Accounting for Impairments

Impairment of inventories is dealt with differently from the impairment of other assets within the scope of FRS 102.27.  True or False? Well the answer is ‘True’. For more knowledge and further challenging quiz questions and go see our online webinar on Accounting for Impairments, and download the slides and support materials, all for just… Read More

Accounting for Deferred Tax

FRS 102.29 permits entities to discount the cash flow impact of deferred taxation as the liability to pay may not arise for many years into the future. True or False? Well the answer is ‘False’. The amortisation of deferred tax is not permitted under FRS 102 (‘an entity shall not discount current or deferred tax… Read More

Audit Exemption – The New Rules

Is the following statement True or False? The exemption thresholds for audit exemption changed with effect from 21 September 2018 when the Companies (Statutory Audits) Act, 2018 came into effect. In our webinar entitled ‘Audit Exemption – What are the New Rules?’, we cover the main changes brought about since the advent of the Companies… Read More

Auditing of Charities

Charity audits are high risk, as has been shown in the recent news story about the disciplinary action against the auditors to the former charity Console. Auditors have always been expected to have relevant knowledge corresponding to the task in hand and it’s important to have a clear understanding of the key risks involved in… Read More

Preparing for an Audit Quality Review Visit

As estate agents will tell you, the three most important things to do with selling your property are ‘location, location, location.’ Well, the same applies to preparing for a Quality Review visit from your professional body. The three P’s to a successful Quality Review visit are Preparation, Preparation, Preparation. The main problem area that underpins… Read More

Where do you Post Non-Investment Property Gains & Losses under FRS 102?

Most gains/losses should normally pass through profit or loss (Income Statement), unless they are required or permitted to pass directly through reserves. Those items likely to be shown in Other Comprehensive Income or the separate Statement of Comprehensive Income include: unrealised surplus/deficit on revaluations, other than investment property; currency translation differences, other than trading transactions,… Read More

The latest on the Solicitors Accounts Regulations 2014

Challenge your knowledge on the Solicitors Accounts) Regulations 2014 with this short quiz: ‘I received a cheque from a client on the balancing date, the client ledger card was updated to show receipt of the money, but the cheque was not lodged to the bank until two weeks later. The reporting accountant’s report may show… Read More

The latest on Investment Property Accounting under FRS 102

The latest on Investment Property Accounting under FRS 102 Challenge your knowledge on Investment Property Accounting under FRS 102. Some of the rules around the accounting for investment properties under FRS 102 have changed for accounting periods commencing 1 January 2019. Test your knowledge of these changes with this quick quiz. The changes to the… Read More

UK Companies slow to disclose ultimate ownership details

In spite of efforts to make UK registered companies disclose their ownership through the people with significant control (PSC) register, thousands of companies don’t comply with the rules brought in to counter fraud and money laundering. According to a 2018 Freedom of Information request to Companies House by Fortytwo Data (now Napier), over 57,000 UK… Read More

FRC Staff Factsheets on FRS 102

Suite of seven staff factsheets issued in December 2018 The Financial Reporting Council (FRC) has issued a suite of seven staff factsheets in December 2018 on aspects of FRS 102, including the 2017 triennial review. These become effective from 1 January 2019, with early adoption allowed under certain conditions. They are available here: Fact Sheet… Read More