The New UK Accounting Standard FRS 102

Size: px
Start display at page:

Download "The New UK Accounting Standard FRS 102"

Transcription

1 The New UK Accounting Standard FRS 102 FRS 102 is here The new standard, which applies for accounting periods beginning on or after 1 January 2015, replaces all the present UK accounting standards. A number of SORPs, including for charities and limited liability partnerships, have also been revised. The two key dates are: the balance sheet date of the first set of accounts that need to be prepared under the new standard; and your date of transition to the new standard i.e. the date at which your accounts need to be retrospectively restated to comply with the new standard. This is the first day of the earliest comparative period presented in the first set of accounts prepared under FRS 102. For example, if you have a December year end, then the first set of accounts under the new standard is for December 2015 and the date of transition is 1 January 2014 (assuming one year of comparative figures is presented). If you have a November year end, then conversion is almost a year further off, with the first set of accounts under FRS 102 being the November 2016 accounts and the date of transition being 1 December It is possible to adopt early, but we would generally advise you take as much time as possible to prepare for the transition, as there are some major changes you need to be aware of. Do I need to convert? If you have previously presented your accounts under UK GAAP, you will apply the new standard unless you prepare your accounts under IFRS. The FRSSE will be withdrawn from 2016 as a result of recent EU legislation, but FRSSE companies can continue with their present accounting policies for an additional year. What about specialised activities? There are some specific requirements in the standard relating to specialised activities which includes public benefit entities, pension schemes, financial institutions, extractive activities (e.g. oil and gas) and agriculture. This paper does not consider these entities although apart from specific provisions of FRS 102 relating to these entities much of the standard will still be relevant. How different will my accounts look? Format changes There are changes to the way accounts are presented; whilst your Balance Sheet and Profit and Loss Account will look much the same the cash flow statement will look very different. The statement of total recognised gains and losses is replaced by a statement of comprehensive income which can be combined with the Profit and Loss Account, and a new Statement of Changes in Equity is required to be prepared. Reconciliations In the first set of accounts prepared under the new standard, you will be required to prepare reconciliations from current UK GAAP to the new standard for both the Balance Sheet at the date of transition and the Balance Sheet for the last set of accounts prepared under current UK GAAP, together with the Profit and Loss Account for the same period. Accounting changes There are some significant accounting differences between FRS 102 and current UK GAAP which, depending on the nature of your business, could significantly affect the figures presented in your accounts. You will need to consider potential effects on banking covenants, profit related bonus schemes or dividend policy. You will also need to consider the Corporation Tax effects. The table following shows major, moderate or minor changes in the accounting compared to current UK GAAP. Please note that this is not a comprehensive list of all changes. More differences affecting your financial statements may become evident with further analysis. Are there any transitional exemptions? There are a number of transitional exemptions including the:- exemption from restating business combinations which took place before the date of transition; and ability to use a valuation of property, plant and equipment at the date of transition as a deemed cost. Key to table Major impact Moderate impact Minor impact

2 Profit and Loss Account and Statement of Comprehensive Income Format Revenue recognition The Statement of Comprehensive Income (which replaces the Statement of Total Recognised Gains and Losses) can be combined with the Profit and Loss Account. Discontinued operations must be analysed down to post tax profit or loss. The terminology used in the standard is different although does not have to be used in the financial statements. Foreign currency translation Use of the closing rate to translate a foreign operation is not permitted. Use of a contracted rate is not permitted. The concept is different a functional currency needs to be identified, which will not always be sterling. Current tax (There are major changes to deferred tax see below) Share-based payment Balance sheet Format No significant changes although the terminology used in the standard is different. The terminology used in the standard (e.g. inventory, receivables) does not have to be used in the financial statements. Goodwill and intangible assets Property, plant and equipment Investment properties Investments in shares in other entities Goodwill and intangible assets have a presumed useful economic life of not more than ten years, if a reliable estimate of a longer life cannot be made. Indefinite life intangibles (including goodwill) are not permitted. More intangible assets will be recognised separately on a business combination when they can be reliably measured, for instance brands, trade marks and customer lists. These will need to be amortised separately from goodwill. Software will often be capitalised as an intangible asset rather than a tangible asset, depending on the degree of integration with related hardware. Where property, plant or equipment is held at valuation, revaluation losses are recognised in the revaluation reserve only to the extent that they can be offset against a previous surplus arising on the same asset. Anything in excess of this is recognised in profit or loss. Revaluation gains are recognised in the revaluation reserve except to the extent of any pre-existing loss on the same asset recognised in profit or loss. Investment properties are measured at fair value, unless fair value cannot be obtained without undue cost or effort (which is not defined). Changes in fair value are recognised in profit or loss. It may be a good idea to make a reserve transfer of the gains and losses from retained earnings to the revaluation reserve, so it is clear they are not part of distributable profits. An investment in another entity s equity shares must be measured at fair value, unless it is an unlisted investment whose fair value cannot be reliably measured in which case it is measured at cost less impairment. This means all listed investments will now be measured at fair value

