Financial reporting problems: Part two

Audit and Technical Partner
Leavitt Walmsley Associates Ltd
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In the second article of a series of three, Steve Collings considers the findings of the Financial Reporting Review Panel’s (FRRP) annual report and highlights the issues accountants dealing with clients in the SME sector face.

While the FRRP’s report is based on listed companies and large private companies reporting under IFRS, the principles addressed in the report are similar to the principles contained in UK GAAP and some of the comments flagged up in the report are broadly similar to those flagged up by file reviewers.

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  • Property, plant and equipment
  • Lease transactions
  • Revenue recognition
  • Employee benefits
  • Foreign currency
  • Related party disclosures
  • Consolidated and separate financial statements

 

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