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Tables of Contents for Accounting Standards
Chapter/Section Title
Page #
Page Count
Preface
xiii
Acknowledgements
xv
The Origins and Development of the Accounting Standards Programme
1
11
Background
1
2
The ASC and the standard setting process
3
1
The enforcement of accounting standards
4
2
The Dearing reforms
6
2
Work of the review panel
8
1
Economic consequences
9
1
International accounting standards
9
1
Conclusion
10
2
Cash Flow Statements
12
19
Introduction
12
1
Summary of the statement
12
1
Scope of the statement
13
1
Headings in the cash flow statement
13
3
Preparation of the statement - exam techniques
16
7
Controversy over the statement
23
2
Conclusion
25
6
Accounting for Subsidiary Undertakings
31
9
Introduction
31
1
Summary of the statement
32
2
Scope and exemptions
34
1
Exclusion of subsidiaries from consolidation
34
1
Accounting for excluded subsidiaries
35
1
Minority interests
36
1
Consolidation accounting policies
36
1
Changes in the group
37
1
Other disclosures
37
1
Conclusion
38
2
Reporting Financial Performance
40
11
Introduction
40
1
The basic issue
40
1
Summary of the statement
41
1
The face of the profit and loss account
42
4
Acquisition and discontinuance
46
1
Asset disposals
47
1
Prior period adjustments
47
1
Comparative figures
47
1
Investment companies
48
1
Background
48
3
Capital Instruments
51
10
Introduction
51
1
The nature of capital instruments
51
1
Allocation of debt finance costs
52
2
Non-equity shares
54
1
Warrants
54
1
Scrip dividends
54
1
Subsidiaries
55
1
Additional disclosures
55
1
Application notes
55
5
Conclusion
60
1
Reporting the Substance of Transactions
61
10
Introduction
61
1
Definitions
61
1
The basic principles
62
2
Applications
64
5
Private finance initiative
69
1
Conclusion
69
2
Acquisitions and Mergers
71
9
Introduction
71
4
Disclosure requirements
75
2
Summary
77
1
Background and evolution
78
1
Conclusion
78
2
Fair Values in Acquisition Accounting
80
4
Introduction
80
1
Definitions
80
1
The principles of FRS 7
81
1
Specific items
81
1
Business sold
82
1
Timing problems
82
1
Controversy over the standard
83
1
Conclusion
83
1
Related Party Transactions
84
6
Introduction
84
1
Definitions
84
2
Required practice
86
1
Disclosure of control
86
1
Issues in the application of FRS 8
87
1
Conclusion
88
2
Associates and Joint Ventures
90
7
Introduction
90
1
FRS 9 - detailed requirements
90
6
Conclusion
96
1
Goodwill and Intangible Assets
97
9
Introduction
97
1
The basic problem
97
2
FRS 10 - detailed requirements
99
6
Conclusion
105
1
Impairment of Fixed Assets and Goodwill
106
13
Introduction
106
1
FRS 11 - detailed requirements
107
9
Conclusion
116
3
Provisions, Contingent Liabilities and Contingent Assets
119
7
Introduction
119
1
Definitions
119
1
Nature of a provision
120
1
Contingent liabilities
121
1
Contingent assets
121
1
Measurement
122
1
Special cases
123
1
Decision tree
123
1
Conclusion
124
2
Derivatives and Other Financial Instruments: Disclosures
126
10
Introduction
126
1
FRS 13 - detailed requirements
127
8
Conclusion
135
1
Earnings per Share
136
12
Introduction
136
1
FRS 14 - detailed requirements
136
1
Basic and diluted EPS
136
10
Conclusion
146
2
Tangible Fixed Assets
148
18
Introduction
148
1
FRS 15 - detailed requirements
148
1
Initial measurement
149
5
Valuation
154
6
Depreciation
160
3
Conclusion
163
3
Current Tax
166
3
Introduction
166
1
The basic problem
166
1
FRS 16 - detailed requirements
167
1
Conclusion
168
1
Disclosure of Accounting Policies
169
3
Introduction
169
1
Summary of the statement
169
1
The fundamental concepts
170
1
Accounting policies
171
1
The Accounting Treatment of Government Grants
172
6
Introduction
172
1
Summary of the statement
172
1
Practical application
173
5
Accounting for Value Added Tax
178
3
Introduction
178
1
Summary of the statement
179
1
SSAP 5 and the examiner
180
1
Stocks and Long-term Contracts
181
