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This title provides accountants and auditors with easy to follow and well structured guidance on the preparation of group accounts in line with UK GAAP. Group accounts must be prepared, by law, for medium-sized and large groups. Listed companies are required to prepare their accounts in line with International Financial Reporting Standards but larger unlisted companies can prepare their statements using UK GAAP.
Groups are very common in the UK and are likely to become even more common when corporation tax rates increase in the future as there are various tax advantages to operating under a group structure.
Group structures can vary (e.g. horizontal, vertical, hybrid, D-shaped|) and preparing financial accurate financial statements can be complex as a result. While there is a lot of guidance on producing accounts under IFRS, there is every little in evidence dealing with the UK GAAP rules. This title addresses this gap.
The commentary identifies the differences between IFRS and UK GAAP in the treatment of group accounts. The differences between accounts produced pre and post Brexit are also covered.
All commentary is supported throughout by the inclusion of worked practical examples based on the authors experience dealing with clients and running training courses.
This title is included in Bloomsbury Professional's Financial Reporting for Smaller Companies online service.
List of contents
Chapter 1: Introduction
Chapter 2: Overview of Consolidated Financial Statements and UK GAAP
Chapter 3: Group Accounts: Introduction
Chapter 4: Fair Values and Deferred Tax in a Group
Chapter 5: The Consolidation Process
Chapter 6: Investments in Associates
Chapter 7: Investments in Joint Ventures
Chapter 8: Acquisition and Disposal of Interests
Chapter 9: Consolidated Cash Flow Statement
Chapter 10: Foreign Currency Issues
Chapter 11: Group Reconstruction
Chapter 12: Auditing Group
About the author
Steve Collings FCCA is a director of Leavitt Walmsley Associates Ltd, a firm of chartered certified accountants based in Sale and Warrington, UK. He also writes for many international blogs and websites, and is the author of numerous respected guides on accounting, and he has lectured for a number of years on these subjects.
Steve contributes to a variety of external auditing and accounting platforms and is recognised globally for his technical knowledge. He has often been consulted by senior authorities to assist in technical compliance issues, including being asked to become a member of the UK GAAP technical advisory group at the Financial Reporting Council. He has been a recipient of a number of industry awards, including Professional Member of the Year at the AAT Professional Member Awards (2017).
Summary
This title provides accountants and auditors with easy to follow and well structured guidance on the preparation of group accounts in line with UK GAAP. Group accounts must be prepared, by law, for medium-sized and large groups. Listed companies are required to prepare their accounts in line with International Financial Reporting Standards but larger unlisted companies can prepare their statements using UK GAAP.
Groups are very common in the UK and are likely to become even more common when corporation tax rates increase in the future as there are various tax advantages to operating under a group structure.
Group structures can vary (e.g. horizontal, vertical, hybrid, D-shaped|) and preparing financial accurate financial statements can be complex as a result. While there is a lot of guidance on producing accounts under IFRS, there is every little in evidence dealing with the UK GAAP rules. This title addresses this gap.
The commentary identifies the differences between IFRS and UK GAAP in the treatment of group accounts. The differences between accounts produced pre and post Brexit are also covered.
All commentary is supported throughout by the inclusion of worked practical examples based on the authors experience dealing with clients and running training courses.
This title is included in Bloomsbury Professional's Financial Reporting for Smaller Companies online service.
Foreword
Untangling the complexities of preparing group accounts under UK GAAP
