Tax / HMRC issues guidance on tax treatment for FRS 105 accounts

HMRC has issued guidance on the tax implications of transition to the new accounting rules for small business under the FRS 105 Micro-entities Regime, as the first year of reporting under the FRSSE replacement comes into effect, setting out recommended tax treatment

Accounting / Small business accounts: abridged accounts - part 8

Under the small company accounting regime businesses can produce abridged accounts with truncated primary statements. Anne Cowley ACA explains how to use abridged accounts, which should not be confused with the old abbreviated accounts

Accounting / Exclusive download: UK GAAP and small business accounts part 1

In the latest exclusive Accountancy UK GAAP download series, part one of our essentials guide focuses on accounting changes for small businesses, from transition tips and the micro accounts regime, to audit exemptions and financial instruments

Accounting / Small business accounts: disclosures and Section 1A - part 7

In the latest article in our series on practical accounting issues for small businesses under new UK GAAP, Anne Cowley ACA examines how to deal with disclosure requirements and the use of Section 1A, the difficulties over applying somewhat challenging guidelines on true and fair in practice and the importance of providing enough information about material balances and transactions 

Accounting / Accounting updates: June 2017

In this month’s roundup of developments in accounting and financial reporting, Mitie faces £50m accounting writedown, Companies House cuts, director loan changes adopted for small businesses, IFRS 17 Insurance contracts released 

Accounting / Ireland to adopt FRS 105 for the first time

Ireland has passed the Companies Accounting Bill 2016 and will begin to implement the EU accounting directive which allows small and micro companies to use FRS 105 micro entities regime and section 1A of FRS 102 for the first time, despite the UK adopting the same legislation two years ago

Accounting / Small business accounts: deferred tax - part 6

The treatment of deferred tax under new UK GAAP is rather more challenging than first expected, warns Anne Cowley ACA. Deferred tax takes on a greater role in FRS 102 accounts, appearing more frequently than before due to the extended ‘timing difference plus’ approach adopted by the new standard

Accounting / Cash basis accounting: what you need to know

Tim Humphries, associate director at Menzies LLP, sets out the top 10 things to bear in mind when deciding on the best accounting method for a small business, with a particular focus on how to use case basis accounting

Accounting / FRC withdraws director's loan requirement for smallest companies

The Financial Reporting Council (FRC) has caved in to pressure on director’s loan reporting for small companies and is withdrawing the requirement to find a market rate of interest where a loan is made on an off-market basis under new UK GAAP

Accounting / Charities SORP: financial reporting - NEW CPD module

This month's CCH Daily CPD module focuses on charity reporting under the charities SORP, the only SORP available to charities from 1 January 2016, outlining how to plan for the transition from using FRRSE to FRS 102 reporting

Accounting / Accounting updates: May 2016

In the roundup of the latest accounting developments, FRC increases membership levy by 5%, SFO fines Tesco £129m, Charity Commission issues accounts templates for GAAP users

Accounting / Marshall: taking stock of FRS 102 - triennial review

Andrew Marshall FCA, senior technical partner at KPMG, outlines the proposed changes to FRS 102 accounting rules from definition of financial instruments to property investments and directors’ loans, with signs some treatments may revet to old UK GAAP

Accounting / Financial reporting for LLPs under revised SORP: tips and advice

Under the revised accounting SORP for LLPs, small partnerships must exercise increased judgment in disclosures when applying new accounting rules which take into account new UK GAAP, explain Andrew Baker, head of professional services group, north west, and Colin Burns, technical director, RSM

Accounting / Small business accounts: investment property - part 5

In the fifth of our exclusive series on small company accounting, Anne Cowley examines the key new UK GAAP changes for small businesses accounting for investment property and explains how small rule changes can create substantial challenges 

Accounting / ICAEW publishes guidance on dividend and distributable profit payouts

ICAEW and ICAS have published the long-awaited guidance Tech 02/17BL on realised and distributable profits, covering treatment of dividends, which now takes into account the impact of FRS 102 accounting rules