3 Stocks and long term contracts No significant changes, other than terminology. Trade and other debtors Cash at bank and in hand For most debtors the only differences will be terminology. However, long term debtor balances at a zero or below market rate of interest will need to be discounted to amortised cost using a market rate of interest with the discount unwound over the term of the loan (which may need to be estimated). This will particularly apply to long term intercompany balances, but may also apply to other loans provided at a below market interest rate - for instance from related parties. Trade and other creditors Derivatives Borrowing costs Changes in terminology. The same issues apply to intercompany creditor balances as to debtor balances. Bank loans (and any other financial instrument) need to be analysed between basic and other (i.e. complex) financial instruments. Basic financial instruments are measured at amortised cost, other at fair value. Loan terms will need to be carefully reviewed to determine how they should be classified (and therefore measured). Derivatives (e.g. forward contracts, interest rate swaps) need to be brought on Balance Sheet at fair value with changes in value shown in profit or loss. This will lead to significant volatility in profit or loss compared to current UK GAAP as such instruments have largely been off Balance Sheet. A simplified form of hedge accounting may be applied and companies will need to determine whether it is beneficial to do so. Government grants Leases Deferred tax Provisions, contingent liabilities and contingent assets There is no 90% test for classification of leases as operating or finance leases they are classified based on the risks and rewards of ownership. Lease incentives are spread over the period of the lease to the first break clause, rather than over the period up to the first rent review. Generally, more items require provision under FRS 102 than current UK GAAP. Deferred tax is provided on all property revaluations, regardless of whether there is a binding commitment to sell. Deferred tax is provided on fair value adjustments arising on a business combination. This will have a knock on effect on goodwill for combinations arising after the date of transition and on opening reserves at the date of transition for previous combinations. Discounting of deferred tax balances is not permitted.

4 Employee benefits Scope is broader than current UK GAAP. Group retirement benefit plan deficits need to be brought onto the Balance Sheet of at least one group company that which is legally responsible for the plan if there is no agreement to allocate between group companies. Companies will need to accrue for any material carry-forward holiday entitlement at the year end. Full retrospective restatement is required at the date of transition. This will particularly affect companies where the holiday year end is different from the financial year. Other primary statements Cash flow statements Statement of changes in equity Significant changes to format, although the fundamental concepts are the same. No exemption at present for small companies that decide to adopt FRS 102 through this is likely to be changed in the near future. (There are exemptions for subsidiaries and certain specialised entities such as pension schemes). The definition of cash equivalent is less restrictive than under current UK GAAP and includes certain short term (not just on demand) deposits. A statement of changes in equity needs to be presented as a primary statement. The statement reconciles each component of equity. Where changes to equity are very limited, a simplified statement can be prepared in some circumstances. Group accounts and related issues Business combinations and consolidation Associates and joint ventures Merger accounting is not permitted except for group reconstructions and certain public benefit entity combinations. Some differences in determining whether control exists. The fair value of contingent liabilities is included in the fair value of net assets acquired, when this can be reliably measured. More intangible assets will be recognised separately from goodwill. Deferred tax is recognised on fair value adjustments. Fair value adjustments need to be made within one year of the acquisition, not the year end following it. Minority interest is presented within equity and changes in minority interest that do not result in a loss of control are also shown in equity. No goodwill is recognised on increases in stake. The equity method is used to account for both associates and joint ventures the gross equity method will no longer exist. Various categories of joint arrangements with different accounting implications for each. Potential as well as actual voting rights are taken into account in determining whether significant influence exists. If the associate or joint venture is loss making, losses are only allocated to the investor to the extent it has an obligation to make payments to the investee. Disclosure issues Accounting policies and other notes to the accounts A specific statement of compliance with FRS 102 is required. Significant judgements made in preparing the financial statements need to be disclosed. Prior year adjustment is required for all material errors, not just those that are fundamental Related party disclosures No major changes, although disclosure is required of key management compensation. Post balance sheet events

5 Contact us City Devonshire House 60 Goswell Road London EC1M 7AD T Heathrow Middlesex House 800 Uxbridge Road Hayes, Middlesex UB4 0RS T Redhill Surrey House High Street Redhill, Surrey RH1 1RH T Romford Orbital House 20 Eastern Road Romford, Essex RM1 3PJ T St. Albans 105 St. Peter s Street St. Albans, Herts AL1 3EJ T West End 141 Wardour Street London W1F 0UT T Heathrow

New UK GAAP. Preparing your organisation for change

New UK GAAP. Preparing your organisation for change New UK GAAP Preparing your organisation for change Background to the change in UK GAAP Accounting standards - the UK history 1971 - SSAP 1 Accounting for the results of associated companies 1991 - FRS

More information

FRS102. Within the first set of statutory accounts prepared under FRS102 the following disclosures will have to be made:

FRS102. Within the first set of statutory accounts prepared under FRS102 the following disclosures will have to be made: FRS102 What and when? The Financial Reporting Council has replaced the existing UK GAAP with The Financial Reporting Standard 102 (FRS102), which is applicable in the UK and Republic of Ireland. The new

More information

FRS 102 PROFESSIONAL SERVICES. The main new Irish GAAP standard

FRS 102 PROFESSIONAL SERVICES. The main new Irish GAAP standard FRS 102 PROFESSIONAL SERVICES The main new Irish GAAP standard November 2014 2 PROFESSIONAL SERVICES PROFESSIONAL SERVICES 3 The long awaited replacement for Irish GAAP has finally arrived in the form

