UK GAAP 2017

Generally Accepted Accounting Practice under UK and Irish GAAP
 
 
Standards Information Network (Verlag)
  • erschienen am 6. März 2017
  • |
  • 1952 Seiten
 
E-Book | PDF mit Adobe-DRM | Systemvoraussetzungen
978-1-119-37691-0 (ISBN)
 
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
1. Auflage
  • Englisch
  • New York
  • |
  • Großbritannien
John Wiley & Sons Inc
  • 15,54 MB
978-1-119-37691-0 (9781119376910)
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The UK Financial Reporting Group of Ernst & Young is based in London.
1 - Cover [Seite 1]
2 - Title Page [Seite 3]
3 - Copyright [Seite 4]
4 - About this book [Seite 5]
5 - Preface [Seite 7]
6 - Lists of chapters [Seite 11]
7 - References and abbreviations [Seite 13]
8 - Authoritative literature [Seite 19]
9 - Chapter 1 FRS 100 - Application of financial reporting requirements [Seite 21]
9.1 - 1 INTRODUCTION [Seite 25]
9.2 - 2 SUMMARY OF FRS 100 [Seite 26]
9.3 - 3 DEFINITIONS [Seite 28]
9.4 - 4 FRS 100 - APPLICATION OF FINANCIAL REPORTING REQUIREMENTS [Seite 29]
9.4.1 - 4.1 Scope of FRS 100 [Seite 30]
9.4.2 - 4.2 Effective date [Seite 31]
9.4.3 - 4.3 Withdrawal of previous UK and Irish GAAP [Seite 31]
9.4.4 - 4.4 Basis of preparation of financial statements [Seite 32]
9.4.4.1 - 4.4.1 Company law and regulatory requirements governing financial reporting framework [Seite 33]
9.4.4.2 - 4.4.2 The Accounting Directive [Seite 34]
9.4.4.3 - 4.4.3 EU-adopted IFRS [Seite 35]
9.4.4.4 - 4.4.4 FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland [Seite 36]
9.4.4.5 - 4.4.5 FRS 101 - Reduced Disclosure Framework [Seite 36]
9.4.4.6 - 4.4.6 Small entities [Seite 36]
9.4.4.7 - 4.4.7 FRS 105 - The Financial Reporting Standard applicable to the Micro-entities Regime [Seite 37]
9.4.4.8 - 4.4.8 Considerations on choice of financial reporting framework [Seite 37]
9.4.5 - 4.5 Reduced disclosure framework [Seite 38]
9.4.6 - 4.6 Statement of compliance [Seite 39]
9.4.6.1 - 4.6.1 Related Companies Act 2006 requirements [Seite 39]
9.4.7 - 4.7 SORPs [Seite 40]
9.4.7.1 - 4.7.1 Status of SORPs [Seite 41]
9.4.8 - 4.8 EU Referendum [Seite 42]
9.4.9 - 4.9 Future development of FRS 102 [Seite 42]
9.5 - 5 TRANSITION [Seite 42]
9.5.1 - 5.1 Transition to EU-adopted IFRS [Seite 43]
9.5.2 - 5.2 Transition to FRS 101 [Seite 43]
9.5.3 - 5.3 Transition to FRS 102 [Seite 44]
9.5.4 - 5.4 Transition to FRS 105 [Seite 44]
9.5.5 - 5.5 Impact of transition on distributable profits [Seite 44]
9.6 - 6 COMPANIES ACT 2006 [Seite 46]
9.6.1 - 6.1 Basis of preparation of financial statements [Seite 46]
9.6.1.1 - 6.1.1 Choice of IAS accounts and Companies Act accounts under the CA 2006 [Seite 46]
9.6.1.2 - 6.1.2 CA 2006 restrictions on changes of financial reporting framework [Seite 47]
9.6.1.3 - 6.1.3 Consistency of financial reporting framework in individual accounts of group undertakings [Seite 48]
9.6.2 - 6.2 Companies Act requirements for the annual report and accounts [Seite 49]
9.6.2.1 - 6.2.1 Companies Act requirements for annual accounts [Seite 50]
9.6.2.1.1 - 6.2.1.A Companies Act accounts [Seite 50]
9.6.2.1.2 - 6.2.1.B IAS accounts [Seite 51]
9.6.2.1.3 - 6.2.1.C General - Companies Act accounts and IAS accounts [Seite 51]
9.6.2.1.4 - 6.2.1.D Interaction of the Small Companies Regulations with FRS 101 and FRS 102 [Seite 52]
9.6.2.2 - 6.2.2 Companies Act requirements for annual reports [Seite 52]
9.6.2.2.1 - 6.2.2.A Exemptions for micro, small and medium-sized companies [Seite 53]
9.6.2.2.2 - 6.2.2.B Additional requirements for quoted companies and companies with transferable securities admitted to trading on a regulated market [Seite 54]
9.6.3 - 6.3 Preparation of consolidated financial statements [Seite 55]
9.6.3.1 - 6.3.1 Requirements of accounting standards to prepare consolidated financial statements [Seite 55]
9.6.3.2 - 6.3.2 Exemption from publishing the individual profit and loss account where group accounts are prepared [Seite 56]
9.6.4 - 6.4 Micro-entities regime [Seite 57]
9.6.4.1 - 6.4.1 Scope of the micro-entities regime [Seite 57]
9.6.4.2 - 6.4.2 Companies Act requirements for micro-entities [Seite 58]
9.6.5 - 6.5 Small companies [Seite 59]
9.6.6 - 6.6 Medium-sized companies and groups [Seite 60]
9.6.6.1 - 6.6.1 Qualification as medium-sized company [Seite 60]
9.6.6.1.1 - 6.6.1.A Size criteria for medium-sized companies and groups [Seite 60]
9.6.6.1.2 - 6.6.1.B Companies excluded from medium-sized companies [Seite 61]
9.6.6.2 - 6.6.2 Disclosure exemptions available for medium-sized companies [Seite 62]
9.6.6.2.1 - 6.6.2.A Disclosure exemptions available in the accounts and reports prepared for members [Seite 62]
9.6.6.2.2 - 6.6.2.B Abbreviated accounts [Seite 63]
9.6.7 - 6.7 Disclosures [Seite 63]
9.6.7.1 - 6.7.1 Disclosures required by the Regulations [Seite 63]
9.6.7.2 - 6.7.2 Existing Companies Act disclosures in the accounts and reports applicable to IAS accounts and Companies Act accounts [Seite 64]
9.6.8 - 6.8 Distributable profits [Seite 66]
9.6.8.1 - 6.8.1 Realised profits [Seite 67]
9.6.8.2 - 6.8.2 Qualifying consideration [Seite 68]
9.6.8.3 - 6.8.3 Realised losses [Seite 69]
9.6.8.4 - 6.8.4 Disclosure of distributable profits [Seite 69]
9.6.8.5 - 6.8.5 Impact of transition on distributable profits [Seite 70]
9.7 - 7 FINANCIAL REPORTING COUNCIL (FRC) AND ACCOUNTING STANDARD SETTING [Seite 70]
9.7.1 - 7.1 Accounting standards setting [Seite 70]
9.7.2 - 7.2 Scope and authority of accounting standards [Seite 71]
9.7.2.1 - 7.2.1 Accounting standards and true and fair [Seite 72]
9.7.3 - 7.3 UK GAAP [Seite 73]
9.7.4 - References [Seite 74]
10 - Chapter 2 FRS 101 - Reduced disclosure framework [Seite 77]
10.1 - 1 INTRODUCTION [Seite 81]
10.1.1 - 1.1 Summary of FRS 101 [Seite 82]
10.1.2 - 1.2 Effective date of FRS 101 [Seite 83]
10.1.2.1 - 1.2.1 Amendments to FRS 101 issued in July 2015 [Seite 84]
10.1.2.2 - 1.2.2 Amendments to FRS 101 issued in July 2016 [Seite 85]
