book

UK GAAP 2019

Name: UK GAAP 2019
Author: Ernst & Young LLP
ISBN: 9781119558262

by Ernst & Young LLP

April 2019

Intermediate to advanced

1968 pages

72h 59m

English

Wiley

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Cover
About this book
Preface
References and abbreviations
Authoritative literature
Chapter 1: FRS 100 – Application of financial reporting requirements
1 INTRODUCTION2 SUMMARY OF FRS 1003 DEFINITIONS4 FRS 100 – APPLICATION OF FINANCIAL REPORTING REQUIREMENTS5 TRANSITION6 COMPANIES ACT 20067 FINANCIAL REPORTING COUNCIL (FRC) AND ACCOUNTING STANDARD SETTINGREFERENCES
Chapter 2: FRS 101 – Reduced disclosure framework
1 INTRODUCTION2 SCOPE OF FRS 1013 TRANSITION TO FRS 1014 MEASUREMENT DIFFERENCES BETWEEN FRS 101 AND EU-ADOPTED IFRS5 PRESENTATIONAL DIFFERENCES BETWEEN FRS 101 AND EU-ADOPTED IFRS6 DISCLOSURE EXEMPTIONS FOR QUALIFYING ENTITIES7 ADDITIONAL COMPANIES ACT DISCLOSURES8. FUTURE CHANGES TO IFRS AND THEIR IMPACT ON FRS 101REFERENCES
Chapter 3: Scope of FRS 102
1 INTRODUCTION2 SCOPE OF FRS 1023 REDUCED DISCLOSURE FRAMEWORK4 CA 2006 REQUIREMENTSREFERENCES
Chapter 4: Concepts and pervasive principles
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 2 AND IFRS3 THE CONCEPTS AND PERVASIVE PRINCIPLES OF SECTION 2REFERENCES
Chapter 5: FRS 102 – Small entities
1 INTRODUCTION2 SUMMARY OF SECTION 1A (AND RELATED CA 2006 REQUIREMENTS)3 KEY DEFINITIONS AND ABBREVIATIONS4 SCOPE OF SMALL ENTITIES REGIME5 EFFECTIVE DATE6 RECOGNITION AND MEASUREMENT REQUIREMENTS7 PRESENTATION REQUIREMENTS IN SECTION 3 THAT STILL APPLY WHERE SECTION 1A IS APPLIED8 COMPLETE SET OF FINANCIAL STATEMENTS9 STATEMENT OF FINANCIAL POSITION10 INCOME STATEMENT (OR PROFIT AND LOSS ACCOUNT)11 INFORMATION TO BE PRESENTED IN THE NOTES TO THE FINANCIAL STATEMENTS12 SMALL COMPANIES AND LLPS – STATUTORY EXEMPTIONS13 FILING REQUIREMENTS – SMALL COMPANIES AND SMALL LLPSREFERENCES

