Posts Categorized: Financial Reporting

All change in UK Accounting rules: FRS 100, FRS 101 & FRS 102

All change in UK Accounting rules: FRS 100, FRS 101 & FRS 102

It’s finally happened, FRS 102 is here! The new blueprint for UK accounting was actually finalised in March this year. So how will things look going forward? When will everything change? And which organisations will be affected? All key questions that are revealed below. What are the reporting requirements going forward? The Financial Reporting Council… Read more »

EBITDA

A widely used and often misunderstood way of tracking a business’ performance is to look at its EBITDA. What is this? The acronym stands for Earnings Before Depreciation, Interest, Tax & Amortisation. But what is it actually telling us? Earnings is another word for ‘Profit’. So EBITDA is basically your profit for the period before… Read more »

IFRS for SMEs

Currently under review by the ASB is a proposal that will revolutionise the way UK companies prepare their financial statements. If the plans get the go ahead, these are the accounting systems that UK companies will use to prepare their accounts from as early as 2012: IFRS for AIM & Quoted companies IFRS for other ‘publicly accountable entities’… 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 »

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 »