Analysis of fees - working schedules
TECH 03/11: Residential service charge accounts
2: Preparation of service charge accounts
3: Reporting on service charge accounts
4: Tax treatment of service charges
Appendix A: The law governing residential variable service charges
Appendix B: Points on which legal opinion has been obtained
Appendix C: Illustrative example service charge accounts
Appendix D: Comparison of audit to an engagement to report on factual findings
Appendix E: Procedures for undertaking an audit of service charge accounts
Appendix F: Work programme for making a factual report on service charge accounts
Appendix G: Paragraphs for engagement letters
1: Engagement to undertake an audit In accordance with ISA 800
2: Engagement to provide an accountant’s factual report of findings on service charge accounts
Appendix H: Example paragraphs for a representation letter from landlord/managing agent to the reporting accountant
Appendix I: Example reports on service charge accounts
Appendix J: Qualifications for reporting on service charge accounts
Appendix K: Section 21 requirements
TECH 02/11: Managing the professional liability of accountants
Section D: Limiting liability to members’ clients
Appendix 1: Limiting liability to members’ clients: legal principles
Appendix 2: Release or ‘hold harmless’ letters: further detail
TECH 01/11: Guidance for directors on accounting records under the Companies Act 2006
Contents, form and organisation of accounting records
Preservation of the accounting records
Disclosure of the financial position at any time
Cash records to be kept
Penalties and disqualification orders
TECH 02/10: Guidance on the Determination of Realised Profits and Losses in the Context of Distributions under the Companies Act 2006 (October 2010)
3: REALISED PROFITS
4: FAIR VALUE ACCOUNTING
5: HEDGE ACCOUNTING
6: ISSUES ARISING FROM IAS 32 (and its equivalent, FRS 25)
7: EMPLOYEE SHARE SCHEMES
8: RETIREMENT BENEFIT SCHEMES
9: INTRA-GROUP TRANSACTIONS
10: MISCELLANEOUS ISSUES
11: FOREIGN CURRENCY SHARE CAPITAL AND USE OF PRESENTATION CURRENCIES
12: CASH BOX STRUCTURES
APPENDIX 1 EXAMPLES OF THE APPLICATION OF SECTIONS 845 AND 846
APPENDIX 2 NUMERICAL ILLUSTRATIONS FOR SECTION 6
APPENDIX 3 NOTE OF LEGAL CONSIDERATIONS REPRODUCED FROM UITF ABSTRACT 38
APPENDIX 4 NUMERICAL ILLUSTRATIONS FOR SECTION 8
APPENDIX 5 ILLUSTRATIVE EXAMPLES OF THE EFFECT OF THE PRINCIPLES RELATING TO FOREIGN CURRENCY SET OUT IN SECTION 11
APPENDIX 6 FOREIGN CURRENCY BRANCH EXAMPLES
APPENDIX 7 ILLUSTRATIVE EXAMPLES OF A COMPANY'S POSITION IN SEVERAL SCENARIOS FOR CAPITAL REDUCTIONS WHERE THERE HAVE BEEN MOVEMENTS IN THE EXCHANGE RATE BETWEEN THE FUNCTIONAL CURRENCY AND FOREIGN SHARE CAPITAL CURRENCY.
