GAAP 2015 Volume A: UK Reporting - Legal and regulatory framework

This volume sets out the legal and regulatory financial reporting requirements extant at 31 July 2014 for UK entities, irrespective of whether they apply IFRSs or UK GAAP. Significant changes to these requirements since the previous edition include the introduction of a new legal framework for financial reporting by micro companies and the publication of a revised Statement of Recommended Practice (SORP) for LLPs that is based on the requirements of FRS 102.

It also covers the requirements of two of the three standards which form part of the ‘new UK GAAP’: FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework

GAAP 2015 Volume B: UK Reporting - FRS 102

This volume sets out the requirements of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, the main standard which replaces ‘old’ UK GAAP. This edition is based on FRS 102 as at 31 July 2014 and incorporates the amendments made in July 2014 in respect of accounting for financial instruments. The Standard is based on the IFRS for SMEs, a simplified version of full IFRSs, but adapted to ensure compliance with company law requirements in the UK and to accommodate some existing UK GAAP practices by introducing a number of options also available under IFRSs.

GAAP 2015 Volume C: UK Reporting - IFRSs Parts 1 & 2

This volume sets out comprehensive guidance for entities reporting under International Financial Reporting Standards (IFRSs) and covers all IFRSs other than those dealing exclusively with financial instruments.  This volume deals comprehensively with those Standards issued by the IASB up to 31 July 2014 that apply for periods beginning in 2014 and later.  It includes expanded guidance on the application of the most recent Standards and Interpretations from the IASB, including IFRS 15 Revenue from Contracts with Customers, which will affect the majority of entities applying IFRSs. In addition, GAAP 2015 includes a new chapter on the developing area of Integrated Reporting. 

GAAP 2015 Volume D: UK Reporting - IAS 39 and related Standards

This volume covers IAS 39 Financial Instruments: Recognition and Measurement; IFRS 7 Financial Instruments: Disclosures; IAS 32 Financial Instruments: Presentation; and IFRS 13 Fair Value Measurement.

Although IAS 39 will ultimately be replaced by IFRS 9, until IFRS 9 is required to be applied by those entities applying IFRSs as adopted in the EU, IAS 39 and related Standards will continue to be widely used.  This volume covers all the requirements of IAS 39 that precede IFRS 9.  It will therefore be of great value to preparers who continue to apply IAS 39 and other interested parties trying to gain a better understanding of the impact of the IFRSs dealing with financial instruments.

The text goes beyond and behind the technical requirements, unearthing common practices and problems, and providing views, interpretations, clear explanations and examples. These enable the reader to gain a sound understanding of the Standards and an appreciation of the practical issues likely to be encountered in their implementation.

GAAP 2015: Model annual report and financial statements for UK listed groups

GAAP 2015 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 2014/15.  The book is based on legislation (the Companies Act 2006) and regulation in issue as at 15 October 2014 which is effective for years beginning on or after 1 January 2014.

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, 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. 

The 2015 edition has been updated to reflect recent changes to reporting requirements.  The Strategic Report, in the front half, has been updated for the FRC Guidance on the Strategic Report published in June 2014 and the directors’ report for the changes to the Listing Rules made in May 2014.  A number of amendments to IFRSs and new interpretations, which are not complex, have become effective for periods beginning 1 January 2014. These amendments to IFRSs and new interpretations have been illustrated, where applicable, in the model financial statements.  Early adoption of FRS 101 in the parent’s separate financial statements has also been illustrated because it is expected that many eligible companies will adopt this course, taking advantage of the reduced disclosure framework. 

GAAP 2015: Model annual report and financial statements for UK unlisted groups (available May 2015)

Deloitte’s model annual report and financial statements for UK unlisted groups, prepared using the FRS 102 accounting framework, also discuss relevant legal, regulatory and narrative reporting requirements. Including both narrative and financial reports, with extensive explanatory commentary, this volume has been fully updated by its expert authors, including changes to reflect recent amendments to FRS 102, the directors’ and strategic report.