UK GAAP Financial Statement Disclosures Manual

Ensure Financial Statement Completeness and Compliance with UK GAAP Requirements

Regulators say that the biggest driver of deficient financial statements is a misunderstanding of the requirements. Many are subjective, incomplete and incorrect, drawing sanctions against the practitioner or firm. The UK GAAP Financial Statement Disclosures Manual clears the confusion with expert guidance on all aspects of disclosure statements, including the most recent changes affecting statements prepared in 2015/2016.

A growing emphasis on transparency, alongside wholesale changes in the profession, has left practitioners at a loss for guidance; this book provides practical reference for financial disclosure preparation to help ensure compliance with the new UK GAAP.

Find much–needed guidance through the sweeping changes traversing the UK financial reporting landscape Prepare complete and correct disclosure notes that stand up to scrutiny Follow real–life examples that demonstrate objective, correct, UK GAAP–aligned reporting under the new rules Understand the latest requirements through expert clarification and insight

From profit and loss accounts, cash flows and equity, to assets, grants, investments and inventories, this authoritative guide details the critical elements of disclosure for nearly every situation. The UK GAAP Financial Statement Disclosures Manual is an essential resource for compliance in financial reporting.

Foreword vii

Preface ix

Acknowledgements xi

About the Author xiii

1 The Structure of UK GAAP 1

2 Interaction of the Companies Act 2006 21

3 The Directors Report and Strategic Report 45

4 The Income Statement/Statement of Comprehensive Income 67

5 Statement of Financial Position (Balance Sheet) 83

6 The Statement of Changes in Equity 105

7 The Statement of Cash Flows 115

8 The Auditor s Report 133

9 Accounting Policies, Estimates and Errors 157

10 Operating Segments 175

11 Directors Remuneration Report 185

12 Taxation 201

13 Fixed Assets and Investment Property 215

14 Government Grants 235

15 Financial Investments 247

16 Financial Instruments 263

17 Leasing 285

18 Inventories 305

19 Provisions and Contingencies 315

20 Transactions with Directors 333

21 Events After the Reporting Period 347

22 Going Concern 365

23 Related Parties 385

24 Consolidated Financial Statements 409

25 Filing Financial Statements with Companies House 429

26 Interim Financial Reporting 441

27 Earnings Per Share 455

28 Financial Statements for Micro–Entities 465

29 Insurance 485

Index 493

STEVEN COLLINGS, FMAAT FCCA is the Audit and Technical Director at Leavitt Walmsley Associates, Ltd., a Manchester–based firm of Chartered Certified Accountants. He is a member of the Financial Reporting Council′s UK GAAP Technical Advisory Group, tasked with advising the Corporate Reporting Council on all issues relating to UK accounting standards, and a prolific author and lecturer in the accounting and auditing sphere. Steve has received numerous awards for his contributions to the field.