More information

financial services frs 102 The main new IRISH GaaP standard: implications for The financial services sector

financial services frs 102 The main new IRISH GaaP standard: implications for The financial services sector financial services frs 102 The main new IRISH GaaP standard: implications for The financial services sector 1 financial services The long awaited replacement for Irish GAAP has finally arrived in the form

More information

Wednesday, 10 th June 2015

Wednesday, 10 th June 2015 Introduction to FRS 102 Cathal Melia Wednesday, 10 th June 2015 FRS 102 > Introduction and Background > New Terminology > Key Differences > Transitional larrangements & Planning Points Introduction & Background

More information

Accounting and Reporting Policy FRS 102. Staff Education Note 13 Transition to FRS 102

Accounting and Reporting Policy FRS 102. Staff Education Note 13 Transition to FRS 102 Accounting and Reporting Policy FRS 102 Staff Education Note 13 Transition to FRS 102 This Staff Education Note was updated on 8 January 2014 for minor typographical errors in the suggested reconciliations

More information

Kingfisher plc. Impact from the adoption Of International Financial Reporting Standards

Kingfisher plc. Impact from the adoption Of International Financial Reporting Standards Kingfisher plc Impact from the adoption Of International Financial Reporting Standards Kingfisher plc ( Kingfisher ) is preparing for the adoption of International Financial Reporting Standards ( ) as

More information

UK GAAP Preparing for the change. Breakfast Briefing 5 February 2015

UK GAAP Preparing for the change. Breakfast Briefing 5 February 2015 UK GAAP Preparing for the change Breakfast Briefing 5 February 2015 Topics Overview of new UK GAAP FRS 102 and differences with current UK GAAP Tax implications of FRS 102 Next steps Summary Overview of

More information

New UK GAAP. A guide to the largest change in UK accounting standards and financial reporting for a generation

New UK GAAP. A guide to the largest change in UK accounting standards and financial reporting for a generation New UK GAAP A guide to the largest change in UK accounting standards and financial reporting for a generation Introduction On 1 January 2015 the Financial Reporting Council ( FRC ) replaced the accounting

More information

igaap 2005 in your pocket

igaap 2005 in your pocket igaap 2005 in your pocket A summary of international financial reporting from a UK perspective July 2005 Contents Deloitte guidance 1 Abbreviations used in this publication 2 Current international standards

More information

Tax-free mileage rates own vehicle 2014/15 Cars Every month Motorcycles Bicycles August 2014 Car benefit 2014/15

Tax-free mileage rates own vehicle 2014/15 Cars Every month Motorcycles Bicycles August 2014 Car benefit 2014/15 Tax Facts 2014/15 Personal allowances 2014/15 2013/14 Personal allowance 10,000 9,440 Married couple s/civil partnership s (min)* 3,140 3,040 Child tax credit** 545 545 Born between 6/4/38 and 5/4/48 Personal

More information

Preparing for SORP 2015: an essential overview for charities

Preparing for SORP 2015: an essential overview for charities Charity Finance Group Preparing for SORP 2015: an essential overview for charities Ray Jones - Training consultant to CFG and member of Charities SORP Committee Preparing for SORP 2015 Background and overview

More information

FRS 102: NEW UK GAAP How To Make Implementation Easy! OCTOBER 2014

FRS 102: NEW UK GAAP How To Make Implementation Easy! OCTOBER 2014 FRS 102: NEW UK GAAP How To Make Implementation Easy! OCTOBER 2014 2 French Duncan SEMINAR 6 OCTOBER 2014 Introductions Timetable Administration 3 French Duncan OVERVIEW New standards coming for accounting

More information

IFRS has no material impact on ICAP s underlying cash flow, economic and risk profile, dividend policy, regulatory capital and bank covenants

IFRS has no material impact on ICAP s underlying cash flow, economic and risk profile, dividend policy, regulatory capital and bank covenants Press Release ICAP plc releases IFRS Transition Report ICAP plc, the world s largest voice and electronic interdealer broker today releases the restatement of selected previously published financial information

More information

New UK GAAP- FRS102 (Section 1A) for Small Companies And FRS105 for Micro Entity

New UK GAAP- FRS102 (Section 1A) for Small Companies And FRS105 for Micro Entity New UK GAAP- FRS102 (Section 1A) for Small Companies And FRS105 for Micro Entity Changes to small and micro company accounting regimes The new UK financial reporting framework which is already mandatory

More information

PREPARING FOR FRS 102 THE NEW UK GAAP

PREPARING FOR FRS 102 THE NEW UK GAAP PREPARING FOR FRS 102 THE NEW UK GAAP market leaders for financial training This document represents the text of the PowerPoint displays that are used during the presentation of the seminar: Preparing

More information

MITCHELLS & BUTLERS PLC. Adoption of International Financial Reporting Standards

MITCHELLS & BUTLERS PLC. Adoption of International Financial Reporting Standards 7 December 2005 MITCHELLS & BUTLERS PLC Adoption of International Financial Reporting Standards Mitchells & Butlers plc ( the Group ) today releases its financial results for the 53 weeks to 1 October

More information

Penalty regime Trade with EU VAT Advice helpline: Adrian Houstoun Gail Pitchley Geraint Lewis