Chapter 6: Presentation of financial statements
1 INTRODUCTION2 SUMMARY OF FRS 102'S PRESENTATION REQUIREMENTS3 COMPOSITION OF FINANCIAL STATEMENTS4 COMPANY LAW FORMATS5 STATEMENT OF FINANCIAL POSITION6 STATEMENT OF COMPREHENSIVE INCOME7 STATEMENT OF CHANGES IN EQUITY8 NOTES TO THE FINANCIAL STATEMENTS9 GENERAL PRINCIPLES FOR PREPARATION OF FINANCIAL STATEMENTS10 RECOGNITION AND MEASUREMENT, PRESENTATION AND DISCLOSURE – COMPANIES ACT ACCOUNTS11 SUMMARY OF DIFFERENCES BETWEEN FRS 102 AND IFRSREFERENCES
Chapter 7: Statement of cash flows
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 7 AND IFRS3 THE REQUIREMENTS OF SECTION 7 FOR A STATEMENT OF CASH FLOWS4 PRACTICAL ISSUES5 SUMMARY OF GAAP DIFFERENCESREFERENCES
Chapter 8: Consolidated and separate financial statements
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 9 AND IFRS3 CONSOLIDATED FINANCIAL STATEMENTS4 INDIVIDUAL AND SEPARATE FINANCIAL STATEMENTS5 SUMMARY OF GAAP DIFFERENCES
Chapter 9: Accounting policies, estimates and errors
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 10 AND IFRS3 REQUIREMENTS OF SECTION 10 FOR ACCOUNTING POLICIES, ESTIMATES AND ERRORS4 COMPANY LAW MATTERS5 SUMMARY OF GAAP DIFFERENCES
Chapter 10: Financial instruments
1 INTRODUCTION2 COMPARISON BETWEEN SECTIONS 11, 12, 22 AND IFRS3 SCOPE OF SECTIONS 11, 12 AND 224 RECOGNITION AND MEASUREMENT: ACCOUNTING POLICY CHOICE5 FINANCIAL LIABILITIES AND EQUITY6 CLASSIFICATION7 INITIAL RECOGNITION AND MEASUREMENT8 SUBSEQUENT MEASUREMENT9 DERECOGNITION10 HEDGE ACCOUNTING11 PRESENTATION AND DISCLOSURES12 SUMMARY OF GAAP DIFFERENCES
Chapter 11: Inventories
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 13 AND IFRS3 REQUIREMENTS OF SECTION 13 FOR INVENTORIES4 SUMMARY OF GAAP DIFFERENCES
Chapter 12: Investments in associates
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 14 AND IFRS3 REQUIREMENTS OF SECTION 14 FOR INVESTMENTS IN ASSOCIATES4 PRACTICAL ISSUES5 SUMMARY OF GAAP DIFFERENCES
Chapter 13: Investments in joint ventures
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 15 AND IFRS3 REQUIREMENTS OF SECTION 15 FOR INVESTMENTS IN JOINT VENTURES4 COMPANY LAW MATTERS5 SUMMARY OF GAAP DIFFERENCES
Chapter 14: Investment property
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 16 AND IFRS3 REQUIREMENTS OF SECTION 16 FOR INVESTMENT PROPERTY4 SUMMARY OF GAAP DIFFERENCESREFERENCES
Chapter 15: Property, plant and equipment
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 17 AND IFRS3 REQUIREMENTS OF SECTION 17 FOR PROPERTY, PLANT AND EQUIPMENT4 SUMMARY OF GAAP DIFFERENCES
Chapter 16: Intangible assets other than goodwill
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 18 AND IFRS3 REQUIREMENTS OF SECTION 18 FOR INTANGIBLE ASSETS OTHER THAN GOODWILL4 PRACTICAL ISSUES5 SUMMARY OF GAAP DIFFERENCES
Chapter 17: Business combinations and goodwill
1 INTRODUCTION2 KEY DIFFERENCES BETWEEN SECTION 19 AND IFRS3 REQUIREMENTS OF SECTION 19 FOR BUSINESS COMBINATIONS AND GOODWILL4 DISCLOSURES RELATING TO BUSINESS COMBINATIONS AND GOODWILL5 GROUP RECONSTRUCTIONS6 SUMMARY OF GAAP DIFFERENCES
Chapter 18: Leases
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 20 AND IFRS (IFRS 16)3 REQUIREMENTS OF SECTION 20 FOR LEASES4 SUMMARY OF GAAP DIFFERENCESREFERENCES
Chapter 19: Provisions and contingencies
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 21 AND IFRS3 REQUIREMENTS OF SECTION 21 FOR PROVISIONS AND CONTINGENCIES4 OTHER EXAMPLES OF PROVISIONS5 SUMMARY OF GAAP DIFFERENCESREFERENCES
Chapter 20: Revenue
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 23 AND IFRS3 REQUIREMENTS OF SECTION 23 FOR REVENUE4 PRACTICAL ISSUES5 SUMMARY OF GAAP DIFFERENCES
Chapter 21: Government grants
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 24 AND IFRS3 REQUIREMENTS OF SECTION 24 FOR GOVERNMENT GRANTS4 SUMMARY OF GAAP DIFFERENCESREFERENCES
Chapter 22: Borrowing costs
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 25 AND IFRS3 THE REQUIREMENTS OF SECTION 25 FOR BORROWING COSTS4 SUMMARY OF GAAP DIFFERENCESREFERENCES
Chapter 23: Share-based payment
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 26 AND IFRS3 SCOPE OF SECTION 264 GENERAL RECOGNITION PRINCIPLES5 EQUITY-SETTLED TRANSACTIONS – OVERVIEW6 EQUITY-SETTLED TRANSACTIONS – COST OF AWARDS7 EQUITY-SETTLED TRANSACTIONS – ALLOCATION OF EXPENSE8 EQUITY-SETTLED TRANSACTIONS – MODIFICATION, CANCELLATION AND SETTLEMENT9 EQUITY-SETTLED TRANSACTIONS – VALUATION10 CASH-SETTLED TRANSACTIONS11 TRANSACTIONS WITH EQUITY AND CASH ALTERNATIVES12 REPLACEMENT SHARE-BASED PAYMENT AWARDS ISSUED IN A BUSINESS COMBINATION13 GROUP SHARE SCHEMES14 DISCLOSURES15 TAXES RELATED TO SHARE-BASED PAYMENT TRANSACTIONS16 OTHER PRACTICAL ISSUES17 FIRST-TIME ADOPTION AND TRANSITIONAL PROVISIONS18 SUMMARY OF GAAP DIFFERENCES
