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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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Small Company Financial Reporting

ISBN13: 9781780438740
Published: October 2015
Publisher: Bloomsbury Professional
Country of Publication: UK
Format: Paperback
Price: £95.00

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Small Company Financial Reporting addresses recent changes in EU law and is a useful addition to the Financial Reporting for Smaller Companies online service.

The FRC is proposing to issue a new accounting standard for micro-entities, companies typically turning over less than 632,000 a year. The Financial Reporting Standard for Micro-Entities (FRSME) will make accounts for these entities simpler, and the Government is consulting on how to bring the directive into UK Law.

The FRC will also introduce a new section into FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for small entities, proposed as those turning over less than 10.2 million. The underlying accounting by small entities will in future be consistent with the standard for financial reporting used by other unlisted companies, subsidiaries of listed companies and public benefit entities such as charities; however the presentation of disclosure requirements for small entities may be straight forward.

The consultation period ends on 30 November and it is expected that the new version of FRS 102 will apply for periods beginning on or after 1 January 2016. The Accounting Directive must be implemented into the UK law by 20 July 2015.

Whether practitioners decide to adopt the FRSME or the revised FRS 102, Small Company Financial Reporting will assist them in understanding the new terminology and formats of the financial statements.

Chapter 1: Introduction
Chapter 2: New small companies regime
Chapter 3: Financial statements
Chapter 4: The elements of financial statements
Chapter 5: Reporting the substance of transactions
Chapter 6: Contentious areas of the financial statements
Chapter 7: Small company legal requirements
Chapter 8: Consolidated financial statements
Chapter 9: Related parties
Chapter 10: Transactions with directors
Chapter 11: Financial reporting for micro-entities
Chapter 12: Financial reporting of key areas of the accounts
Chapter 13: Small company audits and ethical standards
Chapter 14: The transition to new UK GAAP
Appendix I: Sample micro-entity financial statements
Appendix II: Sample small company financial statements