Penalty regime Trade with EU VAT Advice helpline: Adrian Houstoun Gail Pitchley Geraint Lewis VAT Facts 2013/14 Registration Standard rate = 20% from 4 January 2011 Registration threshold from 1 April 2013: 79,000 Deregistration threshold from 1 April 2013: 77,000 VAT rates and types of supply

More information

IFRS for SMEs IFRS Foundation-World Bank

IFRS for SMEs IFRS Foundation-World Bank International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 26 27 May 2011 Kiev, Ukraine Copyright 2010 IFRS Foundation. All rights reserved. The IFRS for SMEs 2 Topic 1.2 Overview

More information

FORTH PORTS PLC ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS

FORTH PORTS PLC ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS FORTH PORTS PLC ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS Forth Ports PLC is adopting International Financial Reporting Standards ("IFRS") with effect from 1st January 2005. It is today publishing

More information

Summary of differences between FRED 44 and FRED 48

Summary of differences between FRED 44 and FRED 48 Summary of differences between FRED 44 and FRED 48 Section 1: 1) The removal of the concept of public accountability in defining the scope of the [draft] standard, which does not now extend the application

More information

Contact: Steve Hare, Finance Director, Spectris plc Tel: Richard Mountain, Financial Dynamics Tel:

Contact: Steve Hare, Finance Director, Spectris plc Tel: Richard Mountain, Financial Dynamics Tel: Date: Embargoed until 07:00 15 June 2005 Contact: Steve Hare, Finance Director, Spectris plc Tel: 01784 470470 Richard Mountain, Financial Dynamics Tel: 020 7269 7291 ADOPTION OF INTERNATIONAL REPORTING

More information

SCR Reporting. Checklist Key areas requiring

SCR Reporting. Checklist Key areas requiring Checklist Key areas requiring attention This checklist is designed to assist users to identify the potential changes introduced by FRS 102 Section 1A, and to outline the accounting policy and transitional

More information

A New Era for UK & Irish GAAP

A New Era for UK & Irish GAAP A New Era for UK & Irish GAAP The New Financial Reporting Standards in Ireland & the UK Presented By: Maureen Kelly CPA Technical Services Executive New Standards FRS 100 Application of Financial Reporting

More information

HIGHER EDUCATION INSTITUTIONS AND THE NEW UK GAAP. A comparison of current and future accounting

HIGHER EDUCATION INSTITUTIONS AND THE NEW UK GAAP. A comparison of current and future accounting HIGHER EDUCATION INSTITUTIONS AND THE NEW UK GAAP A comparison of current and future accounting SESSION 1 - INTRODUCTION AND OVERVIEW FRS 100 Application of Financial Reporting Requirements May voluntarily

More information

Restatement of 2004 Results under International Financial Reporting Standards. Grafton Group plc

Restatement of 2004 Results under International Financial Reporting Standards. Grafton Group plc Restatement of 2004 Results under International Financial Reporting Standards Grafton Group plc 6 July 2005 1 6 July 2005 RESTATEMENT OF 2004 RESULTS UNDER IFRS Grafton Group plc today announces the impact

More information

INTERNATIONAL FINANCIAL REPORTING STANDARDS AND CHARITIES

INTERNATIONAL FINANCIAL REPORTING STANDARDS AND CHARITIES INTERNATIONAL FINANCIAL REPORTING STANDARDS AND CHARITIES A review of the potential impact of recent proposals Spring 2010 A review of the potential impact of recent proposals Spring 2010 03 IFRS FOR

More information

INFORMA 2017 FINANCIAL STATEMENTS 1

INFORMA 2017 FINANCIAL STATEMENTS 1 INFORMA 2017 FINANCIAL STATEMENTS 1 GENERAL INFORMATION This document contains Informa s Consolidated Financial Statements for the year ending 31 December 2017. These are extracted from the Group s 2017

More information

The New UK GAAP - FRS January 2014

The New UK GAAP - FRS January 2014 The New UK GAAP - FRS 102 21 January 2014 Setting the scene Brief overview of new regime What is FRS 102 & what will it mean? Next steps What is happening? FRS 100 and FRS 101 published in November 2012

More information

WS Atkins plc Transition to International Financial Reporting Standards ( IFRS ) Restatement of financial information for the year ended 31 March 2005

WS Atkins plc Transition to International Financial Reporting Standards ( IFRS ) Restatement of financial information for the year ended 31 March 2005 WS Atkins plc Transition to International Financial Reporting Standards ( ) Restatement of financial information for the year ended 31 March 2005 21 July 2005 Contents Introduction 1 Effect of on previously

More information

THE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS

THE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS THE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS INTRODUCTION Implementation of International Financial Reporting Standards ( IFRS ) For the year

More information

FRS 102 LIMITED. Example Financial Statements For the year ended 31 December 2015

FRS 102 LIMITED. Example Financial Statements For the year ended 31 December 2015 Example Financial Statements Introduction These illustrative financial statements are an example of a group and parent company financial statements prepared for the first time in accordance with FRS 102

More information

FRS 102 CASE STUDY HOW TO CONVERT YOUR FINANCIAL STATEMENTS

FRS 102 CASE STUDY HOW TO CONVERT YOUR FINANCIAL STATEMENTS FRS 102 CASE STUDY HOW TO CONVERT YOUR FINANCIAL STATEMENTS market leaders for financial training Case Study This document represents the case study that is used during the presentation of the seminar:

