Technical round-up: October 2023

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Eddy James summarises the latest technical developments, internationally and in the UK, including two new IFRS Accounting Standards, amends to the IFRS for SMEs by the IASB and the FRC’s proposed changes to FRS 102.

Technical round-up: July 2023

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Eddy James summarises the latest technical developments in corporate reporting, including supplier finance arrangements, the first two International Sustainability Disclosure Standards, and the Periodic Review of UK GAAP.

FRS 102 Debt for equity swaps

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This factsheet explains how to account for ‘debt for equity swaps’ in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Reduced Disclosure Framework

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This factsheet provides an overview of the disclosure exemptions available to qualifying entities and the transitional issues arising when adopting FRS 101 for the first time.

Preparing and filing Micro-Entity accounts

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This new factsheet is designed to provide an overview of FRS 105. It also covers the criteria for qualifying as a micro-entity and the exemptions available to such entities.

Financial instruments: FRS 102 factsheet

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Summarising the requirements of FRS 102 for basic and other financial instruments, this factsheet includes practical tips and illustrative examples.

FRS 102 - Impairment of assets

This factsheet is a summary of the basic principles of accounting for impairment with practical guidance to will help with implementation.

FRS 102 Financial Instruments - Hedge Accounting

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This factsheet outlines the key requirements of FRS 102 in respect of hedge accounting and includes practical examples on their application.

Planning for the 2022-23 reporting season

This guide looks at what is different about the current reporting season and where to focus your efforts. The guide is aimed primarily at preparers of IFRS and FRS 102 accounts, although the relevance of points will also depend on the size and nature of the business.

FRS 102 Deferred Tax factsheet

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This recently updated factsheet provides an overview of the accounting and disclosure requirements for deferred tax in accordance with FRS 102 in response to some frequently asked questions about this challenging topic. (updated November 2022).

10 accounting and disclosures questions finance should be asking about LIBOR transition

ICAEW's Financial Services Faculty highlights 10 questions to inform the critical areas of accounting and financial disclosure that are being impacted by LIBOR transition.

Small and micro-entity reporting compared

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In this guide, the Financial Reporting Faculty outlines the differences between FRS 102 and FRS 105 and other factors to consider when deciding whether to prepare accounts using the small or micro-entities regime.

Brexit: implications for financial reporting

Following the invocation of Article 50, the implications of the June 2016 UK referendum remain at the forefront of political debate in the UK. The impact that Brexit will have on the UK’s financial reporting infrastructure and the related international ramifications have, however, not yet attracted sufficient attention.

Loans at non-market rates under FRS 102

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This short guide outlines, and illustrates by example, the accounting requirements of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland applicable to loans that are provided interest free or at below-market interest rates, a common example of which are intercompany loans.

Hedge accounting under FRS 102

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Technical helpsheet issued to help ICAEW members to understand aspects of hedge accounting under FRS 102.

Foreign currency translation under FRS 102

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Technical helpsheet issued to help members understand foreign currency translation under FRS 102.

Financial Risk in Transactions, Issue 56

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This guideline deals with interest rate and foreign exchange risk management from a corporate finance perspective. These risks tend to be focused on during a ‘transaction event’, whether management buyout (MBO)-type transactions, M&A, or when new assets are acquired.