10.1.3 - 1.3 Statement of compliance with FRS 101 [Seite 85]
10.2 - 2 SCOPE OF FRS 101 [Seite 85]
10.2.1 - 2.1 Definition of a qualifying entity [Seite 87]
10.2.1.1 - 2.1.1 Reporting date of the consolidated financial statements of the parent [Seite 88]
10.2.1.2 - 2.1.2 Definition of group and subsidiary [Seite 88]
10.2.1.3 - 2.1.3 Publicly available consolidated financial statements [Seite 89]
10.2.1.4 - 2.1.4 Non-UK qualifying entities [Seite 89]
10.2.1.5 - 2.1.5 Non-controlling interests [Seite 89]
10.2.1.6 - 2.1.6 Intended to give a true and fair view [Seite 89]
10.2.2 - 2.2 Use of the disclosure exemptions [Seite 92]
10.2.3 - 2.3 The impact of section 400 and section 401 of the CA 2006 on FRS 101 [Seite 93]
10.2.4 - 2.4 Interim financial statements [Seite 93]
10.3 - 3 TRANSITION TO FRS 101 [Seite 93]
10.3.1 - 3.1 Companies Act restrictions on changes to FRS 101 [Seite 94]
10.3.2 - 3.2 Consistency of financial statements within the group [Seite 94]
10.3.3 - 3.3 Transition from EU-adopted IFRS to FRS 101 [Seite 95]
10.3.4 - 3.4 Transition from another version of UK GAAP or another GAAP to FRS 101 [Seite 96]
10.3.5 - 3.5 The impact of transition on realised profits [Seite 97]
10.4 - 4 MEASUREMENT DIFFERENCES BETWEEN FRS 101 AND EU-ADOPTED IFRS [Seite 98]
10.4.1 - 4.1 Positive goodwill and indefinite-life intangible assets [Seite 99]
10.4.2 - 4.2 Negative goodwill [Seite 99]
10.4.3 - 4.3 Reversal of goodwill impairments [Seite 100]
10.4.4 - 4.4 Contingent consideration balances arising from business combinations [Seite 100]
10.4.5 - 4.5 Government grants deducted from the cost of fixed assets [Seite 101]
10.4.6 - 4.6 Provisions, contingent assets and contingent liabilities [Seite 101]
10.4.7 - 4.7 Realised profits [Seite 102]
10.4.8 - 4.8 Equalisation provisions [Seite 103]
10.4.9 - 4.9 Equity accounting for investments in subsidiaries, associates and joint ventures [Seite 104]
10.4.10 - 4.10 Investment entities [Seite 104]
10.4.11 - 4.11 Limited liability partnerships (LLPs) [Seite 104]
10.5 - 5 PRESENTATIONAL DIFFERENCES BETWEEN FRS 101 AND EU-ADOPTED IFRS [Seite 105]
10.5.1 - 5.1 Balance sheet and profit and loss formats required by FRS 101 [Seite 106]
10.5.1.1 - 5.1.1 Additional presentation requirements needed to comply with Company Law by a Schedule 1 entity using the adapted (IAS 1) balance sheet and profit and loss account formats [Seite 108]
10.5.1.2 - 5.1.2 Additional presentation requirements needed to comply with IFRS by an entity using the Companies Act balance sheet and profit and loss account formats [Seite 109]
10.5.1.2.1 - 5.1.2.A Debtors due after more than one year [Seite 110]
10.5.1.2.2 - 5.1.2.B Non-current assets or disposal groups held for sale [Seite 110]
10.5.2 - 5.2 Order of presentation of the notes to the financial statements [Seite 110]
10.5.3 - 5.3 Extraordinary items [Seite 110]
10.5.4 - 5.4 Presentation of discontinued operations [Seite 111]
10.6 - 6 DISCLOSURE EXEMPTIONS FOR QUALIFYING ENTITIES [Seite 112]
10.6.1 - 6.1 Disclosure exemptions [Seite 113]
10.6.1.1 - 6.1.1 Share-based payment (IFRS 2) [Seite 114]
10.6.1.2 - 6.1.2 Business combinations (IFRS 3) [Seite 115]
10.6.1.3 - 6.1.3 Discontinued operations (IFRS 5) [Seite 116]
10.6.1.4 - 6.1.4 Financial instruments (IFRS 7) [Seite 116]
10.6.1.5 - 6.1.5 Fair values (IFRS 13) [Seite 116]
10.6.1.6 - 6.1.6 Comparatives (IAS 1, IAS 16, IAS 38, IAS 40, IAS 41) [Seite 116]
10.6.1.7 - 6.1.7 Presentation (IAS 1) [Seite 117]
10.6.1.8 - 6.1.8 Cash flows (IAS 7) [Seite 117]
10.6.1.9 - 6.1.9 Standards issued but not effective (IAS 8) [Seite 117]
10.6.1.10 - 6.1.10 Related party transactions (IAS 24) [Seite 117]
10.6.1.11 - 6.1.11 Impairment of assets (IAS 36) [Seite 119]
10.6.1.12 - 6.1.12 Revenue from contracts with customers (IFRS 15) [Seite 119]
10.6.2 - 6.2 'Equivalent' disclosures [Seite 120]
10.6.3 - 6.3 Disclosures required by the Regulations in the financial statements for certain financial instruments which may be held at fair value [Seite 121]
10.6.4 - 6.4 Disclosure exemptions for financial institutions [Seite 123]
10.7 - 7 ADDITIONAL COMPANIES ACT DISCLOSURES [Seite 125]
10.7.1 - 7.1 Existing Companies Act disclosures in the financial statements for EU-adopted IFRS and UK GAAP reporters that also apply under FRS 101 [Seite 125]
10.7.2 - 7.2 Disclosures required by the Regulations and the LLP Regulations in FRS 101 financial statements but not required under EU-adopted IFRS [Seite 126]
10.8 - 8. FUTURE CHANGES TO IFRS AND THEIR IMPACT ON FRS 101 [Seite 130]
10.8.1 - 8.1 IFRS 9 - Financial Instruments [Seite 130]
10.8.2 - References [Seite 131]
11 - Chapter 3 Scope of FRS 102 [Seite 133]
11.1 - 1 INTRODUCTION [Seite 135]
11.1.1 - 1.1 Summary [Seite 136]
11.1.2 - 1.2 Development of FRS 102 [Seite 139]
11.1.2.1 - 1.2.1 Amendments made in FRS 102 compared to the IFRS for SMEs [Seite 140]
11.1.2.2 - 1.2.2 Ongoing review of FRS 102 [Seite 142]
11.1.2.2.1 - 1.2.2.A Triennial review [Seite 142]
11.1.2.3 - 1.2.3 Amendments made to FRS 102 [Seite 144]
11.1.2.3.1 - 1.2.3.A Editorial amendments and clarification statements [Seite 144]
11.1.2.3.2 - 1.2.3.B Amendments to FRS 102 - Small entities and other minor amendments (July 2015) [Seite 144]
11.1.2.3.3 - 1.2.3.C Amendments to FRS 102 - Fair value hierarchy disclosures (March 2016) [Seite 147]
11.1.2.4 - 1.2.4 FRS 103 - Insurance Contracts [Seite 148]
11.1.2.5 - 1.2.5 FRS 104 - Interim Financial Reporting [Seite 148]
11.1.3 - 1.3 Effective date of FRS 102 (and FRS 103) [Seite 148]
11.1.3.1 - 1.3.1 Accounting periods beginning on or after 1 January 2017 [Seite 148]
11.1.3.2 - 1.3.2 Accounting periods beginning on or after 1 January 2016 [Seite 148]
11.1.3.3 - 1.3.3 Accounting periods beginning on or after 1 January 2015 [Seite 149]
11.1.3.4 - 1.3.4 Effective date - entities subject to SORP [Seite 149]
11.1.3.4.1 - 1.3.4.A Charities [Seite 151]