APPENDIX 8 EXAMPLE OF APPLICATION OF SECTION 846 TO FUNGIBLE ASSETS
APPENDIX 9 EXAMPLE OF APPLICATION OF 3.11(e) FOR DISTRIBUTION BY SET OFF
TECH 06/08: Financial and Accounting Duties and Responsibilities Of Directors
Part 1: General Duties and Responsibilities of Directors
Part 2: Financial Reporting and Accounting Responsibilities
Part 3: Other Financial Responsibilities
APPENDIX A - Small and medium-sized companies (Size and Eligibility) Criteria
APPENDIX B - Table of Commencement Dates for Companies Act 2006
TECH 03/08: Guidance On Materiality In Financial Reporting By UK Entities
Applications of materiality
Determinants of materiality
Making decisions about materiality
Part 5: SORPs
SORP: Financial Statements of Investment Trust Companies and Venture Capital Trusts
Statement by the Financial Reporting Council
III: Changes in accounting policies
IV: Form and content
12: Income statement
13: Statement of changes in equity
15: Distributable reserves
16: Investment profits and losses
17: Returns per share
18: Dividends
19: Net asset value attributable to each class of share
20: Classification of share capital
21: Net asset value per share – disclosure and reconciliation
22: Net asset value – reconciliation with statement of total return
23: Disclosures where more than one class of share exists each representing a separate ring-fenced pool of value
24: Other factors affecting returns and net asset values
V: Investments
VI: Significant holdings in investee undertakings
VII: Recognition of income
VIII: Finance costs and expenses
IX: Taxation
X: Zero dividend preference shares (‘ZDPS’) in another ITC
XI: Foreign currency transactions
XII: Derivatives and hedging
XIII: Stock lending activities
XIV: Segmental reporting
XV: Provisions, contingencies, guarantees and financial commitments
XVI: Treasury shares
XVII: Half-yearly and other accounts
Appendix A: Guidance Note with illustrative examples relating to paragraph 68
SORP: Accounting For Insurance Business
Statement By The Accounting Standards Board
General Insurance Business Accounting
Long Term Insurance Business Accounting
Annual Basis of Accounting
Claims Incurred But Not Reported (IBNR)
Claims Outstanding General Business
Claims Outstanding Long Term Business
Deferred Acquisition Costs – General Business
Deferred Acquisition Costs – Long Term Business
Longer Term Rate of Investment Return
Portfolio Claims Payments
Portfolio Premiums Payments
Present Value of Future Profits (“PVFP”)
Present Value of In-force Business (“PVIF”)
Purchase Price Of Investments
Realised Investment Gains/Losses
Run-Off Deviation
Technical Account for General Business
Technical Account for Long Term Business
Unrealised Investment Gains/Losses
Written Premiums – General Business
Written Premiums – Long Term Business
Part 3: General Insurance Business
Claims – Annual Basis
Claims Provisions On Acquisition
Portfolio Premiums And Claims
Insurance Business In Run off
Deferred Taxation (Section 107 Finance Act 2000)
Part 4: Long Term Insurance Business
Technical Provisions for Linked Liabilities
Reserves Relating to Long Term Business
Present Value of Acquired In-Force (PVIF) Business
Disclosure of Tax Provisions
Grossing-up for Tax
Part 5: General and Long Term Insurance Business
Guarantee Fund Levies Based on Premium Income
Estimation Techniques, Uncertainty and Contingent Liabilities
Reporting the Substance of Reinsurance Transactions – General Principles
Presentation and Disclosure – Reinsurance Contracts
Part 6: Accounting for Investments
FRS 26 (Financial Instruments: Measurement)
Valuation of Investments Other than non-linked Land and buildings
Valuation of land and buildings excluding those held to cover linked liabilities
Anticipated cost of realisation
Valuation at Amortised cost
Accounting Treatment of Investment Return
Allocation of Investment Return
Longer Term Rate Allocation Basis
The Longer Term Rate of Investment Return Equities and Properties
Disclosure of Total Operating Profit
Aggregation of Investment Gains/Losses
Investments in Unit Trusts/Open Ended Investment Companies (OEICs)
Part 7: Effective Date
Part 8: Legal Requirements
SORP: Accounting by Limited Liability Partnerships (2010)
The Application Of Generally Accepted Accounting Practice To Limited Liability Partnerships
Appendix 1 - Examples Showing The Presentation Of Members' Interests After Applying FRS 25 And UITF 39
Appendix 2 - Liability And Equity Elements Of Members' Interests
Appendix 3 - Flowcharts For Analysing Puttable Instruments For LLPs (This Appendix Forms Part Of The SORP)
