Posts By: admin

All change (again) on Auditing Standards

Just this month (October 2009) the Auditing Practices Board issued a whole new set of ISA’s. This was as a result of the IAASB (the international board) issuing their revised ISA’s following their clarification project. These new standards apply for periods beginning on or after 10 December 2010. What does this mean for your standards?… Read more »

We all depreciate

You may have an idea what the word ‘depreciate’ means. It’s used to describe the fall in value of something and it’s that fall in value that we focus on when we use the word. So, for example, if you buy a car you may talk about how much it has ‘depreciated’ over the past 6… Read more »

That accruals thing

I was thinking the other day that if a man is an ape that can walk upright, then an accountant is a man who can use the accruals principle. It’s an evolutionary thing! This accruals idea keeps accountants in business, it leads to them producing reams and reams of accounting rules and regulations and keeps the… Read more »

UK GAAP: who still uses it?

From this fiscal year most of the public sector will be producing IFRS compliant financial statements (the Local Authorities have a further year’s grace and don’t need to produce IFRS accounts until 2010/11). That means that the following groups of organisations now use IFRS: Companies quoted on UK Stock Exchange Companies quoted on AIM Public… Read more »

Companies Act 2006 implementation

The last tranche of the Companies Act 2006 is due to be implemented in October 2009. This is the last of seven different implementations of the Uk’s largest piece of legislation. The changes being introduced in this block include the following areas: Registrar’s powers Incorporation Change of constitution Treatment of name Change of name Directors’… Read more »

Codification of US GAAP

For those of you using US GAAP, the new ‘Codification’ goes live for any financial statements produced post 15 September 2009. What the standards setting authority in the US have done is taken all the thousands of pieces of guidance from the various sources and put them in to a ‘one stop shop’ document called… Read more »