11.1.4 - 1.4 Structure of FRS 102 [Seite 151]
11.2 - 2 SCOPE OF FRS 102 [Seite 152]
11.2.1 - 2.1 Basis of preparation of financial statements [Seite 152]
11.2.2 - 2.2 Small entities [Seite 154]
11.2.3 - 2.3 Application of SORPs [Seite 154]
11.2.4 - 2.4 Extension of specific IFRSs to certain types of entities [Seite 154]
11.2.5 - 2.5 Specialised activities [Seite 155]
11.2.5.1 - 2.5.1 Financial institutions - disclosure requirements [Seite 155]
11.2.5.1.1 - 2.5.1.A Definition of a financial institution [Seite 156]
11.2.5.2 - 2.5.2 Public benefit entities [Seite 158]
11.3 - 3 REDUCED DISCLOSURE FRAMEWORK [Seite 159]
11.3.1 - 3.1 Definition of a qualifying entity [Seite 159]
11.3.1.1 - 3.1.1 Reporting date of the consolidated financial statements of the parent [Seite 160]
11.3.1.2 - 3.1.2 Definition of 'group' and 'subsidiary' [Seite 161]
11.3.1.3 - 3.1.3 Publicly available consolidated financial statements [Seite 162]
11.3.1.4 - 3.1.4 Non-UK qualifying entities [Seite 162]
11.3.1.5 - 3.1.5 Non-controlling interests [Seite 162]
11.3.1.6 - 3.1.6 Intended to give a true and fair view [Seite 162]
11.3.2 - 3.2 Use of the disclosure exemptions [Seite 164]
11.3.3 - 3.3 Disclosure exemptions for qualifying entities [Seite 166]
11.3.3.1 - 3.3.1 Statement of financial position [Seite 167]
11.3.3.2 - 3.3.2 Statement of cash flows [Seite 167]
11.3.3.3 - 3.3.3 Financial instruments [Seite 167]
11.3.3.3.1 - 3.3.3.A Other disclosures required by the Regulations for financial instruments [Seite 167]
11.3.3.4 - 3.3.4 Share-based payment [Seite 169]
11.3.3.5 - 3.3.5 Related party transactions [Seite 169]
11.3.4 - 3.4 Disclosures required by the Regulations in the financial statements for certain financial instruments held at fair value [Seite 169]
11.3.4.1 - 3.4.1 Which financial instruments may be included at fair value in accordance with paragraph 36(4) of Schedule 1 to the Regulations? [Seite 170]
11.3.4.2 - 3.4.2 What disclosures are required by paragraph 36(4) to Schedule 1 to the Regulations? [Seite 173]
11.3.5 - 3.5 Entities that are financial institutions [Seite 174]
11.3.6 - 3.6 Equivalent disclosures [Seite 175]
11.4 - 4 CA 2006 REQUIREMENTS [Seite 176]
11.4.1 - 4.1 Small and medium-sized entities [Seite 176]
11.4.1.1 - 4.1.1 Small companies regime, small LLPs regime and small companies exemption [Seite 176]
11.4.1.2 - 4.1.2 Medium-sized companies and LLPs [Seite 177]
11.4.2 - References [Seite 178]
12 - Chapter 4 Concepts and pervasive principles [Seite 179]
12.1 - 1 INTRODUCTION [Seite 181]
12.2 - 2 COMPARISON BETWEEN SECTION 2 AND IFRS [Seite 181]
12.3 - 3 THE CONCEPTS AND PERVASIVE PRINCIPLES OF SECTION 2 [Seite 182]
12.3.1 - 3.1 Objective of financial statements [Seite 182]
12.3.2 - 3.2 Qualitative characteristics of information in financial statements [Seite 183]
12.3.2.1 - 3.2.1 Understandability [Seite 183]
12.3.2.2 - 3.2.2 Relevance [Seite 183]
12.3.2.3 - 3.2.3 Materiality [Seite 183]
12.3.2.4 - 3.2.4 Reliability [Seite 184]
12.3.2.5 - 3.2.5 Substance over form [Seite 184]
12.3.2.6 - 3.2.6 Prudence [Seite 185]
12.3.2.7 - 3.2.7 Completeness [Seite 185]
12.3.2.8 - 3.2.8 Comparability [Seite 185]
12.3.2.9 - 3.2.9 Timeliness [Seite 185]
12.3.2.10 - 3.2.10 Balance between benefit and cost [Seite 186]
12.3.3 - 3.3 Financial position [Seite 186]
12.3.3.1 - 3.3.1 Assets [Seite 187]
12.3.3.2 - 3.3.2 Liabilities [Seite 187]
12.3.3.3 - 3.3.3 Equity [Seite 187]
12.3.4 - 3.4 Performance [Seite 188]
12.3.4.1 - 3.4.1 Income [Seite 188]
12.3.4.2 - 3.4.2 Expenses [Seite 189]
12.3.5 - 3.5 Recognition of assets, liabilities, income and expenses [Seite 189]
12.3.5.1 - 3.5.1 The probability of future economic benefit [Seite 189]
12.3.5.2 - 3.5.2 Reliability of measurement [Seite 189]
12.3.6 - 3.6 Measurement of assets, liabilities, income and expenses [Seite 190]
12.3.7 - 3.7 Pervasive recognition and measurement principles [Seite 191]
12.3.8 - 3.8 Accruals basis [Seite 191]
12.3.9 - 3.9 Recognition in the financial statements [Seite 191]
12.3.9.1 - 3.9.1 Assets [Seite 191]
12.3.9.2 - 3.9.2 Liabilities [Seite 192]
12.3.9.3 - 3.9.3 Income [Seite 192]
12.3.9.4 - 3.9.4 Expenses [Seite 192]
12.3.9.5 - 3.9.5 Total comprehensive income and profit or loss [Seite 192]
12.3.10 - 3.10 Measurement at initial recognition [Seite 193]
12.3.11 - 3.11 Subsequent measurement [Seite 193]
12.3.11.1 - 3.11.1 Financial assets and financial liabilities [Seite 193]
12.3.11.2 - 3.11.2 Non-financial assets [Seite 193]
12.3.11.3 - 3.11.3 Liabilities other than financial liabilities [Seite 194]
12.3.12 - 3.12 Offsetting [Seite 194]
12.3.13 - References [Seite 194]
13 - Chapter 5 FRS 102 - Small entities [Seite 195]
13.1 - 1 INTRODUCTION [Seite 199]
13.1.1 - 1.1 Background [Seite 199]
13.1.2 - 1.2 Scope of this chapter [Seite 200]
13.2 - 2 SUMMARY OF SECTION 1A (AND RELATED CA 2006 REQUIREMENTS) [Seite 202]
13.3 - 3 KEY DEFINITIONS [Seite 203]
13.4 - 4 SCOPE OF SMALL ENTITIES REGIME [Seite 204]
13.4.1 - 4.1 Definition of a small entity [Seite 204]
13.4.2 - 4.2 Application of Section 1A [Seite 204]
13.4.3 - 4.3 Small companies regime [Seite 205]
13.4.3.1 - 4.3.1 Companies qualifying as small - company is not a parent undertaking (size criteria) [Seite 206]
13.4.3.2 - 4.3.2 Companies qualifying as small - company is a parent undertaking (size criteria) [Seite 207]
13.4.3.3 - 4.3.3 Companies excluded from the small companies regime [Seite 207]
13.4.3.3.1 - 4.3.3.A Relevant definitions for small companies regime [Seite 208]
13.4.4 - 4.4 Small LLPs regime [Seite 209]
13.4.4.1 - 4.4.1 Size criteria [Seite 209]
13.4.4.2 - 4.4.2 Excluded LLPs [Seite 209]
13.4.5 - 4.5 Irish companies [Seite 210]
13.5 - 5 EFFECTIVE DATE [Seite 210]
13.5.1 - 5.1 Entities other than UK companies [Seite 211]
13.6 - 6 ACCOUNTING REQUIREMENTS [Seite 211]
13.6.1 - 6.1 Recognition and measurement requirements of FRS 102 [Seite 212]
13.6.2 - 6.2 Preparation of consolidated financial statements under Section 1A [Seite 212]
