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GAAP 2018: Model annual report and financial statements for UK listed groups

Published on: 01 Feb 2018

GAAP 2018 Model annual report and financial statements for UK listed groups provides comprehensive guidance on the presentation and disclosure requirements for company reporting that will apply to listed groups for 2017/18.

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

The 2018 edition has been updated to reflect recent changes to reporting requirements.

We have updated the front half of the report to reflect the UK Government enactment of The Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016 (SI 2016/1245) which implement the EU NFR Directive. The new sections of the Act require certain companies to include within their strategic report a non-financial information statement and some additional disclosures including those about anti-corruption and bribery matters are required. The EU NFR Directive also requires certain diversity disclosures to be presented. We have also continued to improve the disclosures and commentary based on our surveys and experience, so as to provide the reader with more comprehensive guidance and examples.

The back half of the report has been updated to reflect a number of amendments to IFRSs that are mandatorily effective for accounting periods beginning on or after 1 January 2017. Their adoption has not had any material impact on the disclosures illustrated in this publication. The disclosures required by IFRS 9 Financial Instruments (as revised in July 2014), IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases, which are issued but not yet effective are illustrated in appendices. This publication includes the parent’s separate financial statements prepared in accordance with FRS 101.

The author team from Deloitte has a wealth of specialised company reporting experience and has used this to produce practical time-saving examples together with expert commentary.

This book is based on legislation (the Companies Act 2006) and regulation in issue as at 15 October 2017 which is effective for years beginning on or after 1 January 2017. 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.

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