Posts Categorized: Uncategorized

Profit, Earnings & EBITDA

When people talk about ‘profits’, do they mean the same as ‘earnings’ and what’s this ‘EBITDA’ thing? The truth is that they are all ways of describing the performance of an organisation. ‘Profit’ is a word that means the amount that is left from income after deducting expenses. But which expenses? That’s a good question…. Read more »

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 »

Here we go with the NHS Commissioning Board

On the 1st October the NHS Commissioning Board (NHS CB) came in to being. I suppose the key question is, ‘what does the board do?’ Well the board is an executive non-departmental body which basically means that it has been established by government but operates independently of them. There are two key parts to the… Read more »

Service Line Reporting in the NHS

NHS organisations are moving towards a system of financial reporting known as ‘Service Line Reporting’ (SLR) Service Line Reporting is the same idea that’s used in the private sector for tracking the profitability of individual products and services. In the same way that a telecoms company knows the different costs and profits of its Pay… 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 »