13.6.2.1 - 6.2.1 Voluntary preparation of consolidated financial statements [Seite 212]
13.6.2.2 - 6.2.2 Interaction with statutory requirements [Seite 212]
13.6.3 - 6.3 Transition [Seite 213]
13.7 - 7 PRESENTATION REQUIREMENTS IN SECTION 3 THAT STILL APPLY WHERE SECTION 1A IS APPLIED [Seite 214]
13.7.1 - 7.1 Exemptions from certain presentation and disclosure requirements in FRS 102 for a small entity applying Section 1A [Seite 214]
13.7.2 - 7.2 True and fair view [Seite 215]
13.7.2.1 - 7.2.1 True and fair override [Seite 217]
13.7.3 - 7.3 Going concern [Seite 217]
13.7.3.1 - 7.3.1 FRC Guidance on Going Concern [Seite 218]
13.7.4 - 7.4 Frequency of reporting [Seite 219]
13.7.5 - 7.5 Comparative information (including consistency of presentation) [Seite 220]
13.7.5.1 - 7.5.1 Comparative information for narrative and descriptive information [Seite 220]
13.7.5.2 - 7.5.2 Consistency of, and reclassifications of comparative information [Seite 220]
13.7.6 - 7.6 Materiality and aggregation [Seite 220]
13.7.7 - 7.7 Identification of the financial statements [Seite 221]
13.7.8 - 7.8 Interim financial reports [Seite 222]
13.8 - 8 COMPLETE SET OF FINANCIAL STATEMENTS [Seite 223]
13.8.1 - 8.1 Formats [Seite 224]
13.8.1.1 - 8.1.1 Statutory formats [Seite 225]
13.8.1.2 - 8.1.2 Abridged formats [Seite 225]
13.8.1.3 - 8.1.3 Adapted formats [Seite 226]
13.8.1.4 - 8.1.4 Consolidated financial statements [Seite 227]
13.8.1.4.1 - 8.1.4.A Modifications to formats for purposes of consolidated financial statements [Seite 228]
13.8.1.4.2 - 8.1.4.B Non-controlling interest [Seite 228]
13.8.1.5 - 8.1.5 Changes in formats [Seite 230]
13.8.2 - 8.2 General Rules to the formats [Seite 231]
13.8.2.1 - 8.2.1 General Rules governing the form of the statutory formats [Seite 231]
13.8.2.2 - 8.2.2 Abridged formats and adapted formats [Seite 232]
13.8.2.3 - 8.2.3 General rules applying to statutory, abridged and adapted formats [Seite 232]
13.9 - 9 STATEMENT OF FINANCIAL POSITION [Seite 235]
13.9.1 - 9.1 Statutory balance sheet (format 1) [Seite 235]
13.9.1.1 - 9.1.1 Notes to the formats [Seite 238]
13.9.1.2 - 9.1.2 Modifications of the format 1 balance sheet for small LLPs [Seite 239]
13.9.2 - 9.2 Abridged balance sheet (format 1) [Seite 242]
13.9.3 - 9.3 Adapted balance sheet [Seite 244]
13.9.3.1 - 9.3.1 Current and non-current assets [Seite 248]
13.9.3.2 - 9.3.2 Current and non-current liabilities [Seite 249]
13.10 - 10 INCOME STATEMENT (OR PROFIT AND LOSS ACCOUNT) [Seite 249]
13.10.1 - 10.1 Statutory profit and loss account [Seite 250]
13.10.2 - 10.2 Abridged profit and loss account [Seite 254]
13.10.3 - 10.3 Adapted profit and loss account [Seite 257]
13.11 - 11 INFORMATION TO BE PRESENTED IN THE NOTES TO THE FINANCIAL STATEMENTS [Seite 259]
13.11.1 - 11.1 Minimum requirements - Appendix C [Seite 260]
13.11.1.1 - 11.1.1 Structure of notes [Seite 260]
13.11.1.2 - 11.1.2 Accounting policies [Seite 260]
13.11.1.3 - 11.1.3 Changes in presentation and accounting policies and corrections of prior period errors [Seite 261]
13.11.1.4 - 11.1.4 True and fair override [Seite 262]
13.11.1.5 - 11.1.5 Notes supporting the statement of financial position [Seite 263]
13.11.1.5.1 - 11.1.5.A An asset or liability relating to more than one item in the statement of financial position [Seite 263]
13.11.1.5.2 - 11.1.5.B Fixed assets (general) [Seite 263]
13.11.1.5.3 - 11.1.5.C Fixed assets (measured at revalued amounts) [Seite 264]
13.11.1.5.4 - 11.1.5.D Capitalisation of borrowing costs [Seite 266]
13.11.1.5.5 - 11.1.5.E Impairment of assets [Seite 266]
13.11.1.5.6 - 11.1.5.F Fair value measurement [Seite 266]
13.11.1.5.7 - 11.1.5.G Financial instruments measured at fair value [Seite 267]
13.11.1.5.8 - 11.1.5.H Indebtedness, guarantees and financial commitments [Seite 268]
13.11.1.6 - 11.1.6 Notes supporting the income statement [Seite 269]
13.11.1.7 - 11.1.7 Related party disclosures [Seite 270]
13.11.1.8 - 11.1.8 Other requirements [Seite 272]
13.11.2 - 11.2 Statutory disclosures not noted in Section 1A [Seite 273]
13.11.2.1 - 11.2.1 Audited financial statements only [Seite 273]
13.11.2.2 - 11.2.2 Audit exemption statement [Seite 274]
13.11.2.3 - 11.2.3 Group accounts not prepared by a parent company [Seite 274]
13.11.2.4 - 11.2.4 Other disclosures [Seite 275]
13.11.2.5 - 11.2.5 Approval of annual accounts [Seite 275]
13.11.3 - 11.3 Specifically encouraged disclosures - Appendix D [Seite 276]
13.11.4 - 11.4 Disclosures in consolidated financial statements [Seite 276]
13.11.4.1 - 11.4.1 FRS 102 disclosures encouraged [Seite 277]
13.11.4.2 - 11.4.2 Statutory disclosures - Part 15 of CA 2006 [Seite 277]
13.11.4.2.1 - 11.4.2.A General disclosures [Seite 277]
13.11.4.2.2 - 11.4.2.B Section 408 exemption from presenting the individual profit and loss account [Seite 278]
13.11.4.2.3 - 11.4.2.C Employee numbers [Seite 278]
13.11.4.2.4 - 11.4.2.D Advances, credits and guarantees granted to directors [Seite 279]
13.11.4.2.5 - 11.4.2.E Off-balance sheet arrangements [Seite 279]
13.11.4.2.6 - 11.4.2.F Audited financial statements [Seite 279]
13.11.4.2.7 - 11.4.2.G Audit exemption statement [Seite 280]
13.11.4.3 - 11.4.3 Statutory disclosures (CA 2006) - Small Companies Regulations and Small LLP Regulations [Seite 280]
13.11.4.4 - 11.4.4 Statutory disclosures (CA 2006) - information about related undertakings [Seite 283]
13.11.4.4.1 - 11.4.4.A Subsidiary undertakings [Seite 284]
13.11.4.4.2 - 11.4.4.B Shares of company held by subsidiary undertakings [Seite 285]
13.11.4.4.3 - 11.4.4.C Associated undertakings [Seite 286]
13.11.4.4.4 - 11.4.4.D Other significant holdings of parent company or group [Seite 286]
13.11.4.4.5 - 11.4.4.E Parent company's or group's membership of qualifying undertakings [Seite 287]
13.11.4.4.6 - 11.4.4.F Parent undertaking drawing up accounts for a larger group [Seite 288]
13.11.4.4.7 - 11.4.4.G Identification of ultimate parent [Seite 288]
