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UK Financial Statements: Presentation and Disclosure Requirements

Author: Steve Collings

Publisher: Bloomsbury Professional

Law As Stated At: 1 January 2022

UK Financial Statements: Presentation and Disclosure Requirements

UK Financial Statements: Presentation and Disclosure Requirements

This publication explains how the disclosure requirements under new UK GAAP (and EU-endorsed IFRS) should be prepared. This commentary offers preparers of financial statements detailed guidance on getting the accounts and associated disclosure requirements correct under the FRC's reporting framework following the triennial review amendments to UK GAAP. It also reflects Republic of Ireland company law amendments in respect of FRS 102, Section 1A and FRS 105.

Rather than focusing on disclosure requirements only, this commentary is a 'one-stop-shop' which focuses on the wider issues around financial statement preparation. Various areas of the Companies Act 2006 require differing levels of disclosure depending on whether the entity is a micro-entity, small company, medium-sized or large business; and this book is structured in such a way that each type of business is covered in its own chapter, hence making each chapter a standalone section depending on the size of the entity concerned.

Detailed explanations of why certain things are done and disclosed are incorporated within each chapter to enable preparers to understand why they are disclosing certain items. Bloomsbury Professionals Example Financial Statements should be referred to alongside this commentary.

Steve Collings FCCA

Steve Collings FCCA is a director at Leavitt Walmsley Associates, Chartered Certified Accountants based in Sale, Cheshire where he trained and qualified. Steve is the author of several titles for Bloomsbury Professional including Group Accounts under UK GAAP, Financial Reporting for Unlisted Companies in the UK and Republic of Ireland and Financial Statements: Presentation and Disclosure Requirements. Steve has close connections with various professional bodies producing authoritative material, articles and courses and represents the Association of Accounting Technicians on the CCAB and Technical Partners Committee at the Financial Reporting Council.