Preparing IFRS Accounts
- What’s changed in Preparing IFRS Accounts?
- About the authors
- STOP PRESS
- 1 Framework and scope of Preparing IFRS Accounts
- 2 General statutory accounting provisions
- 3 The UK financial reporting framework
- 4 Presentation of Financial Statements
- 5 Business Combinations and Group Reporting
- 6 Revenue Recognition
- 7 Presentation and Reporting of Non-Financial Assets
- 8 Non-Financial Liabilities and Provisions
- 9 Employee Benefits
- 10 Financial Instruments
- 11 Other Presentation and Disclosure Standards
- 12 First-time Adoption of International Financial Reporting Standards
- 13 Narrative reporting
- 14 Audit exemptions
- 15 Auditor’s report
- 16 Filing company accounts
- Appendix 1: Model accounts prepared under EU-adopted IFRS
- Appendix 2A: Disclosure checklist for companies applying IFRS as adopted in the EU
- Appendix 2B: Disclosure checklist for listed companies
- Appendix 3: New and revised standards and amendments
Welcome to Preparing IFRS Accounts.
This guide explains the current set of international accounting standards as applied in the UK, focusing on the disclosure requirements for each standard. The commentary reflects all standards in issue that are endorsed and effective for reporting of periods commencing on or after 1 January 2018. Standards, amendments and interpretations issued but effective from a later date (including IFRS 16) are also covered.
This version of Preparing IFRS Accounts, updated in late 2018, also contains:
- guidance on the implementation of IFRS 9 Financial Instruments and IFRS 15 Revenue From Contracts With Customers;
- guidance on best practice for IFRS preparers, drawing on the FRC’s recent Corporate Governance and Reporting Review Report;
- an explanation of IFRS 1 First-time Application of International Financial Reporting Standards, which must be applied by companies who are converting from an existing national GAAP to IFRS and from previous GAAP to FRS 101 (with certain exemptions);
- guidance on statutory reporting and filing requirements in the UK including the strategic report, the directors’ report and the auditor’s report;
- coverage of additional reporting requirements for listed companies, including compliance with the UK Corporate Governance Code and the directors’ remuneration report;
- disclosure checklists containing all current disclosure requirements under full EU-adopted IFRS and additional requirements for UK listed companies; and
- a set of example financial statements together with guidance notes.
This guide was updated by Anne Cowley and Rachel Farris from our expert in-house technical content team.