13.11.5 - 11.5 Limited liability Partnerships - considerations [Seite 288]
13.12 - 12 SMALL COMPANIES AND LLPS - STATUTORY EXEMPTIONS [Seite 289]
13.12.1 - 12.1 Use of the small companies and small LLPs regimes [Seite 291]
13.12.1.1 - 12.1.1 Small Companies Regulations and Small LLP Regulations [Seite 291]
13.12.1.2 - 12.1.2 Disclosure exemptions for small companies and small LLPs regime in IAS accounts and Companies Act accounts [Seite 293]
13.12.1.3 - 12.1.3 Disclosure exemptions for small companies - directors' report and strategic report [Seite 294]
13.12.2 - 12.2 Criteria for use of the small companies exemption [Seite 295]
13.12.2.1 - 12.2.1 Disclosure exemptions for the small companies exemption - directors' report [Seite 295]
13.12.2.2 - 12.2.2 Small companies exemption from preparing strategic report [Seite 296]
13.12.3 - 12.3 Filing requirements - small companies and small LLPs [Seite 296]
13.12.3.1 - 12.3.1 Small companies and small LLPs regimes [Seite 296]
13.12.3.2 - 12.3.2 Statements required in accounts delivered to Registrar [Seite 297]
13.12.3.3 - 12.3.3 Small companies exemption [Seite 299]
13.12.3.4 - 12.3.4 Abbreviated accounts withdrawn [Seite 299]
13.12.4 - References [Seite 300]
14 - Chapter 6 Presentation of financial statements [Seite 303]
14.1 - 1 INTRODUCTION [Seite 311]
14.1.1 - 1.1 Statutory instruments implementing the Accounting Directive for companies and LLPs (SI 2015/980 and SI 2016/575) [Seite 313]
14.1.2 - 1.2 Effective date [Seite 314]
14.1.2.1 - 1.2.1 LLPs [Seite 314]
14.1.3 - 1.3 Applicability to UK companies, LLPs, and other entities [Seite 315]
14.1.4 - 1.4 Irish companies [Seite 315]
14.1.5 - 1.5 Other entities [Seite 316]
14.2 - 2 SUMMARY OF FRS 102'S PRESENTATION REQUIREMENTS [Seite 316]
14.3 - 3 COMPOSITION OF FINANCIAL STATEMENTS [Seite 318]
14.3.1 - 3.1 Key definitions [Seite 319]
14.3.2 - 3.2 Objectives of sections in FRS 102 addressing presentation of financial statements [Seite 322]
14.3.3 - 3.3 Interim financial reports and segmental reporting [Seite 323]
14.3.3.1 - 3.3.1 Interim financial reporting [Seite 323]
14.3.3.2 - 3.3.2 Segmental reporting [Seite 323]
14.3.3.2.1 - 3.3.2.A Segmental disclosures of turnover [Seite 324]
14.3.4 - 3.4 Frequency of reporting and period covered [Seite 324]
14.3.5 - 3.5 Components of a complete set of financial statements [Seite 325]
14.3.6 - 3.6 Comparative information [Seite 326]
14.3.6.1 - 3.6.1 Comparative information for narrative and descriptive information [Seite 327]
14.3.6.2 - 3.6.2 Consistency of, and reclassifications of comparative information [Seite 327]
14.3.7 - 3.7 Identification of financial statements [Seite 328]
14.3.8 - 3.8 Statement of compliance [Seite 329]
14.3.8.1 - 3.8.1 Statement that financial statements have been prepared in accordance with applicable accounting standards [Seite 330]
14.3.8.2 - 3.8.2 Statements of Recommended Practice (SORPs) [Seite 330]
14.4 - 4 COMPANY LAW FORMATS [Seite 330]
14.4.1 - 4.1 Required formats - balance sheet and profit and loss account [Seite 331]
14.4.1.1 - 4.1.1 Individual financial statements [Seite 331]
14.4.1.2 - 4.1.2 Consolidated financial statements [Seite 332]
14.4.1.3 - 4.1.3 Adapted formats [Seite 333]
14.4.2 - 4.2 Which formats should be applied? [Seite 334]
14.4.2.1 - 4.2.1 UK companies and LLPs applying FRS 102 (amended July 2015) (but not Section 1A) [Seite 334]
14.4.2.2 - 4.2.2 Definition of banking company and banking group [Seite 335]
14.4.2.3 - 4.2.3 Definition of insurance company and insurance group [Seite 335]
14.4.2.4 - 4.2.4 Qualifying partnerships (not applying Section 1A) [Seite 336]
14.4.2.5 - 4.2.5 Other entities required to prepare statutory accounts in accordance with Part 15 of the CA 2006 [Seite 336]
14.4.2.6 - 4.2.6 Other entities (not applying Section 1A) [Seite 337]
14.4.3 - 4.3 Changes in formats [Seite 337]
14.4.4 - 4.4 General Rules to the formats [Seite 338]
14.4.4.1 - 4.4.1 General Rules governing the form of the statutory formats [Seite 338]
14.4.4.2 - 4.4.2 Adapted formats (Companies applying Schedule 1 to the Regulations and LLPs only) [Seite 339]
14.4.4.3 - 4.4.3 General Rules applying to statutory formats and adapted formats [Seite 339]
14.4.5 - 4.5 Non-controlling interests in consolidated financial statements [Seite 341]
14.4.5.1 - 4.5.1 Presentation requirements of non-controlling interests in the Regulations and LLP Regulations [Seite 342]
14.4.5.2 - 4.5.2 Illustrative examples of presentation of non-controlling interests [Seite 343]
14.5 - 5 STATEMENT OF FINANCIAL POSITION [Seite 344]
14.5.1 - 5.1 Adapted formats (including implementation issues) [Seite 345]
14.5.1.1 - 5.1.1 Definitions of current and non-current assets (adapted formats only) [Seite 349]
14.5.1.1.1 - 5.1.1.A Operating cycle [Seite 350]
14.5.1.1.2 - 5.1.1.B Held for the purpose of trading [Seite 351]
14.5.1.1.3 - 5.1.1.C Assets previously classified as non-current but subsequently held for sale [Seite 351]
14.5.1.1.4 - 5.1.1.D Post-employment benefits [Seite 351]
14.5.1.2 - 5.1.2 Definitions of current liabilities and non-current liabilities (adapted formats only) [Seite 351]
14.5.1.2.1 - 5.1.2.A Operating cycle [Seite 352]
14.5.1.2.2 - 5.1.2.B Held for the purpose of trading [Seite 352]
14.5.1.2.3 - 5.1.2.C Due for settlement within 12 months [Seite 352]
14.5.1.2.4 - 5.1.2.D No unconditional right to defer settlement [Seite 353]
14.5.1.2.5 - 5.1.2.E Post-employment benefits [Seite 355]
14.5.1.3 - 5.1.3 Property, plant and equipment [Seite 355]
14.5.1.3.1 - 5.1.3.A Heritage assets [Seite 355]
14.5.1.3.2 - 5.1.3.B Exploration and evaluation of mineral resources [Seite 355]
14.5.1.3.3 - 5.1.3.C Service concession arrangements [Seite 356]
14.5.1.3.4 - 5.1.3.D Software development costs [Seite 356]
14.5.1.3.5 - 5.1.3.E Spare parts [Seite 356]
14.5.1.4 - 5.1.4 Investment property [Seite 356]
14.5.1.5 - 5.1.5 Intangible assets [Seite 357]