10
Introduction
181
1
Summary of the statement
181
2
Practical problems
183
3
Long-term contracts
186
2
Controversy over the statement
188
1
Disclosure
189
2
Accounting for Research and Development
191
9
The basic problem
191
1
Summary of the statement
192
4
Background
196
1
Choice of policy
196
1
Company law
197
1
Conclusion
198
2
Accounting for Deferred Taxation
200
13
The need for a statement
200
1
Computation of deferred taxation
200
5
Summary of the statement
205
4
Controversy over the statement
209
4
Accounting for Post Balance Sheet Events
213
4
Background
213
1
Summary of the statement
213
1
Complying with the statement
214
3
Accounting for Investment Properties
217
3
Background
217
1
Summary of the statement
217
2
Conclusion
219
1
Foreign Currency Translation
220
15
Background
220
1
Summary of the statement
221
4
Computation in line with SSAP 20
225
4
Controversy over the statement
229
2
Conclusion
231
4
Accounting for Leases and Hire Purchase Agreements
235
16
Background
235
4
Requirements for the lessee
239
1
Requirements for the lessor
240
1
Special problems
241
1
Application of SSAP 21 by the lessee
242
2
Application of SSAP 21 by the lessor
244
4
Background
248
1
Conclusion
249
2
Accounting for Pension Costs
251
5
The basic problem
251
1
Required practice
252
2
Conclusion
254
2
Segmental Reporting
256
4
The need for a standard
256
1
Definition of terms
256
1
Basic requirements
256
1
Practical problems of compliance
257
3
Financial Reporting Standard for Smaller Entities
260
5
Introduction
260
1
The basic problem
260
1
Financial Reporting Standard for Smaller Entities - detailed requirements
261
2
Controversy
263
1
Conclusion
263
2
Statement of Principles for Financial Reporting
265
16
Introduction
265
1
Statement of Principles for Financial Reporting - the detail
266
11
The advantages of the Statement of Principles
277
1
Controversy over the Statement of Principles
278
1
Conclusion
279
2
Statements by the Accounting Standards Board
281
11
The Operating and Financial Review
281
1
Statement on Interim Reports
282
5
Statement on Preliminary Announcements
287
5
Financial Reporting Exposure Drafts
292
9
Introduction
292
1
Deferred Tax
292
2
Retirement Benefits
294
2
Accounting Policies
296
5
Discussion Papers
301
19
DP: Derivatives and Other Financial Instruments
301
3
DP: Business Combinations
304
2
Discounting in Financial Reporting - working paper
306
2
DP: Reporting Financial Performance - proposals for change
308
5
DP: Leases - implementation of a new approach
313
3
DP: Year-end Financial Reports - improving communication
316
4
Urgent Issue Task Force Abstracts
320
6
Introduction
320
1
Presentation of long-term debtors in current assets
320
1
Transfer from current assets to fixed assets
320
1
Accounting for post-retirement benefits other than pensions
320
1
True and fair view override disclosures
321
1
Accounting for operations in hyperinflationary economies
321
1
Disclosure of directors' share options
321
1
Capital instruments - issuer call options
321
1
Lessee accounting for reverse premiums and similar incentives
322
1
Accounting for ESOP trusts
322
1
Disclosures of changes in accounting policy
322
1
Disclosures of substantial acquisitions
322
1
Employee share schemes
322
1
Pensions costs following the 1997 tax changes in respect of dividend income
323
1
Tax on gains and losses on foreign currency borrowings that hedge an investment in a foreign enterprise
323
1
Year 2000 issues - accounting and disclosures
323
1
Accounting issues arising from the proposed introduction of the euro
324
1
The acquisition of a Lloyd's business
324
1
Application of the transitional rules in FRS 15
325
1
Inflation Accounting in the UK
326
12
Introduction
326
1
The basic problem
326
3
The current purchasing power approach
329
3
The current cost accounting approach
332
2
The ASC Handbook
334
1
CPP v CCA
335
1
Conclusion
336
2
Answers
338
40
Index
378