Financial Reporting zone

AccountingWEB/Solomon Hare Financial Reporting Technical Library

AccountingWEB has teamed up with Solomon Hare to provide a service to keep you abreast of any changes to financial compliance regulations.

Access all the technical guides and alerts released through this service by clicking on the links below.

• FRS 25 – Financial instruments: Disclosure and presentation


• FRS 26 Analysis


• Financial reporting executive summary


• IFRS 2 'Share-based Payment'


• IFRS 3 'Business combinations'


• IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations'


• IFRS/IAS 2005 - Who does it apply to?


• IAS 1 Presentation of financial statements


• IAS 2 – Inventories


• IAS 7 – Cash flow statements


• IAS 8 – Accounting policies, changes in accounting estimates, and errors


• IAS 10 – Events after the balance sheet date


• IAS 11 – Construction contracts


• IAS 12 – Income tax


• IAS 14 – Segment reporting


• IAS 16 – Property, plant and equipment


• IAS 17 – Leases


• IAS 18 – Revenue


• IAS 19 – Employee benefits


• IAS 20 – Accounting for government grants and disclosure of government assistance


• IAS 21 – The effects of changes in foreign exchange rates


• IAS 22 – Business combinations


• IAS 23 – Borrowing costs
  
• IAS 24 – Related party disclosures
  
• IAS 26 – Accounting and reporting by retirement benefit plans
  
• IAS 27 – Consolidated and separate financial statements
  
• IAS 28 – Investments in associates
  
• IAS 29 – Financial reporting in hyperinflationary economies
  
• IAS 30 – Disclosures in the accounts of banks and similar financial institutions
  
• IAS 31 – Interests in joint ventures
  
• IAS 32 – Financial instruments: Disclosure and presentation
  
• IAS 33 – Earnings per share
  
• IAS 34 – Interim financial reporting
  
• IAS 35 – Discontinuing operations
  
• IAS 36 – Impairment of assets
  
• IAS 37 – Provisions, contingent liabilities and contingent assets
  
• IAS 38 – Intangible assets
  
• IAS 39 – Financial instruments: Recognition and measurement
  
• IAS 40 – Investment property
  
• IAS 41 – Agriculture
  
• APB Practice Note 25 - Attendance at stocktaking
  
• APB Bulletin 2004/1 - Auditors' association with preliminary announcements
  
• FRS 5 Application Note G - Revenue Recognition
  
• SI 2004/16 - SME accounts & audit exemption
  
• UITF Abstract 38 - Accounting for ESOP trusts
  
• UITF Abstract 17 – Employee share schemes (revised 2003)
  
• UITF Abstract 37 – Purchases and sales of own shares
  
• International Accounting Standards - Dec 03 update
  
• ASB, FRC and Company Law update - December 2003
  
• Audit & Assurance update - December 2003
  
• IFRS 1 - First-time adoption of International Financial Reporting Standards
  
• The Combined Code on Corporate Governance
  

FRS 25 – Financial instruments: Disclosure and presentation
Exclusive to AccountingWEB, Solomon Hare provide in-depth explanation and analysis of FRS 25, the objective of which is to enhance financial statement users’ understanding of the significance of financial instruments to an entity’s financial position, performance and cash flows.

FRS 26 Analysis
The objective of FRS 26 is to establish principles for recognising and measuring financial assets and financial liabilities, i.e. whether stated in the balance sheet at historical cost or at fair value. This is a tricky standard with complex implementation requirements. FRS 26 is the UK version of IAS 39. Although the majority of private companies will not be opting into the fair value rules of the revised Companies Act and therefore will not need to worry about it - at least in the short term - it may be that as time passes and UK GAAP moves ever closer to IAS the FRS 26 requirements will become mandatory for all.

Financial reporting executive summary

IFRS 2 'Share-based Payment'
2-Aug-04 - IFRS 2 refers to transfers of an entity's equity instruments by its shareholders to parties, including employees, that have supplied goods or services.

IFRS 3 'Business combinations'
2-Aug-04 - Solomon Hare provides a brief technical outline of the requirements of IFRS 3 'Business Combinations'.

IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations'
2-Aug-04 - This Solomon Hare technical brief outlines the requirements of IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations'.

