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GAAP 2014 — Annual report disclosures for UK listed groups

  • ukGAAP 2014 Image

21 Jan 2014

Deloitte has released 'GAAP 2014 - Annual report disclosures for UK listed groups'. This publication provides comprehensive guidance on the presentation and disclosure requirements for company reporting that will apply to listed groups for 2013/14.

This publication reflects recent changes to reporting requirements. The front half provides guidance on the application of the new requirements for a strategic report which replace the business review within the directors’ report.  This includes new requirements on the company’s strategy, business model, human rights and gender diversity.  The directors’ report illustrates the new requirements on greenhouse gas emissions. 

The front half also illustrates the new form of directors’ remuneration report including the ‘single figure’ for each director.  The disclosure requirements of the now effective 2012 UK Corporate Governance Code have also been illustrated.

The back half of the publication illustrates the mandatory adoption of IAS 19 Employee benefits (revised) and IFRS 13 Fair value measurement.  Also illustrated is the adoption of the 'suite of five' issued in May 2011— IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, and the revised versions of IAS 27 Separate Financial Statements and IAS 28 Investments in Associates and Joint Ventures.  Although companies reporting under IFRSs as adopted by the EU have been given an extra year to comply (1 January 2014), the early adoption of these new standards has been illustrated.  From the perspective of the model annual report, the key change is a lot of extra disclosures, particularly around non-controlling interests.  

An overview of the UK regulatory framework is provided at the start of the publication.  This is followed by the narrative statements that are typically found in the front half of annual reports.  The back half of the publication contains model financial statements.  Detailed commentary is provided throughout outlining the disclosure requirements with cross references, inter alia, to the requirements of International Financial Reporting Standards, the 2006 Companies Act, the Listing Rules, the Disclosure and Transparency Rules and the UK Corporate Governance Code.   

This publication is based on legislation (the Companies Act 2006) and regulation in issue as at 15 October 2013 which is effective for years beginning on or after 1 January 2013 (including the new requirements of company law for periods ending on or after 30 September 2013). There may be changes to the law or accounting standards subsequent to that date.  In addition, the interpretation of IFRSs will continue to evolve over time.

Orders for Deloitte’s GAAP publication may be placed via the LexisNexis website.

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