More information

Pearson plc IFRS Technical Analysis

Pearson plc IFRS Technical Analysis Pearson plc IFRS Technical Analysis Contents A. Introduction B. Basis of presentation C. UK GAAP to IFRS adjustments D. Performance measures Schedules 1. Income statement Reconciliation UK GAAP to IFRS

More information

Centrica plc. International Financial Reporting Standards. Restatement and seminar

Centrica plc. International Financial Reporting Standards. Restatement and seminar International Financial Reporting Standards Restatement and seminar Centrica plc has adopted International Financial Reporting Standards with effect from 1 January 2005 and, on 15 September 2005, will

More information

Homeserve plc. Transition to International Financial Reporting Standards

Homeserve plc. Transition to International Financial Reporting Standards Homeserve plc Transition to International Financial Reporting Standards 28 November 2005 1 Transition to International Financial Reporting Standards ( IFRS ) Homeserve is today announcing its interim results

More information

An Introduction to FRS102 for Charities. Spring 2015

An Introduction to FRS102 for Charities. Spring 2015 An Introduction to FRS102 for Charities Spring 2015 An Introduction for FRS102 for Charities Spring 2015 Introduction The Financial Reporting Council (FRC) has issued three new accounting standards, FRS

More information

Need to know. FRC publishes Triennial review 2017 Incremental improvements and clarifications (Amendments to FRS 102) Contents

Need to know. FRC publishes Triennial review 2017 Incremental improvements and clarifications (Amendments to FRS 102) Contents FRC publishes Triennial review 2017 Incremental improvements and clarifications (Amendments to FRS 102) Contents Background What are the main areas of improvement or clarification? Effective date and early

More information

Introduction Consolidated statement of comprehensive income for the year ended 31 December 20XX... 6

Introduction Consolidated statement of comprehensive income for the year ended 31 December 20XX... 6 PKF International Limited administers a network of legally independent member firms which carry on separate businesses under the PKF Name. PKF International Limited is not responsible for the acts or omissions

More information

THE NEW CHARITIES SORP

THE NEW CHARITIES SORP THE NEW CHARITIES SORP What do I need to know? The new Charities SORP comes into effect for accounting periods commencing on or after 1 January 2015 and sets out the accounting treatment that charities

More information

Overview of consolidated financial statements

Overview of consolidated financial statements Overview of consolidated financial statements Consolidated balance sheet On 31 December 2015 On 31 December 2014 In EUR millions Assets Cash and balances at central banks 64,943 43,409 Loans and advances

More information

(Entity that already applies the International Financial Reporting Standards)... II-1

(Entity that already applies the International Financial Reporting Standards)... II-1 CONSOLIDATED FINANCIAL STATEMENTS December 31, 2016 (Entity that already applies the International Financial Reporting Standards)... I-1 Independent auditor's report... I-3 Consolidated statements of financial

More information

All change for accounting standards FRS 102

All change for accounting standards FRS 102 All change for accounting standards FRS 102 Effective: 1 January 2015 FRS102 is one of the biggest changes to UK medium and large company reporting for many years. The first changes affect balance sheets

More information

Illustrative results under IFRS

Illustrative results under IFRS Illustrative results under IFRS 2 June Bradford & Bingley plc Illustrative results under IFRS Introduction Bradford & Bingley plc ( the Group ), along with other European listed entities, is required by

More information

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Standard Accounting and Reporting Financial Reporting Council March 2018 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland The FRC's mission is to promote transparency

More information

December 2013 Category Course title Author Accounting Transition to the new UK GAAP, FRS 102 Paul Gee. Disclaimer and Copyright

December 2013 Category Course title Author Accounting Transition to the new UK GAAP, FRS 102 Paul Gee. Disclaimer and Copyright December 2013 Category Course title Author Accounting Transition to the new UK GAAP, FRS 102 Paul Gee Disclaimer and Copyright Whilst every care has been taken in the preparation of this learning material

More information

Financial statements. The University of Newcastle newcastle.edu.au F1

Financial statements. The University of Newcastle newcastle.edu.au F1 Financial statements The University of Newcastle newcastle.edu.au F1 Income statement For the year ended 31 December Consolidated Parent Revenue from continuing operations Australian Government financial

More information

The new UK GAAP -- a major change in financial reporting

The new UK GAAP -- a major change in financial reporting The new UK GAAP -- a major change in financial reporting A Wolters Kluwer review for accountants and finance professionals August 2013 Introduction Major change will soon be upon us. The new UK GAAP in

More information

Relate Accounts Production FRS 102 DISCLOSURE. Using Relate Accounts Production to produce FRS 102 Compliant Financial Statements.