Appendix 4 - Merger Accounting On Initial Transition Of An Existing Undertaking To A Single-entity LLP Formed For The Purpose
Appendix 5 - Legal Opinion
Appendix 6 - Basis For Conclusions
SORP: Accounting by Limited Liability Partnerships (2015)
Members’ remuneration and interests
Analysing members’ participation rights
Amounts contributed by members and returns thereon
Puttables exception
Members’ remuneration: presentation and disclosure
Retirement benefits of employees and members
Other post-retirement payments to members
Post-retirement payments to members: presentation
Post-retirement payments to members: disclosure
On transition of a partnership or other undertaking to an LLP
Entity and group accounts
Considerations on transition from an existing undertaking (including from a partnership)
Provisions and other implications of Section 21 of FRS 102
Appendix 1: Examples showing the presentation of members’ interests
EXHIBIT A: LLP Balance Sheet
EXHIBIT B: LLP Balance Sheet
EXHIBIT C: LLP Profit and Loss Account (Format 2)
EXHIBIT D: LLP Profit and Loss Account (Format 2)
EXHIBIT E: LLP Profit and Loss Account (Format 2)
EXHIBIT F: LLP Statement of Comprehensive Income (single statement (Profit and loss account Format 2)
EXHIBIT G: LLP Statement of Comprehensive Income (single statement (Profit and loss account Format 2)
Appendix 2: Liability and equity elements of members’ interests
Appendix 3: Flowcharts for analysing the application of the puttables exception
Appendix 4: Merger accounting on initial transition of an existing undertaking to a single-entity LLP formed for the purpose
Appendix 5: Legal opinion
Appendix 6: Basis for conclusions
Profit and loss account implications
Post-retirement payments to members (‘Annuities’)
Merger accounting on initial transition of an existing undertaking
Changes made by SORP 2014
SORP: Financial Reports of Pension Schemes (2014)
FRC’s Statement on the SORP
Statement of recommended accounting practice
Form and content of pension scheme financial statements
Accounting principles, policies and presentation
Fund Account – content and format
Fund Account – accounting policies and disclosures
Statement of net assets – content and format
Statement of net assets - disclosures
Explanatory comments on investments
Disclosure of fair value determination
Investment reconciliation table
Investment risk disclosures for pooled investment vehicles
Accounting for repurchase agreements and reverse repurchase agreements
Accounting for stock lending
Sole investor pooled arrangements
Defined contribution assets
Multiple benefit structures
Pension Protection Fund (United Kingdom only)
Schemes winding up and similar situations
Contingent liabilities and contractual commitments
Appendix 1: Illustrative format of financial statements
Appendix 2: Illustrative Report on Actuarial Liabilities
Appendix 3: Annual Report disclosure requirements in the UK
Appendix 4: Annual report disclosure requirements in the Republic of Ireland
Appendix 5: Note on legal requirements in the UK
Appendix 6: Note on legal requirements in the Republic of Ireland
Appendix 7: Disclosures required by the Audited Accounts Regulations
SORP: Financial Reports of Pension Schemes (2007)
The ASB's statement on the SORP
Certificates or Statements by the Actuary
Statements by the Auditors
Other Disclosures in the Annual Report
2: Recommended Accounting Practice
Recommended Form and Content of Pension Scheme Accounts
Schemes with Multiple Benefit Structures
Format of Pension Scheme Accounts
Principles of Pension Scheme Accounting
Appendix 1: Defined Benefit Scheme - illustrative format of annual report
Appendix 1A: Schemes With Multiple Benefit Structures - Illustrative formats for fund accounts and net assets statement
Appendix 2: Defined Contribution Scheme - Illustrative format of annual report
Appendix 3: Note on legal requirements in the United Kingdom
Appendix 4: Note on requirements in the Republic Of Ireland
Appendix 5: Application of accounting standards
Accounting and reporting by charities (2008)
Statement by the Charity Commission for England and Wales
Content of the Trustees' Annual Report
Summary Financial Information and Statements
Appendix 2 - Application of Accounting Standards
Appendix 3 - The Funds of a Charity
Appendix 4 - Thresholds
Appendix 5 - Accounting for Smaller Charities
Appendix 6 - The Charity Accounting Review Committee (2003/5)
Accounting and reporting by charities (FRS 102)
Financial Reporting Council’s statement on the charities SORP (FRS 102)
1: Trustees’ annual report
Overview and the purpose of the trustees’ annual report
Who is responsible for preparing the trustees’ annual report?