Chapter 24: Impairment of assets
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 27 AND IFRS3 REQUIREMENTS OF SECTION 27 FOR IMPAIRMENT4 IMPAIRMENT OF ASSETS OTHER THAN INVENTORIES5 GOODWILL AND ITS ALLOCATION TO CGUs6 RECOGNISING AND MEASURING IMPAIRMENT LOSSES7 REVERSAL OF AN IMPAIRMENT LOSS8 DISCLOSURES9 SUMMARY OF GAAP DIFFERENCES
Chapter 25: Employee benefits
1 INTRODUCTION2 COMPARISON BETWEEN SECTIONS 28 AND IFRS3 THE REQUIREMENTS OF SECTION 28 FOR EMPLOYEE BENEFITS4 COMPANIES ACT REQUIREMENTS5 SUMMARY OF GAAP DIFFERENCESREFERENCES
Chapter 26: Income tax
1 INTRODUCTION2 KEY DIFFERENCES TO IFRS3 SCOPE OF SECTION 294. VALUE ADDED TAX (‘VAT’) AND OTHER SIMILAR SALES TAXES5 CURRENT TAX6 DEFERRED TAX – RECOGNITION7 DEFERRED TAX – MEASUREMENT8 ALLOCATION OF TAX CHARGE OR CREDIT9 CONSOLIDATED TAX RETURNS AND OFFSET OF TAXABLE PROFITS AND LOSSES WITHIN GROUPS10 PRESENTATION11 DISCLOSURE12 SUMMARY OF GAAP DIFFERENCESREFERENCES
Chapter 27: Foreign currency translation
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 30 AND IFRS3 REQUIREMENTS OF SECTION 30 FOR FOREIGN CURRENCY TRANSLATION4 UK COMPANY LAW MATTERS5 SUMMARY OF GAAP DIFFERENCES
Chapter 28: Hyperinflation
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 31 AND IFRS3 REQUIREMENTS OF SECTION 31 FOR HYPERINFLATION
Chapter 29: Events after the end of the reporting period
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 32 AND IFRS3 REQUIREMENTS OF SECTION 32 FOR EVENTS AFTER THE END OF THE REPORTING PERIOD4. PRACTICAL ISSUES
Chapter 30: Related party disclosures
1 INTRODUCTION2 COMPARISON BETWEEN SECTION 33 AND IFRS3 REQUIREMENTS OF SECTION 33 FOR RELATED PARTY DISCLOSURES4. SUMMARY OF GAAP DIFFERENCESREFERENCES
Chapter 31: Specialised activities
1 INTRODUCTION2 AGRICULTURE3 EXTRACTIVE ACTIVITIES4 SERVICE CONCESSION ARRANGEMENTS5 HERITAGE ASSETS6 PUBLIC BENEFIT ENTITIES
Chapter 32: Transition to FRS 102
1 INTRODUCTION2 KEY DIFFERENCES BETWEEN SECTION 35 AND IFRS3 DEFINITIONS, SCOPE, AND PREPARATION OF THE OPENING FRS 102 STATEMENT OF FINANCIAL POSITION4 MANDATORY EXCEPTIONS TO RETROSPECTIVE APPLICATION5 OPTIONAL EXEMPTIONS TO RETROSPECTIVE APPLICATION6 PRESENTATION AND DISCLOSURE7 FRS 105REFERENCES
Chapter 33: FRS 103 – Insurance contracts
1 INTRODUCTION2 COMPARISON BETWEEN FRS 103 AND IFRS 43 THE OBJECTIVES, SCOPE OF AND TRANSITION TO FRS 1034 THE DEFINITION OF AN INSURANCE CONTRACT5 EMBEDDED DERIVATIVES6 UNBUNDLING OF DEPOSIT COMPONENTS7 DISCRETIONARY PARTICIPATION FEATURES8 PRESENTATION, RECOGNITION AND MEASUREMENT OF INSURANCE CONTRACTS9 CHANGES IN ACCOUNTING POLICIES10 INSURANCE CONTRACTS ACQUIRED IN BUSINESS COMBINATIONS AND PORTFOLIO TRANSFERS11 DISCLOSURE
Chapter 34: FRS 104 – Interim financial reporting
1 INTRODUCTION2 OBJECTIVE AND SCOPE OF FRS 1043 FORM AND CONTENT OF AN INTERIM FINANCIAL REPORT UNDER FRS 1044 DISCLOSURES IN CONDENSED FINANCIAL STATEMENTS5 ENTITIES REPORTING UNDER FRS 1016. PERIODS FOR WHICH INTERIM FINANCIAL STATEMENTS ARE REQUIRED TO BE PRESENTED7 MATERIALITY8 RECOGNITION AND MEASUREMENT9 EXAMPLES OF THE RECOGNITION AND MEASUREMENT PRINCIPLES10 USE OF ESTIMATES11 FIRST-TIME PRESENTATION OF INTERIM REPORTS COMPLYING WITH FRS 104
Index of standards
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Content preview from UK GAAP 2019

Chapter 21Government grants

List of examples

Example 21.1: UK research and development expenditure credit (RDEC)
Example 21.2: Illustration of RDEC credit consequences on current tax liability
Example 21.3: Grant towards a fixed asset – the performance model

Chapter 21Government grants

1 INTRODUCTION

Government grants typically involve a transfer of resources by a government body to an entity to support specified activities or projects. The transfer of funds is usually dependent on past or future compliance with certain conditions relating to the entity's operating activities. The exact nature of the support varies over time as governments and their priorities change.

The main accounting issue that arises from government grants is how to deal with the benefit that the grant represents in the profit and loss account. Section 24 – Government Grants – gives an accounting policy choice over one ...

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UK GAAP 2019

by Ernst & Young LLP

Chapter 21Government grants

List of examples

Chapter 21Government grants

1 INTRODUCTION

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