Relate Accounts Production FRS 102 DISCLOSURE. Using Relate Accounts Production to produce FRS 102 Compliant Financial Statements. FRS 102 DISCLOSURE Using Relate Accounts Production to produce FRS 102 Compliant Financial Statements Laurence Pyzer BSc FCA CEng MBCS CITP MIET Compliance Officer of Relate Software ACCOUNTING REGIMES

More information

IFRS/UK differences Paper P2 Dec 2014 and June 2015

IFRS/UK differences Paper P2 Dec 2014 and June 2015 IFRS/UK differences Paper P2 Dec 2014 and June 2015 Introduction This supplement provides the additonal material examinable in the UK and Irish Paper. It comprises the main areas of differnece between

More information

Comparison between Singapore Financial Reporting Standards and International Financial Reporting Standards as at August 2004

Comparison between Singapore Financial Reporting Standards and International Financial Reporting Standards as at August 2004 and FRS 1 Presentation of IAS 1 Presentation of FRS 1 (issued in ) is consistent with IAS 1 (revised in 1997) in all material aspects. FRS 1 Presentation of IAS 1 Presentation of FRS 1 (revised in 2004)

More information

Total assets

Total assets GROUP BALANCE SHEET AS AT 31 DECEMBER Notes R 000 R 000 ASSETS Non-current assets Property, plant and equipment 3 3 166 800 2 697 148 Intangible assets 4 66 917 59 777 Retirement benefit asset 27 142 292

More information

Undertaking the Transition to IFRS

Undertaking the Transition to IFRS Undertaking the Transition to IFRS Ann Clarke considers the key points in IFRS 1 for first-time adopters of IFRSs Summary of IFRS1 Introduction International Financial Reporting Standard 1 Firsttime Adoption

More information

IFRS illustrative consolidated financial statements

IFRS illustrative consolidated financial statements IFRS illustrative consolidated financial statements 2016 This publication has been prepared for illustrative purposes only and does not constitute accounting or other professional advice, nor is it a substitute

More information

Release of financial information for 2004/05 under International Financial Reporting Standards

Release of financial information for 2004/05 under International Financial Reporting Standards AIRLINE REPORTS UNDER IFRS British Airways today (July 4) releases financial information prepared under International Financial Reporting Standards ( IFRS) for the year ended March 31, 2005 and explains

More information

Examinable Documents September 2017 to June 2018

Examinable Documents September 2017 to June 2018 Examinable Documents September 2017 to June 2018 FINANCIAL REPORTING The examinable documents below are applicable to the International and UK papers as indicated at the start of each table. Knowledge

More information

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2012 International Financial Reporting Standards

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2012 International Financial Reporting Standards ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2012 International Financial Reporting Standards A Layout (International) Group Plc Annual report and financial statements For the year ended 31

More information

TOTAL ASSETS 417,594, ,719,902

TOTAL ASSETS 417,594, ,719,902 WABERER'S International NyRt. CONSOLIDATED STATEMENT OF FINANCIAL POSITION data in EUR Description Note FY 2014 FY 2015 restated NON-CURRENT ASSETS Property 8 15,972,261 17,995,891 Construction in progress

More information

IFRS Conversion Project Half Year 2005

IFRS Conversion Project Half Year 2005 IFRS Conversion Project Half Year 2005 Briefing on Adoption of IFRS Restatement of Comparatives for 2004 8 July 2005 1 IFRS Introduction WHERE WE ARE February Prelims Announcement one page view of key

More information

International Financial reporting standards. March 2006

International Financial reporting standards. March 2006 International Financial reporting standards March 2006 International financial reporting standards The group has disclosed the impact of adopting New Zealand standards which comply with International Financial

More information

Welcome. FRS 102 CIMA Webinar December Contents. Contents

Welcome. FRS 102 CIMA Webinar December Contents. Contents Welcome FRS 102 CIMA Webinar December 2014 Presented by: Adrian Gibbons BSc ACA 0845 450 5555 www.swat.co.uk Making your practice compliant, efficient and profitable Contents The Reporting Framework 2015

More information

Financial statements. Consolidated financial statements. Company financial statements

Financial statements. Consolidated financial statements. Company financial statements 73 Consolidated financial statements 74 CONSOLIDATED INCOME STATEMENT 74 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 75 CONSOLIDATED BALANCE SHEET 76 CONSOLIDATED CASH FLOW STATEMENT 78 CONSOLIDATED

More information

FRS 102 Transition Case study

FRS 102 Transition Case study FRS 102 Transition Case study Presented by John Selwood 1 Contents of Notes in Order of Presentation Section 1: Transition to FRS 102 what the standard says Section 2: Transition to FRS 102 case study

More information

PwC Alert. Malaysian Private Entities Reporting Standards (MPERS) A new reporting framework for Private Entities

PwC Alert. Malaysian Private Entities Reporting Standards (MPERS) A new reporting framework for Private Entities Issue 124 November 2015 PP 9741/10/2012 (031262) PwC Alert Malaysian Private Entities Reporting Standards (MPERS) A new reporting framework for Private Entities Page 3 MPERS at a glance Page 5 Comparing

More information

Notes to the financial statements appendices

Notes to the financial statements appendices A5 ACCOUNTING POLICIES Basis of consolidation The group financial statements consolidate the financial statements of the company and entities controlled by the company (its subsidiaries), and incorporate

More information

Tax Accounting under FRS 102. Introduction. What s the Same?

