UK GAAP 2017 ─ Application of FRS 100-104 in the UK

The New UK GAAP has now been in effect for two years. UK GAAP 2017 is fully updated to reflect the application of the new standard in practice.

UK GAAP 2017 focusses on each area of the financial statement in turn and explains how they are treated by FRS 102. Topics covered include:

• The scope of UK GAAP; concepts and pervasive principles; presentation of financial statements; statement of cash flows; consolidated and separate financial statements; Accounting policies, estimates and errors
• Financial instruments; inventories; investments in associates; investment in joint ventures; investment property; property, plant and equipment
• Intangible assets other than goodwill; business combinations and goodwill
• Leases; provisions and contingencies; revenue; grants, borrowing costs
• Share based payment; impairment of assets; employees benefits; income tax
• Foreign currency translation; hyperinflation; events after the end of the reporting period; related party disclosures
• Service concession arrangements; agriculture; retirement benefit plans; heritage assets; public benefit entities; funding commitments; extractive industries; financial institutions; incoming resources from non-exchange transactions

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The UK Financial Reporting Group of Ernst & Young is based in London.