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Deloitte's suite of 2017 GAAP manuals coming soon

Deloitte’s suite of GAAP 2017 manuals, which are available to order now, are the authoritative guides for preparers and auditors of financial statements for UK companies. 

The suite covers UK legal, regulatory and financial reporting requirements (both IFRS and 'new UK GAAP') and provides the most detailed and up-to-date guidance.  It combines guidance for companies applying IFRSs or the new UK GAAP into a single unified publication and provides worked examples and extensive interpretation and guidance – clearly marked – where the Companies Act or accounting standards are silent, ambiguous or unclear. 

More information on the Deloitte manuals and details of how to order can be found at www.cch.co.uk/gaap

 

GAAP 2017 Volume A: UK Reporting - Legal and regulatory framework

This volume sets out the legal and regulatory financial reporting requirements extant at 1 September 2016 for UK entities, irrespective of whether they apply IFRSs or UK GAAP, including coverage of two of the standards which form part of the 'new UK GAAP' - FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework.

Significant changes to these requirements since the previous edition include; the introduction of the 2016 UK Corporate Governance Code, changes resulting from the 2016 LLP Regulations and the proposed changes to distributable profits guidance.

GAAP 2017 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. as at 1 September 2016.  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. 

This volume also includes FRS 104 Interim Financial Reporting, which is intended for use in the preparation of interim reports by companies that apply FRS 102 for their annual financial statements. The 2017 edition includes the new requirement for fair value hierarchy disclosures for financial instruments and the updated 2016 going concern guidance.


GAAP 2017 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 1 September 2016 that apply for periods beginning in 2015 and later.  It includes guidance on the application of the most recent Standards and Interpretations from the IASB, including IFRS 16 Leases which will affect the majority of entities applying IFRSs.  It also covers updated going concern guidance.

 GAAP 2017 Volume D: UK Reporting - IFRS 9 and related Standards

This volume is recent addition to the UK series. The Standards covered are IFRS 9 Financial Instruments; IFRS 7 Financial Instruments: Disclosures; IAS 32 Financial Instruments: Presentation; and IFRS 13 Fair Value Measurement. Requirements are based on the text of Standards at 1 September 2016.  

IFRS 9 is effective from 1 January 2018, with earlier application permitted (subject to EU endorsement for UK companies). This volume will be of considerable value to preparers who are planning their move to IFRS 9; it will also be useful to other interested parties trying to gain a better understanding of the impact of IFRS 9. The text goes beyond and behind the technical requirements, unearthing common problems, and providing views, interpretations, clear explanations and examples. These enable the reader to gain a sound understanding of the Standards covered and an appreciation of the practical issues likely to be encountered in their implementation.

This edition has been updated to include, in particular, more detailed guidance and illustrative examples on the hedge accounting and impairments of IFRS 9.


GAAP 2017 Volume E: 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.  Requirements are based on the text of Standards at 1 September 2016. 

Although IAS 39 will ultimately be replaced by IFRS 9, 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 2017: Model annual report and financial statements for UK listed groups

GAAP 2017 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 2016/17.

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 2017 edition has been updated to reflect recent changes to reporting requirements.  The front half of the report has been updated to reflect the 2016 UK Corporate Governance Code, together with an updated version of the Guidance on Audit Committees, both of which are effective for periods commencing on or after 17 June 2016.  We have also continued to improve the disclosures and commentary based on our surveys and experience, so as to proviode 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 2016.  Their adoption has not had any material impact on the disclosures illustrated in this publication.  Financial instruments disclosures continue to be an area of focus and this edition improves those disclosures. 

Most UK companies will now have gone through their first year of applying FRS 101 and this publication includes the parent's separate financial statements prepared in accordance with this standard.  This edition reflects the various amendments to FRS 101 including those arising from changes to UK legal requirements to implement the EU Accounting Directive.  These provide flexibility to present the balance sheet and profit and loss account using formats that are more consistent with the requirements of IFRSs.  These amendments are applicable for accounting periods beginning on or after 1 January 2016.

GAAP 2017 Volume F: UK Reporting - IFRS disclosures in practice

This new volume, sourced from IFRS accounts from around the world, covers many different areas of the Standards providing real-life examples of good disclosure practice.  It is is available as an ebook only.  

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