Tax Accounting under FRS 102. Introduction. What s the Same? 80 Introduction On 14 March 2013, the Financial Reporting Council issued FRS 102, The Financial Reporting Standard Applicable in the UK and Republic of Ireland. This is the third standard in the complete

More information

Amendments to IFRS for SMEs

Amendments to IFRS for SMEs A C C O U N T I N G U P D A T E ( I F R S f o r S M E s ) s to IFRS for SMEs Introduction The International Accounting Standards Board (IASB) has published amendments to its 'International Financial Reporting

More information

FRS 102. Complete set of Financial Statements

FRS 102. Complete set of Financial Statements Complete set of Financial Statements 1. Statement of Financial Position (SOFP) 2. Statement of Comprehensive Income (Income Statement (Profit or Loss) & a statement of Other Comprehensive Income 3. Statement

More information

Guide to FRS 102 & Relate Accounts Production

Guide to FRS 102 & Relate Accounts Production Guide to FRS 102 & Relate Accounts Production www.relate-software.com info@relate-software.com UK +44 871 284 3446 ROI +353 1 4597800 UK R008 April 2015 CONTENTS Relate Accounts Production Guide to FRS

More information

A7 Accounting policies

A7 Accounting policies A7 Accounting policies Of the accounting policies outlined below, those deemed to be the most significant for the group are those that align with the critical accounting judgements and key sources of estimation

More information

Independent Auditor s Report

Independent Auditor s Report Consolidated Independent Auditor s Report Independent Auditor s Report To the members of BBA Aviation plc Opinion on financial statements of BBA Aviation plc In our opinion: the financial statements give

More information

29 June SAVILLS PLC (Savills or 'The Group') ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

29 June SAVILLS PLC (Savills or 'The Group') ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) 29 June 2005 SAVILLS PLC (Savills or 'The Group') ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Introduction From 1 January 2005, the Group is required to prepare its consolidated financial

More information

(a) Business combinations: those prior to the transition date have not been restated onto an IFRS basis.

(a) Business combinations: those prior to the transition date have not been restated onto an IFRS basis. Telecom plus PLC Adoption of International Financial Reporting Standards The purpose of this document is to provide guidance on the impact of International Financial Reporting Standards as adopted for

More information

MODEL FINANCIAL STATEMENTS INTERNATIONAL GAAP HOLDINGS LIMITED

MODEL FINANCIAL STATEMENTS INTERNATIONAL GAAP HOLDINGS LIMITED MODEL FINANCIAL STATEMENTS INTERNATIONAL GAAP HOLDINGS LIMITED MODEL FINANCIAL STATEMENTS INTERNATIONAL GAAP HOLDINGS LIMITED Financial Statements for the year ended 31 December 2001 The model financial

More information

Our 2017 consolidated financial statements

Our 2017 consolidated financial statements 112 WPP Annual Report Our consolidated financial statements Accounting policies T he consolidated financial statements of WPP plc and its subsidiaries (the Group) for the year ended 31 December have been

More information

HSBC Holdings plc IFRS Comparative Financial Information

HSBC Holdings plc IFRS Comparative Financial Information HSBC Holdings plc 2004 IFRS Comparative Financial Information HSBC HOLDINGS PLC Table of Contents Page 1 Introduction... 2 2 Financial highlights... 2 3 Basis of preparation... 4 4 Key impact analysis

More information

Financial reporting standards and amendments to financial reporting standards

Financial reporting standards and amendments to financial reporting standards Financial reporting standards and amendments to financial reporting standards FRS 100 Application of Financial Reporting Requirements FRS 101 Reduced Disclosure Framework These new standards were issued

More information

86 MARKS AND SPENCER GROUP PLC FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT

86 MARKS AND SPENCER GROUP PLC FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT 86 CONSOLIDATED INCOME STATEMENT Notes Underlying 53 weeks ended 2 April 52 weeks ended 28 March Non-underlying Underlying Non-underlying Revenue 2, 3 10,555.4 10,555.4 10,311.4 10,311.4 Operating profit

More information

Financial reporting standards and amendments to financial reporting standards

Financial reporting standards and amendments to financial reporting standards Financial reporting standards and amendments to financial reporting standards FRS 100 Application of Financial Reporting Requirements FRS 101 Reduced Disclosure Framework These new standards were issued

More information

TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS 07 June 2005 TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS 1. Introduction In accordance with European Union regulations, all groups listed within the European Union are required to report

More information

SUPPLEMENTARY INFORMATION SUPPLEMENTARY FINANCIAL INFORMATION SUPPLEMENTARY PEOPLE INFORMATION SUPPLEMENTARY SUSTAINABILITY INFORMATION SHAREHOLDER

SUPPLEMENTARY INFORMATION SUPPLEMENTARY FINANCIAL INFORMATION SUPPLEMENTARY PEOPLE INFORMATION SUPPLEMENTARY SUSTAINABILITY INFORMATION SHAREHOLDER SUPPLEMENTARY INFORMATION SUPPLEMENTARY FINANCIAL INFORMATION SUPPLEMENTARY PEOPLE INFORMATION SUPPLEMENTARY SUSTAINABILITY INFORMATION SHAREHOLDER INFORMATION MAJOR AWARDS 296 312 314 317 319 GLOSSARY

More information

01/06/2015. FRS 102 practical issues. FRS 102 practical issues. Introduction

01/06/2015. FRS 102 practical issues. FRS 102 practical issues. Introduction 24 February 2015 Download the slides to accompany the webinar /FRFwebinarresources 24 February 2015 Introduction Sarah Dunn Technical Manager, Financial Reporting Faculty 1 Introduction Stephanie Henshaw

More information

IFRS Interim Results. 25 weeks to 24 July November 2005

IFRS Interim Results. 25 weeks to 24 July November 2005 IFRS Interim Results 25 weeks to 24 July 2005 17 November 2005 Overview 2 UK GAAP trading update of 20 October remains unchanged Operating profit before exceptionals unchanged at 50.7m Conversion to IFRS

