Manual of Accounting - New UK GAAP forms part of the PwC Manual of Accounting series and addresses what is generally expected to be the last significant change in structure in UK Financial Reporting. In the first quarter of 2013 the Financial Reporting Council, after years of debate in the accountancy profession issued Financial Reporting Standards 100-102 which will largely replace the existing set of UK Financial Reporting Standards (29 Standards in force plus one for smaller companies). Companies are free to adopt these standards now but the likelihood is that most will wait until the mandatory adoption date of 1st January 2015. Manual of Accounting - New UK GAAP addresses the requirements of FRS 102 which is the new UK GAAP and will be adopted by all companies not wanting to move to IFRS and who are too large to implement the Financial Reporting Standard for Smaller Entities which in 2015 can be applied by companies with a turnover of GBP6,500,000 per year and a balance sheet of GBP3,260,000 per year. While the requirements of FRS 102 are in some ways less onerous than the existing UK set of standards, there will still be a large onus on companies and their advisors to plan properly as they make the transition to adopting the new standard. There are a number of factors accountants need to consider in adopting the new standard such as the way in which a number of areas will be accounted for e.g. subsequent expenditure on fixed assets; leases, and employee benefits. Also the terminology of the new standard will be unfamiliar to many, and there will be some changes to the format of the financial statements. Readers will benefit from the usual well-structured and practical nature of the commentary. Worked examples are prevalent and as new editions are published examples from real life companies will be added. The book focusses on each area of the financial statement in turn and explains how they are treated by FRS 102 as opposed to the existing UK GAAP. There are chapters covering various specialist sectors such as agriculture; financial institutions; oil and gas; insurance, and public benefit entities. The final chapter gives some guidance on the processes that need to be considered as businesses make the transition from the existing set of standards to FRS 102.

Table of Contents:
1 Scope 2 Concepts and pervasive principles 3 Financial statement presentation 4 Statement of financial position 5 Statement of comprehensive income and income statement 6 Statement of changes in equity and statement of income and retained earnings 7 Statement of cash flows 8 Notes to the financial statements 9 Consolidated and separate financial statements 10 Accounting policies, estimates and errors 11 Basic financial instruments 12 Other financial instruments issues 13 Inventories 14 Investments in associates 15 Investments in joint ventures 16 Investment property 17 Property, plant and equipment 18 Intangible assets other than goodwill 19 Business combinations and goodwill 20 Leases 21 Provisions and contingencies 22 Liabilities and equity 23 Revenue 24 Government grants 25 Borrowing costs 26 Share-based payment 27 Impairment of assets 28 Employee benefits 29 Income tax 30 Foreign currency translation 31 Hyper-inflation 32 Events after the end of the reporting period 33 Related party disclosures 34 Specialised activities 34.1 - Agriculture . 34.2 - Extractive activities 34.3 - Service concession arrangements 34.4 - Financial institutions: Disclosures 34.5 - Public benefit entities 34.6 - Heritage assets 34.7 - Funding commitments 34.8 - Insurance 35 Transition to FRS 102