14.5.1.5.1 - 5.1.5.A Goodwill and negative goodwill [Seite 357]
14.5.1.6 - 5.1.6 Financial assets and financial liabilities [Seite 357]
14.5.1.7 - 5.1.7 Biological assets [Seite 359]
14.5.1.8 - 5.1.8 Inventories [Seite 359]
14.5.1.9 - 5.1.9 Provisions [Seite 360]
14.5.1.10 - 5.1.10 Current tax [Seite 360]
14.5.1.11 - 5.1.11 Deferred tax [Seite 361]
14.5.1.12 - 5.1.12 Equity [Seite 361]
14.5.1.13 - 5.1.13 Other implementation issues [Seite 362]
14.5.1.13.1 - 5.1.13.A Lease premiums [Seite 362]
14.5.1.13.2 - 5.1.13.B Construction contracts [Seite 362]
14.5.1.13.3 - 5.1.13.C Assets and disposal groups held for sale [Seite 363]
14.5.1.13.4 - 5.1.13.D Post-employment benefit assets and liabilities [Seite 363]
14.5.1.13.5 - 5.1.13.E Compound instruments [Seite 364]
14.5.1.13.6 - 5.1.13.F Government grants [Seite 364]
14.5.1.14 - 5.1.14 Illustrative statement of financial position (adapted formats) [Seite 364]
14.5.2 - 5.2 Statutory formats - format 1 Balance Sheet [Seite 366]
14.5.2.1 - 5.2.1 Modifications of format 1 balance sheet for LLPs [Seite 369]
14.5.2.2 - 5.2.2 Fixed assets and current assets [Seite 372]
14.5.2.3 - 5.2.3 Creditors: amounts falling due within one year and creditors: amounts falling due after more than one year [Seite 374]
14.5.3 - 5.3 Implementation issues for statutory formats - format 1 balance sheet [Seite 375]
14.5.3.1 - 5.3.1 Called up share capital not paid [Seite 375]
14.5.3.2 - 5.3.2 Intangible assets [Seite 376]
14.5.3.3 - 5.3.3 Tangible fixed assets [Seite 377]
14.5.3.3.1 - 5.3.3.A Investment property [Seite 378]
14.5.3.4 - 5.3.4 Investments [Seite 378]
14.5.3.4.1 - 5.3.4.A Current assets or fixed asset investments? [Seite 379]
14.5.3.4.2 - 5.3.4.B Group undertakings, participating interests and associated undertakings [Seite 380]
14.5.3.4.3 - 5.3.4.C Group undertakings [Seite 380]
14.5.3.4.4 - 5.3.4.D Participating interest [Seite 381]
14.5.3.4.5 - 5.3.4.E Associated undertaking [Seite 381]
14.5.3.4.6 - 5.3.4.F Own shares [Seite 382]
14.5.3.5 - 5.3.5 Stocks [Seite 382]
14.5.3.6 - 5.3.6 Debtors (including prepayments and accrued income) [Seite 383]
14.5.3.6.1 - 5.3.6.A Trade debtors [Seite 383]
14.5.3.6.2 - 5.3.6.B Construction contracts [Seite 384]
14.5.3.6.3 - 5.3.6.C Amounts owed by group undertakings, and by undertakings in which the company has a participating interest [Seite 384]
14.5.3.6.4 - 5.3.6.D Other debtors [Seite 384]
14.5.3.6.5 - 5.3.6.E Called up share capital not paid [Seite 384]
14.5.3.6.6 - 5.3.6.F Prepayments and accrued income [Seite 384]
14.5.3.7 - 5.3.7 Cash at bank and in hand [Seite 385]
14.5.3.8 - 5.3.8 Creditors: amounts falling due within one year. Creditors: amounts falling due after more than one year [Seite 386]
14.5.3.8.1 - 5.3.8.A Debenture loans [Seite 387]
14.5.3.8.2 - 5.3.8.B Bank loans and overdrafts [Seite 388]
14.5.3.8.3 - 5.3.8.C Payments on account [Seite 388]
14.5.3.8.4 - 5.3.8.D Trade creditors [Seite 388]
14.5.3.8.5 - 5.3.8.E Bills of exchange [Seite 388]
14.5.3.8.6 - 5.3.8.F Amounts owed to group undertakings, and to undertakings in which the company has a participating interest [Seite 389]
14.5.3.8.7 - 5.3.8.G Other creditors, including taxation and social security [Seite 389]
14.5.3.8.8 - 5.3.8.H Accruals and deferred income [Seite 389]
14.5.3.9 - 5.3.9 Net current assets / (liabilities) [Seite 390]
14.5.3.10 - 5.3.10 Total assets less current liabilities [Seite 390]
14.5.3.11 - 5.3.11 Provisions for liabilities [Seite 390]
14.5.3.12 - 5.3.12 Capital and reserves [Seite 392]
14.5.3.12.1 - 5.3.12.A Called up share capital [Seite 392]
14.5.3.12.2 - 5.3.12.B Share premium account [Seite 394]
14.5.3.12.3 - 5.3.12.C Revaluation reserve [Seite 395]
14.5.3.12.4 - 5.3.12.D Reserves provided for by the Articles of Association [Seite 395]
14.5.3.12.5 - 5.3.12.E Other reserves [Seite 395]
14.5.3.12.6 - 5.3.12.F Capital redemption reserve [Seite 396]
14.5.3.12.7 - 5.3.12.G Reserve for own shares [Seite 397]
14.5.3.12.8 - 5.3.12.H Other reserves, including fair value reserve (item K.IV.4) [Seite 397]
14.5.3.12.9 - 5.3.12.I Profit and loss account [Seite 398]
14.5.3.13 - 5.3.13 Other implementation issues [Seite 398]
14.5.3.13.1 - 5.3.13.A Construction contracts [Seite 398]
14.5.3.13.2 - 5.3.13.B Deferred tax [Seite 398]
14.5.3.13.3 - 5.3.13.C Assets and disposal groups held for sale [Seite 399]
14.5.3.13.4 - 5.3.13.D Post-employment benefit assets and liabilities [Seite 399]
14.5.3.13.5 - 5.3.13.E Biological assets [Seite 400]
14.5.3.13.6 - 5.3.13.F Financial assets and financial liabilities [Seite 400]
14.5.3.13.7 - 5.3.13.G Compound instruments [Seite 401]
14.5.3.13.8 - 5.3.13.H Government grants [Seite 401]
14.5.4 - 5.4 Additional disclosures in respect of share capital (or equivalent) (adapted formats and statutory formats) [Seite 401]
14.5.4.1 - 5.4.1 FRS 102 disclosures in respect of share capital (or equivalent) [Seite 401]
14.5.4.2 - 5.4.2 Information required by the Regulations in respect of share capital [Seite 402]
14.5.5 - 5.5 Information on disposal groups to be presented in the notes (adapted formats and statutory formats) [Seite 403]
14.6 - 6 STATEMENT OF COMPREHENSIVE INCOME [Seite 404]
14.6.1 - 6.1 Format of the statement of comprehensive income (adapted formats and statutory formats) [Seite 405]
14.6.1.1 - 6.1.1 Section 408 exemption in group accounts [Seite 406]
14.6.2 - 6.2 Items reported in other comprehensive income (adapted formats and statutory formats) [Seite 406]
14.6.2.1 - 6.2.1 Items reported in other comprehensive income where an entity chooses to apply the recognition and measurement provisions of IAS 39 or IFRS 9 [Seite 408]
14.6.2.2 - 6.2.2 Impact of realised and unrealised profits on items reported in other comprehensive income [Seite 409]
14.6.3 - 6.3 Single-statement approach (adapted formats and statutory formats) [Seite 410]
14.6.4 - 6.4 Two-statement approach (adapted formats and statutory formats) [Seite 410]
