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
Appendix 1: Implementation Dates for Unlisted Companies
Please note that different dates and transitional provisions apply to listed companies. These are not referred to in this Appendix.
A1.1 Accounting Standards and UITF Abstracts: Mandatory
For accounts periods beginning on or after 1 January 2005, the following will be mandatory for all companies, including unlisted companies other than those who have adopted the FRSSE (effective January 2005):
FRS 21, Events after the balance sheet date; FRS 25, Financial instruments: disclosure and presentation (the parts dealing with presentation only).
Note that neither of the above may be adopted early this prohibition results from the changes to CA 85, referred to below.
UITF Abstract 38, Accounting for ESOP trusts, and UITF 17 (revised), Employee share schemes, are both mandatory for accounts periods ending on or after 22 June 2004.
UITF Abstract 40, Revenue recognition and service contracts, is mandatory for accounts periods ending on or after 22 June 2005.
The above Abstracts may be adopted early.
FRS 20, Share-based payment accounts periods beginning on or after 1 January 2006.
A1.2 Accounting Standards and UITF Abstracts: Optional [*]
FRS 22 can be adopted for accounts periods beginning on or after 1 January 2005.
FRS 26 may be adopted for accounts periods beginning on or after 1 January 2005, but if it is adopted, then FRS 25 (disclosure requirements), FRS 23 and FRS 24 must be adopted at the same time.
FRSs 25, 23 and 24 cannot be adopted unless FRS 26 is adopted.
[*]These...
Copyright Elsevier Ltd. 2006 under license agreement with Books24x7
