financial reporting Archives - Page 8 of 14 - Whitefield Tax - Isle of Wight Accountants

Audit threshold to increase for small co-operatives

by Jessica Garbett | May 4, 2017 | ACCA, business issues, financial reporting

Audit threshold to nearly double. It was announced in the Budget that the government will bring forward legislation to increase the turnover threshold for which co-operatives are required to conduct a full audit from £5.6m to £10.2m, and the assets threshold from...

SORP updated to reflect LLP regulations

by Jessica Garbett | Mar 6, 2017 | ACCA, financial reporting

Guidance on the latest changes to the SORP. The SORP has now been updated to reflect the LLP regulations that were issued in May 2016 and has also been updated to reflect earlier changes that have been made to FRS 102 and 1a. It can be used now as it applies for all...

The FRSSE is dead – long live FRS 105?

by Jessica Garbett | Feb 20, 2017 | ACCA, business issues, financial reporting

A summary of the main arguments for/against FRS 105. The deadline for filing accounts with a 31 March 2016 year-end has passed and for those with 31 March 2016 year ends it also sees the demise of the FRSSE. Its last version (effective 2015) can no longer be used for...

Increases to small company thresholds

by Jessica Garbett | Feb 20, 2017 | ACCA, business issues, financial reporting

A recap on changes that came into force in 2015. Statutory Instrument 2015 number 980 came into force on 6 April 2015. This increased the small company thresholds as follows: Companies Act 2006 section 382 changes New limits Previous...

FRS102 – brace for change

by Jessica Garbett | Nov 14, 2016 | ACCA, financial reporting

Think you’ve mastered FRS 102? We have news for you… Many practitioners have spent the last year getting to grips with the no longer ‘new UK GAAP’ requirements of FRS 102. The changes to the treatments of deferred tax, loans, revaluations etc have had us all...

FRS 102: accounting for director loans and inter-group loans

by Jessica Garbett | Nov 7, 2016 | ACCA, financial reporting

When is a loan from a director a financial instrument? FRS 102 deals with accounting for financial instruments in section 11 ‘basic financial instruments’ and section 12 ‘other financial instruments’. Loans payable by the entity or receivable by the entity with a...

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Audit threshold to increase for small co-operatives

SORP updated to reflect LLP regulations

The FRSSE is dead – long live FRS 105?

Increases to small company thresholds

FRS102 – brace for change

FRS 102: accounting for director loans and inter-group loans

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