This important title guides practitioners through their first implementation of FRSs, 100, 101 and 102. Under these standards, introduced in early 2013, many small to medium sized businesses will be preparing their financial statements under a fundamentally set of rules as the current UK GAAP framework will be withdrawn when the new standards take effect in 2015. The book focuses on explaining the key areas of change for practitioners to focus on and clear guidance on how the new standards should be implemented. This is backed up with extensive examples, sample policy wordings and the use of sample disclosures in each chapter. Unlike some other publications, this title focuses specifically on the areas financial reporting most likely to be encountered by companies who can be classified as falling within the scope of the new standard. Readers will benefit from the approach taken by the authors who have years of combined experience writing for and training in this market. Contents includes: Introduction and Basic Concepts; Financial Statements; Accounting for Assets; Accounting for Liabilities; Accounting for Revenue and Equity; Consolidations; Financial Instruments; Disclosures. Chapter 1 The development of FRS 102 Chapter 2 The concepts and pervasive principles Chapter 3 Accounting policies, estimates and errors Chapter 4 The differences between FRS 102 and the previous UK GAAP Chapter 5 Events after the reporting period Chapter 6 Related party disclosures Chapter 7 Financial statement presentation Chapter 8 Statement of financial position (Balance sheet) Chapter 9 Statement of income and income statement Chapter 10 Statement of changes in equity and Statement of changes in retained earnings Chapter 11 Statement of cash flows Chapter 12 Property, plant and equipment Chapter 13 Investment property Chapter 14 Intangible assets other than goodwill Chapter 15 Leases Chapter 16 Agriculture Chapter 17 Borrowing costs Chapter 18 Impairment of assets Chapter 19 Inventories Chapter 20 Construction contracts Chapter 21 Sale and leaseback transactions Chapter 22 Provisions and contingencies Chapter 23 Employee benefits Chapter 24 Grants Chapter 25 Taxation Chapter 26 Revenue recognition Chapter 27 Share capital and equity Chapter 28 Share-based payment Chapter 29 Consolidated and separate financial statements Chapter 30 Business combinations and goodwill Chapter 31 Associates and joint ventures Chapter 32 Foreign currency translation Chapter 33 Assets held for sale and discontinued operations Chapter 34 Reduced disclosures for subsidiaries and parent companies Chapter 35 Financial instruments Introduction Chapter 36 Accounting for basic financial instruments Chapter 37 More complex financial instruments Chapter 38 Financial instruments, the hedge accounting option Chapter 39 First-time adoption of FRS 102 Chapter 40 Specialised activities and other entities
Steve is the audit and technical director for Leavitt Walmsley Associates Ltd who are a firm of Chartered Certified Accountants based in Sale, South Manchester and he specialises in financial reporting and auditing as well as having an interest in small business taxation issues. You can find out more about Steve and his books by visiting his personal website at www.stevecollings.co.uk or follow Steve on Twitter - @stecollings
In 2011 Steve was named 'Accounting Technician of the Year' at the British Accountancy Awards. In 2013 he received the Outstanding Contribution to the Accountancy Profession award from the Association of International Accountants.
Steve's first book 'The Core Aspects of IFRS and IAS' was published in August 2009 and was re-branded and re-published in May 2011 by Sift Media titled 'The AccountingWEB Guide to IFRS'. Interpretation and Application of International Standards on Auditing was also published in March 2011. IFRS For Dummies published on 20 April 2012 in the UK and shortly afterwards on Amazon.com in May 2012. Steve's next book, 'FAQs in IFRS' will be published on 1 March 2013. Financial Accounting for Dummies will follow closely on 19 April 2013.
Steve writes extensively for AccountingWEB.co.uk on financial reporting and auditing subjects and also lectures on auditing and financial reporting issues.
For full details on Steve's profile, visit his LinkedIn page.