Reporting by smaller charities
The content of the trustees’ annual report required of all charities
The provision of other information
The additional content required of larger charities
2: Fund accounting
General principles of fund accounting
Fund disclosures in the notes to the accounts
3: Accounting standards, policies, concepts and principles, including the adjustment of estimates and errors
What are accounting standards, policies, concepts and principles?
Length of the reporting period
Source of reporting and accounting disclosure requirements
Alternative measurements to fair value
Compliance with the SORP
Disclosure of accounting policies, changes in estimation techniques and prior period errors
4: Statement of financial activities
Line headings used in the statement of financial activities
5: Recognition of income, including legacies, grants and contract income
Understanding the nature of income
General rules for income recognition
General principles for recognising income from donations and grants
Identification of terms and conditions
Other terms and conditions that limit the recognition of income
Deferring income where conditions that limit recognition are not met
Terms and conditions that do not prevent recognition
Recognising income from legacies
Income from donated goods, facilities and services
Income from contracts for the supply of goods and services
Income from interest, royalties and dividends
Disclosures and notes to the accounts
6: Donated goods, facilities and services, including volunteers
Income recognition criteria
Accounting for donated facilities and services, including volunteers
Accounting for donated goods and services capitalised as tangible fixed assets
Accounting for donated goods for distribution to beneficiaries
Accounting for donated goods for resale
Disclosures in the notes to the accounts
7: Recognition of expenditure
General rules for the recognition of liabilities and expenditure
Rules on measurement of liabilities
Principles for recognising liabilities from constructive obligations
Conditions that limit the recognition of a funding commitment
Accounting for liabilities arising from performance-related grants
Treatment of commitments not recognised as provisions or liabilities
Disclosure of provisions and funding commitments in the accounts
8: Allocating costs by activity in the statement of financial activities
General principles for reporting activities
Identification of support costs
Methods of allocating costs to activities
Accounting for costs shared between fundraising and charitable activities
Disclosures required in the notes to the accounts
9: Disclosure of trustee and staff remuneration, related party and other transactions
Disclosure of trustees’ remuneration and benefits
Disclosure of trustees’ expenses
Transactions with related parties that require disclosure
Transactions with related parties that do not require disclosure
Disclosure of audit, independent examination and other financial service fees
Disclosure of staff costs and employee benefits
Remuneration and benefits received by key management personnel
10: Balance sheet
A: Fixed assets – headings, classification and disclosures
B: Current assets – headings, classification and disclosures
C: Liabilities (C1 to C3) – headings, classification and disclosures
D: Funds of the charity (D1 to D5) – classification and disclosures
11: Accounting for financial assets and financial liabilities
How all charities account for basic financial instruments
How to identify a basic financial instrument under FRS 102
Accounting for concessionary loans made or received
Accounting for financial assets and financial liabilities which do not meet the FRS 102 definition of basic financial instruments
Examples of other financial instruments
Disclosures to be made in the notes to the accounts
12: Impairment of assets
What to do if impairment is indicated
Identification of the recoverable amount
Accounting for impairment losses and reversals
13: Events after the end of the reporting period
Adjusting events occurring after the end of the reporting period
Non-adjusting events occurring after the end of the reporting period
Disclosure in the accounts for non-adjusting events after the end of the reporting period
What cash flows are included as operating activities?
What cash flows are included as investing activities?
What cash flows are included as financing activities?