14.6.5 - 6.5 Adapted formats [Seite 411]
14.6.5.1 - 6.5.1 Other implementation issues (adapted formats) [Seite 413]
14.6.5.2 - 6.5.2 Illustrative statement of comprehensive income (adapted formats) [Seite 414]
14.6.6 - 6.6 Statutory formats - format 1 and format 2 profit and loss accounts [Seite 417]
14.6.6.1 - 6.6.1 Turnover (format 1 and format 2) [Seite 422]
14.6.6.2 - 6.6.2 Cost of sales. Distribution costs. Administrative expenses (format 1) [Seite 422]
14.6.6.3 - 6.6.3 Gross profit (format 1) [Seite 423]
14.6.6.4 - 6.6.4 Other operating income (format 1 and format 2) [Seite 423]
14.6.6.5 - 6.6.5 Income from shares in group undertakings. Income from participating interests (format 1 and format 2) [Seite 424]
14.6.6.6 - 6.6.6 Income from other fixed asset investments. Other interest receivable and similar income (format 1 and format 2) [Seite 425]
14.6.6.7 - 6.6.7 Amounts written off investments (format 1 and format 2) [Seite 426]
14.6.6.8 - 6.6.8 Interest payable and similar expenses (format 1 and format 2) [Seite 426]
14.6.6.9 - 6.6.9 Tax on profit (or loss) (format 1 and format 2) [Seite 427]
14.6.6.10 - 6.6.10 Own work capitalised (format 2) [Seite 428]
14.6.6.11 - 6.6.11 Staff costs (format 2) [Seite 428]
14.6.6.12 - 6.6.12 Depreciation and other amounts written off tangible and intangible fixed assets and amounts written off current assets to the extent that they exceed write-offs which are normal in the undertaking concerned (format 2) [Seite 428]
14.6.6.13 - 6.6.13 Changes in stocks of finished goods and work in progress and raw materials and consumables (format 2) [Seite 429]
14.6.6.14 - 6.6.14 Other external expenses. Other operating expenses (format 2) [Seite 429]
14.6.7 - 6.7 Requirements applicable to both approaches (adapted formats and statutory formats) [Seite 429]
14.6.7.1 - 6.7.1 Disclosure of turnover on the face of the statement of comprehensive income (or separate income statement) [Seite 429]
14.6.7.2 - 6.7.2 Additional line items, headings and subtotals [Seite 429]
14.6.7.3 - 6.7.3 Disclosure of operating profit [Seite 431]
14.6.7.4 - 6.7.4 Analysis of expenses by nature or function [Seite 431]
14.6.7.5 - 6.7.5 Presentation of 'exceptional items' [Seite 433]
14.6.7.5.1 - 6.7.5.A Presentation in the statement of comprehensive income [Seite 433]
14.6.7.5.2 - 6.7.5.B FRC Press release on exceptional items [Seite 434]
14.6.7.6 - 6.7.6 Presentation of extraordinary items [Seite 435]
14.6.8 - 6.8 Presentation of discontinued operations (adapted formats and statutory formats) [Seite 436]
14.6.8.1 - 6.8.1 Definition of discontinued operation [Seite 436]
14.6.8.2 - 6.8.2 Adjustments to amounts previously presented in discontinued operations in prior periods [Seite 437]
14.6.8.3 - 6.8.3 Trading between continuing and discontinued operations [Seite 437]
14.6.8.4 - 6.8.4 First-time adoption [Seite 438]
14.6.8.5 - 6.8.5 Example of presentation of discontinued operations [Seite 438]
14.6.9 - 6.9 Earnings per share (adapted formats and statutory formats) [Seite 439]
14.7 - 7 STATEMENT OF CHANGES IN EQUITY [Seite 439]
14.7.1 - 7.1 Information to be presented in the statement of changes in equity [Seite 440]
14.7.1.1 - 7.1.1 Related disclosures in the Regulations and LLP Regulations [Seite 441]
14.7.1.2 - 7.1.2 Example of statement of changes in equity [Seite 442]
14.7.2 - 7.2 Statement of income and retained earnings [Seite 444]
14.8 - 8 NOTES TO THE FINANCIAL STATEMENTS [Seite 445]
14.8.1 - 8.1 Structure of the notes [Seite 447]
14.8.2 - 8.2 Summary of significant accounting policies [Seite 449]
14.8.3 - 8.3 Judgements in applying accounting policies [Seite 452]
14.8.4 - 8.4 Information about key sources of estimation uncertainty [Seite 452]
14.8.5 - 8.5 Other notes disclosures in the presentation sections of FRS 102 [Seite 453]
14.8.6 - 8.6 Staff numbers and costs (and number of members of an LLP) [Seite 454]
14.8.7 - 8.7 Off balance sheet arrangements [Seite 455]
14.8.7.1 - 8.7.1 Guarantees, contingencies and commitments [Seite 456]
14.8.8 - 8.8 Directors' advances, credits and guarantees [Seite 457]
14.8.8.1 - 8.8.1 Banking companies and holding companies of credit institutions [Seite 459]
14.9 - 9 GENERAL PRINCIPLES FOR PREPARATION OF FINANCIAL STATEMENTS [Seite 459]
14.9.1 - 9.1 Requirements of the Regulations (and LLP Regulations) [Seite 460]
14.9.1.1 - 9.1.1 General principles for preparation of financial statements [Seite 460]
14.9.1.1.1 - 9.1.1.A Substance over form [Seite 461]
14.9.1.1.2 - 9.1.1.B Prudence [Seite 461]
14.9.1.1.3 - 9.1.1.C Offset [Seite 462]
14.9.2 - 9.2 True and fair view and compliance with FRS 102 [Seite 463]
14.9.2.1 - 9.2.1 True and fair view - requirements of FRS 102 and the Regulations [Seite 463]
14.9.2.2 - 9.2.2 The 'true and fair override' - requirements of FRS 102 and the Regulations [Seite 465]
14.9.3 - 9.3 Going concern [Seite 466]
14.9.3.1 - 9.3.1 2016 FRC Guidance on Going Concern [Seite 467]
14.9.3.1.1 - 9.3.1.A Overview of approach [Seite 468]
14.9.3.1.2 - 9.3.1.B The assessment process - principal risks and going concern basis of accounting [Seite 469]
14.9.3.1.3 - 9.3.1.C Going concern disclosures [Seite 471]
14.9.3.2 - 9.3.2 Companies that are applying the UK Corporate Governance Code [Seite 472]
14.9.4 - 9.4 Materiality and aggregation [Seite 474]
14.9.4.1 - 9.4.1 'Cutting Clutter' [Seite 475]
14.10 - 10 RECOGNITION AND MEASUREMENT, PRESENTATION AND DISCLOSURE - COMPANIES ACT ACCOUNTS [Seite 475]
14.10.1 - 10.1 Historical cost accounting rules [Seite 477]
14.10.1.1 - 10.1.1 Definition of purchase price and production cost [Seite 478]
14.10.1.1.1 - 10.1.1.A FRS 102's requirements [Seite 480]
14.10.1.2 - 10.1.2 Depreciation and diminution of fixed assets [Seite 481]
14.10.1.2.1 - 10.1.2.A FRS 102's requirements [Seite 482]
14.10.1.3 - 10.1.3 Development costs [Seite 483]
14.10.1.4 - 10.1.4 Equity method in respect of participating interests [Seite 484]