More information

Group accounting policies

Group accounting policies 81 Group accounting policies BASIS OF ACCOUNTING AND REPORTING The consolidated financial statements as set out on pages 92 to 151 have been prepared on the historical cost basis except for certain financial

More information

The notes on pages 7 to 59 are an integral part of these consolidated financial statements

The notes on pages 7 to 59 are an integral part of these consolidated financial statements CONSOLIDATED BALANCE SHEET As at 31 December Restated Restated Notes 2013 $'000 $'000 $'000 ASSETS Non-current Assets Investment properties 6 68,000 68,000 - Property, plant and equipment 7 302,970 268,342

More information

GOODMAN PROPERTY TRUST

GOODMAN PROPERTY TRUST GOODMAN PROPERTY TRUST Audited annual results for announcement to the market Reporting Period 12 months to 31 March Previous Reporting Period 12 months to 31 March Amount Percentage Change Revenue from

More information

Good Group (International) Limited

Good Group (International) Limited IFRS Core Tools Good Group (International) Limited Illustrative consolidated financial statements for the year ended 31 December 2015 International GAAP Contents Abbreviations and key... 2 Introduction...

More information

First-time Adoption of International Financial Reporting Standards

First-time Adoption of International Financial Reporting Standards International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards In April 2001 the International Accounting Standards Board (IASB) adopted SIC-8 First-time

More information

Compass Group PLC Accounting Policies and Procedures Manual. March 2010 Version 3.0

Compass Group PLC Accounting Policies and Procedures Manual. March 2010 Version 3.0 Compass Group PLC Accounting Policies and Procedures Manual March 2010 Version 3.0 How to use this manual This manual is organised by topic and aims to cover the accounting and financial reporting matters

More information

ACCOUNTING POLICIES. for the year ended 30 June MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 13

ACCOUNTING POLICIES. for the year ended 30 June MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 13 12 MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 13 ACCOUNTING POLICIES for the year ended 30 June 2013 1 PRESENTATION OF FINANCIAL STATEMENTS These accounting policies are consistent with the previous

More information

A Comparative Analysis of PERS, MPERS and MFRS Frameworks

A Comparative Analysis of PERS, MPERS and MFRS Frameworks A Comparative Analysis of PERS, MPERS and MFRS Frameworks By Tan Liong Tong 1. Introduction In February 2014, the MASB issued Malaysian Private Entities Reporting Standard (MPERS) and this sets a new milestone

More information

IFRS 1 - First-Time Adoption of IFRS

IFRS 1 - First-Time Adoption of IFRS IFRS 1 - First-Time Adoption of IFRS P C First time adoption session outline Overview Exemptions and exceptions Disclosure IFRS 1 General principles Application Requires To the first IFRS financial statements

More information

IFRS for SMEs (proposals) Pocket Guide 2007

IFRS for SMEs (proposals) Pocket Guide 2007 IFRS for SMEs (proposals) Pocket Guide 2007 PricewaterhouseCoopers (www.pwc.com) is the world s largest professional services organisation. Drawing on the knowledge and skills of 125,000 people in 142

More information

November Changes To The Financial Reporting Framework In Singapore

November Changes To The Financial Reporting Framework In Singapore November 2009 Changes To The Financial Reporting Framework In Singapore The information in this booklet was prepared by the Technical Department of Deloitte & Touche LLP in Singapore ( Deloitte Singapore

More information

Diploma in International Financial Reporting and Marking Scheme

Diploma in International Financial Reporting and Marking Scheme Answers Diploma in International Financial Reporting June 20 Answers and Marking Scheme Marks (a) Computation of goodwill on acquisition of Beta and Gamma Explanations (where needed) Beta Cost of investment:

More information

Our 2009 financial statements

Our 2009 financial statements Our 2009 financial statements Accounting policies The consolidated financial statements of WPP plc and its subsidiaries (the Group) for the year ended 31 December 2009 have been prepared in accordance

More information

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS 1 GENERAL INFORMATION Kerry Properties Limited (the Company ) is a limited liability company incorporated in Bermuda. The address of its registered office is Canon s Court, 22 Victoria Street, Hamilton

More information

Doha Insurance Company Q.S.C.

Doha Insurance Company Q.S.C. FINANCIAL STATEMENTS 31 December 2014 STATEMENT OF INCOME For the year ended 31 December 2014 Notes Gross premiums 533,715,317 516,669,468 Reinsurers share of gross premiums (403,053,662) (410,411,989)

More information

EY IFRS Core Tools. IFRS Update. of standards and interpretations in issue at 28 February 2014

EY IFRS Core Tools. IFRS Update. of standards and interpretations in issue at 28 February 2014 EY IFRS Core Tools IFRS Update of standards and interpretations in issue at 28 February 2014 Contents Introduction 2 Section 1: New pronouncements issued as at 28 February 2014 4 Table of mandatory application

More information

Good Group (International) Limited

Good Group (International) Limited IFRS Core Tools Good Group (International) Limited Unaudited interim condensed consolidated financial statements 30 June 2017 Contents Abbreviations and key... 2 Introduction... 3 Interim condensed consolidated

More information