The methods of compiling the statement of cash flows
Template for a statement of cash flows
Selection 1: Special transactions relating to charity operations
15: Charities established under company law
Preparation of the directors’ report
Requirement for an income and expenditure account
Preparation of a combined statement of financial activities and income and expenditure account
Additional considerations that apply when consolidated (group) accounts are prepared under company law
Disclosure of equity on the balance sheet
Disclosure of revaluation and fair value reserves (UK only)
16: Presentation and disclosure of grant-making activities
How charities must present grant-making activities in their accounts
How to present grant-making and support costs
Accounting for activities partly undertaken through grant-making
The treatment of grants to individuals
The disclosure of grant-making activities in the notes to the accounts
The exemptions to disclosure
Information required in cases of serious prejudice
17: Retirement and post-employment benefits
Fund accounting for defined benefit plans
Fund accounting and the treatment of a defined benefit plan surplus or deficit
Accounting for multi-employer defined benefit plans which have been treated as defined contribution plans
Disclosures in the accounts relating to plans accounted for as defined contributed plans
Disclosures in the accounts relating to defined benefit plans
18: Accounting for heritage assets
Definition of a heritage asset
Recognition and measurement of heritage assets on the balance sheet
How to measure heritage assets that have been purchased
How to measure heritage assets that have been donated
Depreciation and impairment of heritage assets
Accounting treatment for heritage assets recognised on the balance sheet
Disclosures required for all charities holding heritage assets
Disclosure of heritage assets recognised on the balance sheet
Disclosure of heritage assets not recognised on the balance sheet
Disclosure of a five-year summary of transactions
19: Accounting for funds received as agent or as custodian trustee
Accounting for funds held as agent
Distinguishing consortia or similar arrangements involving a ‘lead’ charity
Disclosure of funds received as agent or held as custodian trustee
Selection 3: Accounting for investments
20: Total return (investments) – (England and Wales only)
Disclosures required in the notes to the accounts where permanent endowment is invested on a total return basis
Disclosures required in the trustees’ annual report
21: Accounting for social investments
Types of social investment and income risk sharing arrangements
How the SORP defines social investment
Mixed motive (mixed purpose) investments
Ethical investment policies
Social investments in property (land and buildings)
Accounting for guarantees
The presentation of social investments in the investing charity’s accounts
The reclassification of a social investment as a financial investment
How to measure social investments
Impairment of social investments
Accounting for gains on disposal
Information to be provided in the investing charity’s trustees’ annual report
22: Accounting for charities pooling funds for investment
Restricted participation common investment funds (England and Wales only)
Accounting for pooling schemes and arrangements with common trustees
Disclosure for pooling schemes and arrangements with common trustees
Selection 4: Accounting for branches, charity groups and combinations
23: Overview of charity combinations
24: Accounting for groups and the preparation of consolidated accounts
25: Branches, linked or connected charities and joint arrangements
26: Charities as subsidiaries
27: Charity mergers
28: Accounting for associates
29: Accounting for joint ventures
Appendix 2: The Charity Accounting (SORP) Committee
Appendix 3: Thresholds for the UK and the Republic of Ireland
Accounting and reporting by charities (FRSSE)
FRC’s Statement on the Charities SORP (FRSSE)
Disclosure of accounting policies and changes in estimation techniques and prior year adjustments
Accounting for goods donated for resale
Disclosure in the notes to the accounts
Disclosure of staff costs and emoluments
D: Funds of the charity (D1 to D4) – classification and disclosures
12: Write-down of assets to their recoverable amounts
Assessing if a write-down is required
Indications that the recoverable amount should be estimated
Estimating the recoverable amount
Accounting for write-downs and reversals
13: Post balance sheet events
Adjusting events occurring after the end of the balance sheet date
Methods of compiling the cash flow statement
Template for a cash flow statement
The requirement for an income and expenditure account
Disclosure of revaluation reserves (UK only)
17: Retirement benefits
Accounting for defined contribution schemes
Fund accounting for defined benefit schemes
Fund accounting and the treatment of a defined benefit scheme surplus or deficit
Accounting for multi-employer defined benefit schemes
Disclosures in the accounts relating to schemes accounted for as defined contribution schemes
Disclosures in the accounts relating to defined benefit schemes
Selection 3: Accounting for investment
20: Total return (investments) - (England and Wales only)
Accounting for a write-down to the recoverable amount
Legal requirements to prepare consolidated accounts
How control is identified
Consolidation procedures and accounting for non-controlling interests (minority interests)
Accounting for charity combinations
Accounting for the acquisition and disposal of non-charitable subsidiaries
Disclosures required where consolidated accounts are prepared
What is meant by the term ‘branch’?
