UK GAAP for Business and Practice
Complete with summaries of current standards and key implementation dates, this book provides a concise and easily accessible guide to all the recent changes in UK GAAP, and their likely practical impact.
TABLE OF CONTENTS UK GAAP for Business and Practice
Chapter 9: Employee Benefits
9.1 Directors' Remuneration Unlisted Companies (Other than those Claiming Small Company Exemptions under CA 1985 s246)
a Introduction
The general statutory disclosure rules for directors' remuneration are set out in (c) below and in 9.2. Special concessions available to small companies are dealt with in 9.3 below.
Additional requirements for listed companies are briefly referred to in Chapter 23.
b Emoluments
The term "emoluments of a director" includes salaries, fees, bonuses, expense allowances subject to UK income tax and the estimated money value of benefits in kind.
c Basic Disclosures
These are set out in CA 1985, Schedule 6, and include:
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the aggregate amount of emoluments paid to or receivable by directors;
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the aggregate of contributions paid, or treated as paid, under a money purchase (defined contribution) scheme other than contributions paid by the director;
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for either money purchase schemes or defined benefit schemes, the number of directors who are accruing benefits under the scheme.
Disclosures required relating to long-term incentive schemes are referred to in 9.2(b) below.
d Compensation to Directors for Loss of Office
1 Meaning
In Schedule 6, para 8, references to compensation for loss of office include:
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compensation either in consideration for or in connection with a person's retirement from office;
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in cases of a breach of contract, payments made by way of damages for the breach or payments made by way of settlement or compromise of any claim in respect of the breach.
2 Disclosure requirements
The requirement is for disclosure of the aggregate amount of compensation...
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