UK GAAP Financial Statement Disclosures Manual
Wiley Regulatory Reporting Series

UK GAAP Financial Statement Disclosures Manual is the practical handbook accounting professionals need to prepare audit-proof financial statements. The recent establishment of the new UK GAAP has brought significant changes to financial reporting, and this guide collects all of the latest guidelines into one place. Clear, concise and heavily geared toward practical application, this book is designed for easy navigation with stand-alone chapters and real-world examples. You'll find step-by-step guidance for the entire disclosure process, with explicit instruction on what to include, how to include it and why. Financial statements prepared from 2015/2016 in the UK and Republic of Ireland will appear significantly updated, and this manual gives you the guidance you need to understand what's required to achieve full compliance.

Insufficient or incorrect disclosures are frequently the reason why financial statements are rendered deficient. This book provides practitioners with a reference and guide for all aspects of financial statement disclosure preparation.

• Get up to speed on the most recent UK GAAP guidelines
• Understand the 'what' and 'why' of disclosure statements
• Study real-world example statements for practical guidance
• Prepare statements that stand up to auditor and regulator scrutiny

Many practitioners fall afoul of regulators' criticisms with subjective, incomplete, omitted or incorrect disclosures, resulting in sanctions being brought against the practitioner or the firm. Financial statement disclosure emphasis is on transparency at a time when changes in the profession require an entirely new method of preparation. For practitioners who need to stay ahead of the curve, UK GAAP Financial Statement Disclosures Manual is the invaluable reference to keep within arm's reach.

Foreword vii

Preface ix

Acknowledgements xi

About the Author xiii

1 The Structure of UK GAAP 1

2 Interaction of the Companies Act 2006 21

3 The Directors’ Report and Strategic Report 45

4 The Income Statement/Statement of Comprehensive Income 67

5 Statement of Financial Position (Balance Sheet) 83

6 The Statement of Changes in Equity 105

7 The Statement of Cash Flows 115

8 The Auditor’s Report 133

9 Accounting Policies, Estimates and Errors 157

10 Operating Segments 175

11 Directors’ Remuneration Report 185

12 Taxation 201

13 Fixed Assets and Investment Property 215

14 Government Grants 235

15 Financial Investments 247

16 Financial Instruments 263

17 Leasing 285

18 Inventories 305

19 Provisions and Contingencies 315

20 Transactions with Directors 333

21 Events After the Reporting Period 347

22 Going Concern 365

23 Related Parties 385

24 Consolidated Financial Statements 409

25 Filing Financial Statements with Companies House 429

26 Interim Financial Reporting 441

27 Earnings Per Share 455

28 Financial Statements for Micro-Entities 465

29 Insurance 485

Index 493

STEVEN COLLINGS, FMAAT FCCA is the Audit and Technical Director at Leavitt Walmsley Associates, Ltd., a Manchester-based firm of Chartered Certified Accountants. He is a member of the Financial Reporting Council's UK GAAP Technical Advisory Group, tasked with advising the Corporate Reporting Council on all issues relating to UK accounting standards, and a prolific author and lecturer in the accounting and auditing sphere. Steve has received numerous awards for his contributions to the field.