Blogs

The Financial Reporting Council (FRC) is an independent UK regulator responsible for promoting quality corporate governance and reporting, and for the oversight of the accounting and actuarial professions. It is currently an amalgamation of several organisations consisting of seven different bodies namely: – Accounting Standards Board – Auditing Practices Board

International Accounting Standards Board (IASB), the body that sets International Financial Reporting Standards (IFRS), issued a ‘practice statement’ on 08 December 2010 titled ‘Management Commentary’. It is not a standard nor is it binding on business entities that follow IFRS. Non-compliance with the Practice Statement will not mean the entity’s

The International Accounting Standards Board (IASB) has issued amendments to IFRS 7 Financial Instruments: Disclosures. The amendments seek to help users of financial statements improve their understanding of transfer transactions involving financial assets including possible effects of any risks remaining with the transferor entity after the transfer. Broadly aligning the

International Accounting Standards Board has issued an Exposure Draft proposing amendments to IFRS 1 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS. The amendments provide guidance on how in accordance with IFRSs an entity should resume presenting financial statements after a period when it was unable to comply with IFRSs because

The International Accounting Standards Board (IASB) has published an exposure draft proposing a limited amendment to ‘IAS 12 Income Taxes’. Currently the standard requires that the measurement of deferred tax liabilities and deferred tax assets should reflect the tax consequences that follow the manner in which an entity expects to

International and American accounting standards boards have jointly proposed an overhaul of the current international lease accounting standard IAS 17 in their exposure draft ‘ED 2010/9 Leases’. The proposals seek to significantly alter the way lease contracts are accounted for by both the lessees and lessors. The current distinction between

Currently business entities have a choice of presenting the results of their business operations either in a single, continuous statement of comprehensive income or as two separate statements comprising a statement of profit or loss followed by a statement of other comprehensive income. The International Accounting Standards Board issued an

The directors are responsible for preparing accounts for each financial year. The first accounts of a company cover the period starting the date of incorporation till the last day of the anniversary month. For example the accounts of a company incorporated on 08 Jan 2010 will have its first accounting

In line with the provisions of the current Value Added Tax 1994, Schedule 1 to 3A, Schedule 11 paragraph 7(1), and VAT Regulations 1995 (SI 1995/2518) regulation 5 and Schedule 1 apply equally to UK and non-UK established businesses. This allows businesses not established in the UK but make taxable