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UK GAAP FAQs

The Financial Reporting Faculty regularly produces FAQs on areas of general interest. We answer your initial questions on the topic, and guide you to any other relevant resources that are available.

The Financial Reporting Faculty also assists ICAEW’s Technical Enquiry Service in preparing helpsheets.

Accelerated Payment Notices

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In this FRS 102 Update, Financial Reporting Faculty staff answer some of your questions regarding APNs for corporation tax. Published October 2017.

FAQ - Small Companies Disclosure Of Transactions With Directors

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In this edition of a series of views and commentary on FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Financial Reporting Faculty staff answer some of your questions about what companies applying the UK small companies regime need to disclose about transactions with directors.

Filing options under the new small LLPs regime

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Recent changes to the LLP regulations removed the option for small LLPs to file an abbreviated version of their full accounts with Companies House for periods beginning on or after 1 January 2016. This document answers frequently asked questions about the filing options available under the new small LLPs regime. Published September 2017.

Loans from directors under the new UK GAAP - FAQs

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In this edition of the Financial Reporting Faculty’s series of Updates on FRS 102, faculty staff comment on some of the questions and concerns raised by members on the accounting for loans from directors who are also shareholders of the company, primarily in the context of small companies. Published August 2017.

FRS 102 Update: Intercompany loans at non-market rates

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This FRS 102 Update addresses some of the questions raised by members regarding the accounting treatment of intercompany loans which are provided interest free or at below-market interest rates. Updated July 2017.

Accounting for directors loans under FRS 102

In this edition of a series of views and commentary on FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Financial Reporting Faculty staff comment on some of the questions raised by members about accounting for directors’ loans, taking account of member comments in response to recent faculty blogs on the issue. Published March 2016. Updated June 2017.

FRS 101 Reduced Disclosure Framework

In this edition of a new series of views and commentary on FRS 101 Reduced Disclosure Framework, Financial Reporting Faculty staff answer some of your questions on the new standard. Updated May 2017.

The UK Financial Reporting Regime

Financial Reporting Faculty staff comment on some of the questions raised by members on the UK financial reporting regime, looking at the requirements and options for different types of UK entities. Published May 2017.

The Revised Limited Liability Partnerships SORP

The Financial Reporting Faculty highlights important changes to the Limited Liability Partnerships SORP. The Consultative Committee of Accounting Bodies (CCAB) published a revised version of its Statement of Recommended Practice: Accounting for Limited Liability Partnerships on 26 January 2017. This document answers frequently asked questions about the revised SORP.

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Further information on FRS 100, FRS 101 and FRS 102 is available. Additional resources on the new UK regime, including factsheets and webinars, can be found at icaew.com/newukgaap.