IFRS/IAS 2005 - Who does it apply to?
29-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 1 Presentation of financial statements
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 2 – Inventories
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 7 – Cash flow statements
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 8 – Accounting policies, changes in accounting estimates, and errors
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 10 – Events after the balance sheet date
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 11 – Construction contracts
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 12 – Income tax
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 14 – Segment reporting
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 16 – Property, plant and equipment
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 17 – Leases
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 18 – Revenue
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 19 – Employee benefits
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 20 – Accounting for government grants and disclosure of government assistance
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 21 – The effects of changes in foreign exchange rates
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 22 – Business combinations
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 23 – Borrowing costs
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 24 – Related party disclosures
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 26 – Accounting and reporting by retirement benefit plans
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 27 – Consolidated and separate financial statements
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 28 – Investments in associates
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 29 – Financial reporting in hyperinflationary economies
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 30 – Disclosures in the accounts of banks and similar financial institutions
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 31 – Interests in joint ventures
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 32 – Financial instruments: Disclosure and presentation
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 33 – Earnings per share
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 34 – Interim financial reporting
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 35 – Discontinuing operations
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 36 – Impairment of assets
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 37 – Provisions, contingent liabilities and contingent assets
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 38 – Intangible assets
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 39 – Financial instruments: Recognition and measurement
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 40 – Investment property
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

IAS 41 – Agriculture
28-Jul-04 - This Financial Reporting Alert from Solomon Hare is designed to help companies and their accountants assess how they stand with regard to International Accounting/Financial Reporting Standards.

APB Practice Note 25 - Attendance at stocktaking
24-May-04 - This Solomon Hare technical alert provides an update on new APB guidance that explains how Statements of Auditing Standards should be applied to attendance at stocktaking.

APB Bulletin 2004/1 - Auditors' association with preliminary announcements
24-May-04 - This Solomon Hare technical alert refers to changes in auditors' responsibilities for preliminary announcements following amendments to the Stock Exchange Listing Rules.

FRS 5 Application Note G - Revenue Recognition
23-Mar-04 - This Solomon Hare technical alert explains the interim guidance issued by the ASB on revenue recognition issues, pending the publication of internationally agreed guidelines.

SI 2004/16 - SME accounts & audit exemption
13-Feb-04 - This Solomon Hare digest explains the new reporting and audit thresholds set out in Statutory Instrument 2004 No 16.

UITF Abstract 38 - Accounting for ESOP trusts
4-Feb-04 - Solomon Hare details the provisions of UITF Abstract 38, which covers changes in how employee share ownership plans (ESOPs) are presented in the accounts.

UITF Abstract 17 – Employee share schemes (revised 2003)
4-Feb-04 - UITF Abstract 17 on employee share
schemes was revised in December 2003 to accommodate changes in how the purchase of a company's own shares are reported in the accounts. Solomon Hare highlights the changes.

UITF Abstract 37 – Purchases and sales of own shares
4-Feb-04 - Solomon Hare explains how the December 2003 UITF abstract on buying and selling the company's own shares will affect the accounts.

International Accounting Standards - Dec 03 update
5-Jan-04 - Solomon Hare's update on developments surrounding International Financial Reporting/Accounting Standards in the three months December 2003.

ASB, FRC and Company Law update - December 2003
5-Jan-04 - This digest of financial reporting developments in the UK from Solomon Hare highlights developments at the Accounting Standards Board and the Financial Reporting Council.

Audit & Assurance update - December 2003
5-Jan-04 - This technical digest from Solomon Hare summarises all the main developments in audit and assurance in the three months to December 2003, including new money laundering regulations and the DTI's decision to increase the audit threshold to £5.6m turnover.

IFRS 1 - First-time adoption of International Financial Reporting Standards
2-Dec-03 - This Solomon Hare technical alert describes the transitional processes outlined in IFRS 1, which will apply to listed European companies with year-ends beginning on/after 1 January 2003.

The Combined Code on Corporate Governance
8-Oct-03 - If you work for a listed company, or audit and advise them, this Solomon Hare summary of the revised Combined Code on Corporate Governance highlights the main changes and corporate governance principles you need to know. The Code is mandatory for listed companies reporting on/after 1 November 2003.