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When will your company stop being small?
Back in June 2013 the EU passed a directive 2013/34/EU which changed the thresholds for small companies. Present Proposed Turnover £6,500,000 £10,200,000 Total assets £3,260,000 £5,100,000...
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How will FRS102 affect your tax position?
FRS102 will affect us all, even small companies will be subject to a version of FRS102. Its not just a reporting standard it will affect your tax position too, for example Intangible Assets and...
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Is my Grant Capital or Revenue?
A grant is an amount of money given to an individual or business for a specific project or purpose. You can apply for a grant from the government, the European Union, local councils and charities....
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When can you make a Prior Year Adjustment?
Until FRS102 basically an error had to be Fundamental for a Prior Year adjustment to be justified ‘Fundamental’ is defined in paragraph 63 of FRS 3 as an error of such significance as to destroy the...
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Have you accrued for Holiday Pay correctly? Section 28 FRS102
Most larger businesses, especially if they are audited probably already accrue for Holiday Pay but not every business has been accruing the cost. FRS102 Section 28.1 will require that holiday pay is...
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Do you know how FRS102 is changing Currency Conversion?
FRS102 affects many things and Section 30 sets out the rules on Currency Conversion. FRS 102 states that An entity can conduct foreign activities in two ways. It may have transactions in foreign...
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When should you recognise revenue on services provided?
The International Accounting Standard IAS 18 states ‘where the outcome of a transaction involving the rendering of services can be estimated reliably, associated revenue should be recognised by...
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The end of FRSSE here comes FRS102 and FRS105
The Financial Reporting Council issued amendments (27th July 2015) to the UK accounting standards, ushering in a new financial reporting framework for small and micro-entities. The changes are mainly...
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How can an interest free loan be worth less than the amount borrowed? FRS102
This has to be complete madness! but its absolutely correct under new accounting rules – FRS102. Take a simple example of a £5,000 interest-free loan repayable in three years’ time: if the market rate...
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Now we have Deferred Tax on Investment Properties!
FRS102 has led to many changes in the way we account for things and investment property is a prime example. The fair value of investment properties changes over time, generally, it goes up in value....
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