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A Practical Guide to New UK and Irish GAAP

A Practical Guide to New UK and Irish GAAP

Robert Kirk

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The publication, in March 2013, of a new financial reporting standard replacing all existing SSAPs and FRSs marked a major change in financial reporting for Ireland and the United Kingdom. Essentially, it requires most non-listed companies to abandon national accounting rules and replace them with a single new standard, FRS 102 The FRS Applicable in the UK and Republic of Ireland.

A Practical Guide to New UK and Irish GAAP is for all those concerned with the preparation, audit and use of financial statements of non-listed companies and who wish to gain an in-depth understanding of the practical issues involved in the new standard. It takes the reader through all aspects of FRS 102, providing an in-depth understanding of its practical issues as well as detailed examples of its application. Where relevant, appropriate accounting treatments are also illustrated with extracts from the financial statements of Irish listed companies.

The book follows the logical progression one takes when preparing financial statements. A disclosure checklist is also included at the end of each chapter so that preparers can identify the specific requirements for each section of the standard.

In outline, this practical guide examines:

the primary statements required by the standard;

the key concepts and principles that must be adhered to when accounting for unusual transactions;

the recognition, measurement, presentation and disclosure requirements for assets and for liabilities;

performance measurement and how to account for employee costs;

foreign currency translation, the disclosure required for related parties, the requirements for group reporting and how to account for financial instruments; the accounting issues of specialised activities, such as agriculture, and the unique accounting issues raised by public benefit entities;

and finally, the transitional procedures and reconciliations required as a company switches over to the new standard.

Additional Information

Author Robert Kirk
Publisher Chartered Accountants Ireland
Publication date 7 Mar 2014
Format Paperback
ISBN/EAN 9781907214325

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