When to apply branch accounting to other arrangements
Branch accounting for special trusts (England and Wales) and similar arrangements
Branch accounting for linked charities (England and Wales)
Branch accounting for connected charities (Scotland)
Accounting for joint arrangements involving other charities
Disclosures required by the SORP
Criteria for merger accounting
Accounting for charity reconstructions as mergers
Disclosures relating to mergers
How to identify an associate
Accounting for an interest in an associate
Presentation of associates in the accounts
Disclosures of interests in associates
The different forms of joint venture activity
Method for the identification of respective interests in joint venture charities
Accounting for joint venture charities
Accounting for joint ventures involving non-charitable entities
Presentation of joint ventures involving non-charitable entities in consolidated accounts
Disclosures relating to joint ventures
Charities SORP Information Sheet 1: Technical Application Issues
1: Annual Review Process
2: Index of topics:
3: Accounting treatment for grants
4: The Charities Act 2006 and disclosures for grant-making charities
5: Investment management costs
6: Bank interest and other finance costs
7: The business review and company charities
8: The operating financial review (OFR) and reporting by charities
Charities SORP Information Sheet 2: Statement of Principles for Financial Reporting Interpretation for Public Benefit Entities
3: Objective of financial statements and defining class of user
4: Multi-period liabilities
5: Residual interests and designations
6: Donated services
7: Grants for financing capital projects
8: Accounting for business combinations
Charities SORP Information Sheet 3: Financial Reporting Standard 30: Heritage Assets
2: Index of topics
3: Recognition and valuation
4: Impairment and depreciation
6: Treatment of other historic assets
Part 6: Statement of Principles for Financial Reporting
Chapter 1: The objective of Financial Statements
Chapter 3: The Qualitative Characteristics of Financial Information
Chapter 5: Recognition in Financial Statements
Chapter 6: Measurement in Financial Statements
Chapter 7: Presentation of financial information
Chapter 8: Accounting for interests in other entities
Appendix I - The Statement and the legal requirements concerning the Form and content of Financial Statements
Appendix II - The Statement and IASC's "Framework for the preparation and presentation of financial statements"
Appendix III - Background to issues dealt with in the statement
Statement Of Principles For Financial Reporting: Interpretation For Public Benefit Entities
Appendix 1 - The Principles That Have Been Re-Expressed
Appendix 2 - Comparison To Material In The Statement
Appendix 3 - Decision Tree For Commitments To Provide Public Benefits
Appendix 4 - The Development Of The Interpretation
Part 7: Exposure Drafts
FRED 50 Draft FRC Abstract 1 Residential Management Companies’ Financial Statements and Consequential Amendments to the FRSSE
[Draft] FRC Abstract 1: Residential Management Companies’ Financial Statements
Consequential Amendments to the Financial Reporting Standard for Smaller Entities (effective April 2008) (FRSSE 2008)
The Accounting Council’s Advice to the FRC to issue FRED 50
FRED 54: Draft Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Basic financial instruments
Draft Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland: Basic financial instruments
The Accounting Council’s Advice to the FRC to issue FRED 54: Draft Amendments to FRS 102 – Basic financial instruments
FRED 57: Draft amendments to FRS 101 - Reduced Disclosure Framework (2014/15 Cycle)
[Draft] Amendments to FRS 101 Reduced Disclosure Framework (2014/15 Cycle)
The Accounting Council’s Advice to the FRC to issue FRED 57
FRED 58: Draft FRS 105: The Financial Reporting Standard applicable to the Micro-entities Regime
Section 1: : Scope
Section 1A: : Small Entities
Section 2: : Concepts and Pervasive Principles
Section 3: : Financial Statement Presentation
Section 4: : Statement of Financial Position
