Small Company Financial Reporting, Second Edition provides comprehensive and practical guidance on the small companies' financial reporting framework and the micro-entities legislation. Its aim is to help those using the current standards by explaining the recognition, measurement and presentation requirements of UK GAAP and company law as well as bringing this theory to life through the use of real-life examples and model accounts.
Written by a specialist on small company reporting issues, it outlines the theory of the current UK GAAP regime, and explains why transactions and events affecting the financial statements are disclosed in a certain way, to enable preparers of small company financial statements to tailor certain disclosures to their client or company.
Updated to incorporate changes arising from the FRC's Triennial Review in December 2017, this Second Edition includes: FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland as amended for small companies (March 2018) FRS 105 The Financial Reporting Standard applicable to the micro-entities regime (March 2018) Companies Act 2006 and related statutory instruments Companies (Accounting) Act 2017 (for small and micro-entities in the Republic of Ireland)
Small Company Financial Reporting is an invaluable resource for accountants and auditors with clients that fall under the small company regime, as well as finance directors and owners of small companies affected by these changes.
Steve Collings FMAAT, FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd and a member of the UK GAAP Technical Advisory Group at the Financial Reporting Council. He regularly lectures on small company reporting issues and the book benefits from his wide range of experience in dealing with clients in this area. He is also the author of Accounts and Audit of Limited Liability Partnerships, Fifth Edition and Financial Reporting for Unlisted Companies in the UK and the Republic of Ireland, Second Edition (both published by Bloomsbury Professional).
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Table of Contents
Chapter 1 – Introduction Chapter 2 – The Small Companies Regime Chapter 3 – The Financial Statements Chapter 4 – The Elements of Financial Statements Chapter 5 – Reporting the Substance of Transactions Chapter 6 – Contentious Areas of the Financial Statements Chapter 7 – Small Company Legal Requirements Chapter 8 – Consolidated Financial Statements Chapter 9 – Related Parties Chapter 10 – Transactions with Directors Chapter 11 – Financial Reporting for Micro-entities Chapter 12 – Accounting Policies, Estimates and Errors Chapter 13 – Basic Financial Instruments Chapter 14 – Other Financial Instruments Issues Chapter 15 – Inventory Chapter 16 – Investments in Associates Chapter 17 – Investments in Joint Ventures Chapter 18 – Investment Property Chapter 19 – Property, Plant and Equipment Chapter 20 – Intangible Assets Chapter 21 – Business Combinations and Goodwill Chapter 22 – Leases Chapter 23 – Provisions and Contingencies Chapter 24 – Liabilities and Equity Chapter 25 – Revenue Chapter 26 – Government Grants Chapter 27 – Borrowing Costs Chapter 28 – Share-based Payments Chapter 29 – Impairment of Assets Chapter 30 – Employee Benefits Chapter 31 – Taxation Chapter 32 – Foreign Currency Chapter 33 – Events after the End of the Reporting Period Chapter 34 – Specialised Activities Chapter 35 – The Transition to FRS 102