United Kingdom
Publications - Audit
Click on the links below to download our latest publications to assist in the preparation of financial statements, including illustrative financial statements and reporting surveys.
This publication looks at the requirements of the Companies Act 2006 relating to accounts and audit and connected requirements such as:
- Private company administration matters – company secretary, meetings and resolutions.
- Directors’ duties and transactions with the company.
- Distributions.
- Capital maintenance provisions.
Each section begins with a highlights box setting out the main changes from the Companies Act 1985.
First impressions of IFRS 7 in the non-financial sector (November 2008)
This publication reviews the first-time application of IFRS 7 'Financial Instruments: Disclosures' of a selection of 25 non-financial sector groups listed in the FTSE 100-350 range. It provides a critical analysis of how these groups have applied IFRS 7 in their December 2007 annual reports and highlights examples of good disclosures.
IFRS 7 was mandatory for December 2007 financial year ends. This accounting standard sets out requirements for what are often extensive disclosures that companies are required to make about their financial instruments and related risk management policies. IFRS 7 has also been adopted into UK GAAP in the form of FRS 29, which is applicable to all companies that adopt FRS 26 'Financial Instruments: Recognition and Measurement' (broadly, fully listed individual companies and other companies that fair value their financial instruments through profit or loss).
Disclosure made clear: IFRS 7 and Pillar 3
This publication covers the disclosure requirements of International Financial Reporting Standard 7 ‘Financial Instruments: Disclosure’ (IFRS 7) and the equivalent UK GAAP requirements which are set out in Financial Reporting Standard 29 (FRS 29).
It is intended to assist companies that already report in accordance with IFRS, and those which are adopting IFRS for the first time, to understand the requirements and effect of IFRS 7, including its transitional provisions, whether they are in the financial sector or not.
It also includes guidance covering the equivalent UK GAAP standard FRS 29 which, although very similar to IFRS 7, has a number of subtle differences, particularly in its scope. In addition, guidance has been included covering the Pillar 3 disclosures that will need to be made by those financial institutions within the scope of Basel II.
This survey looks at the first full year IFRS financial statements of fully listed companies. As in the previous survey, the companies researched are those in the FTSE 350 but outside of the FTSE 100.