Section 5: : Income Statement
Section 6: : Statement of Changes in Equity and Statement of Income and Retained Earnings
Section 7: : Statement of Cash Flows
Section 8: : Notes to the Financial Statements
Section 9: : Consolidated and Separate Financial Statements
Section 10: : Accounting Policies, Estimates and Errors
Section 11: : Basic Financial Instruments
Section 12: : Other Financial Instruments Issues
Section 13: : Inventories
Section 14: : Investments in Associates
Section 15: : Investments in Joint Ventures
Section 16: : Investment Property
Section 17: : Property, Plant and Equipment
Section 18: : Intangible Assets other than Goodwill
Section 19: : Business Combinations and Goodwill
Section 20: : Leases
Section 21: : Provisions and Contingencies
Section 22: : Liabilities and Equity
Section 23: : Revenue
Section 24: : Government Grants
Section 25: : Borrowing Costs
Section 26: : Share-based Payment
Section 27: : Impairment of Assets
Section 28: : Employee Benefits
Section 29: : Income Tax
Section 30: : Foreign Currency Translation
Section 31: : Hyperinflation
Section 32: : Events after the End of the Reporting Period
Section 33: : Related Party Disclosures10
Section 34: : Specialised Activities
Section 35: : Transition to this [draft] FRS
Appendix I: : Glossary
Appendix II: : Table of equivalence for UK Companies Act terminology
Appendix III: : Note on legal requirements
Appendix IV: : Republic of Ireland (RoI) legal references
FRED 59: Draft Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland - Small entities and other minor amendments
[Draft] Amendments to Section 1: Scope
[Draft] Section 1A Small Entities
[Draft] Amendments to Section 4 Statement of Financial Position
[Draft] Amendments to Section 5 Statement of Comprehensive Income and Income Statement
[Draft] Amendments to Section 6 Statement of Changes in Equity and Statement of Income and Retained Earnings
[Draft] Amendments to Section 7 Statement of Cash Flows
[Draft] Amendments to Section 9 Consolidated and Separate Financial Statements
[Draft] Amendments to Section 11 Basic Financial Instruments
[Draft] Amendments to Section 12 Other Financial Instruments Issues
[Draft] Amendments to Section 13 Inventories
[Draft] Amendments to Section 18 Intangible Assets other than Goodwill
[Draft] Amendments to Section 19 Business Combinations and Goodwill
[Draft] Amendments to Section 21 Provisions and Contingencies
[Draft] Amendments to Section 27 Impairment of Assets
[Draft] Amendments to Section 33 Related Party Disclosures
[Draft] Amendments to Section 34 Specialised Activities
[Draft] Amendments to Appendix I: Glossary
[Draft] Amendments to Appendix II: Significant differences between FRS 102 and the IFRS for SMEs
[Draft] Amendments to Appendix IV: Note on legal requirements
[Draft] Amendments to Appendix VI: Republic of Ireland (RoI) legal references
The Accounting Council’s Advice to the FRC to issue FRED 59: Draft Amendments to FRS 102 – Small entities and other minor amendments
FRED 60: Draft Amendments to FRS 100 - Application of Financial Reporting Requirements and FRS 101 - Reduced Disclosure Framework
[Draft] Amendments to FRS 100
[Draft] Amendments to Application Guidance: The Interpretation of Equivalence
[Draft] Amendments to Appendix II: Note on Legal Requirements
[Draft] Amendments to Appendix IV: Republic of Ireland (RoI) Legal References
[Draft] Amendments to FRS 101 Reduced Disclosure Framework [Draft] Amendments to FRS 101
The Accounting Council’s Advice to the FRC to issue FRED 60: Draft Amendments to FRS 100 and FRS 101
FRED 61: Draft amendments to FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland: Share-based payment transactions with cash alternatives
[Draft] Amendments to Section 26 Share-based Payment
The Accounting Council’s Advice to the FRC to issue FRED 61: Draft amendments to FRS 102 – Share-based payment transactions with cash alternatives
Statement of Standard Accounting PracticeIn FRS 3: Reporting financial performanceUK Accounting StandardsAuthor:Accounting Standards Board
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