14.10.1.5 - 10.1.5 Provisions for liabilities [Seite 484]
14.10.2 - 10.2 Alternative accounting rules [Seite 484]
14.10.2.1 - 10.2.1 Assets that may be revalued under the alternative accounting rules in the Regulations [Seite 486]
14.10.2.1.1 - 10.2.1.A FRS 102's requirements [Seite 486]
14.10.2.2 - 10.2.2 Application of the depreciation and diminution rules under the alternative accounting rules [Seite 486]
14.10.2.3 - 10.2.3 Revaluation reserve [Seite 487]
14.10.2.4 - 10.2.4 Disclosures [Seite 489]
14.10.3 - 10.3 Fair value accounting rules - financial instruments [Seite 490]
14.10.3.1 - 10.3.1 Which financial instruments may be included at fair value under the Regulations and LLP Regulations? [Seite 492]
14.10.3.1.1 - 10.3.1.A Overview [Seite 492]
14.10.3.1.2 - 10.3.1.B Determination of reliable fair values [Seite 492]
14.10.3.1.3 - 10.3.1.C Financial instruments held at fair value subject to paragraph 36(4) of Schedule 1 to the Regulations (and equivalent requirements) [Seite 493]
14.10.3.1.4 - 10.3.1.D Disclosures where paragraph 36(4) of Schedule 1 to the Regulations applies [Seite 495]
14.10.3.2 - 10.3.2 Accounting for changes in fair value of financial instruments [Seite 496]
14.10.3.3 - 10.3.3 Hedge accounting [Seite 498]
14.10.3.3.1 - 10.3.3.A Fair value hedge accounting [Seite 498]
14.10.3.3.2 - 10.3.3.B Cash flow hedge and net investment hedge accounting [Seite 498]
14.10.3.4 - 10.3.4 Disclosures required by the Regulations and LLP Regulations [Seite 498]
14.10.4 - 10.4 Investment properties, living animals and plants, and stocks [Seite 500]
14.10.4.1 - 10.4.1 Fair value accounting rules under the Regulations and LLP Regulations [Seite 500]
14.10.4.2 - 10.4.2 FRS 102's requirements for fair value accounting [Seite 500]
14.10.4.3 - 10.4.3 Disclosures required by the Regulations and LLP Regulations [Seite 501]
14.11 - 11 SUMMARY OF DIFFERENCES [Seite 501]
14.11.1 - References [Seite 513]
15 - Chapter 7 Statement of cash flows [Seite 517]
15.1 - 1 INTRODUCTION [Seite 519]
15.2 - 2 COMPARISON BETWEEN SECTION 7 AND IFRS [Seite 519]
15.2.1 - 2.1 Entities exempt from preparing a statement of cash flows [Seite 519]
15.2.2 - 2.2 Presentation using the indirect method [Seite 520]
15.2.3 - 2.3 Cash flows of discontinued operations [Seite 520]
15.2.4 - 2.4 Disclosure of changes in liabilities arising from financing activities [Seite 520]
15.3 - 3 THE REQUIREMENTS OF SECTION 7 FOR A STATEMENT OF CASH FLOWS [Seite 520]
15.3.1 - 3.1 Scope [Seite 521]
15.3.2 - 3.2 Terms used by Section 7 [Seite 521]
15.3.3 - 3.3 Cash and cash equivalents [Seite 522]
15.3.3.1 - 3.3.1 Short-term investments [Seite 522]
15.3.3.2 - 3.3.2 Money market funds [Seite 523]
15.3.3.3 - 3.3.3 Investments with maturities greater than three months [Seite 523]
15.3.3.4 - 3.3.4 Restrictions on the use of cash and cash equivalents [Seite 524]
15.3.3.5 - 3.3.5 Reporting of differing cash flows arising from a single transaction [Seite 524]
15.3.4 - 3.4 Information to be presented in the statement of cash flows [Seite 525]
15.3.5 - 3.5 Reporting cash flows from operating activities [Seite 525]
15.3.5.1 - 3.5.1 Indirect method [Seite 526]
15.3.5.2 - 3.5.2 Direct method [Seite 526]
15.3.6 - 3.6 Reporting cash flows from investing activities [Seite 526]
15.3.7 - 3.7 Reporting cash flows from financing activities [Seite 527]
15.3.8 - 3.8 Reporting cash flows on a net basis [Seite 528]
15.3.9 - 3.9 Foreign currency cash flows [Seite 529]
15.3.10 - 3.10 Interest and dividends [Seite 529]
15.3.11 - 3.11 Income tax [Seite 530]
15.3.12 - 3.12 Non cash transactions [Seite 530]
15.3.13 - 3.13 Disclosure of cash and cash equivalents not available for use [Seite 530]
15.3.14 - 3.14 Direct cash flows arising from insurance contracts [Seite 530]
15.3.15 - 3.15 Cash flows arising from the exploration of mineral resources [Seite 530]
15.3.16 - 3.16 Example statement of cash flows using the indirect method [Seite 531]
15.4 - 4 PRACTICAL IMPLEMENTATION ISSUES [Seite 533]
15.4.1 - 4.1 VAT and other taxes [Seite 533]
15.4.2 - 4.2 Group relief [Seite 533]
15.4.3 - 4.3 Cash flows from factoring of trade receivables [Seite 533]
15.4.4 - 4.4 Acquisition of plant, property and equipment on deferred terms [Seite 534]
15.4.5 - 4.5 Additional considerations for groups [Seite 534]
15.4.5.1 - 4.5.1 Acquisitions and disposals of subsidiaries [Seite 535]
15.4.5.1.1 - 4.5.1.A Acquisitions and disposals resulting in control or loss of control [Seite 535]
15.4.5.1.2 - 4.5.1.B Disposals that do not result in loss of control [Seite 535]
15.4.5.2 - 4.5.2 Settlement of amounts owed by the acquired entity [Seite 535]
15.4.5.3 - 4.5.3 Settlement of intra-group balances on a demerger [Seite 535]
15.4.6 - 4.6 Cash flows in subsidiaries, associates and joint ventures [Seite 536]
15.4.6.1 - 4.6.1 Investments in subsidiaries, associates and joint ventures [Seite 536]
15.4.6.2 - 4.6.2 Transactions with non-controlling interests [Seite 536]
15.4.6.3 - 4.6.3 Group treasury arrangements [Seite 536]
15.5 - 5 SUMMARY OF GAAP DIFFERENCES [Seite 537]
15.5.1 - References [Seite 538]
16 - Chapter 8 Consolidated and separate financial statements [Seite 539]
16.1 - 1 INTRODUCTION [Seite 543]
16.2 - 2 COMPARISON BETWEEN SECTION 9 AND IFRS [Seite 543]
16.2.1 - 2.1 Requirement to prepare consolidated financial statements [Seite 544]
16.2.2 - 2.2 Investment entities [Seite 544]
16.2.3 - 2.3 Definition of control [Seite 544]
16.2.4 - 2.4 Special purpose entities and structured entities [Seite 545]
16.2.5 - 2.5 Subsidiaries excluded from consolidation [Seite 545]
16.2.6 - 2.6 Accounting for a retained interest in a disposal where control is lost in consolidated financial statements [Seite 545]
16.2.7 - 2.7 Accounting for exchange differences on the disposal of a foreign operation in consolidated financial statements [Seite 546]
16.2.8 - 2.8 Accounting for non-controlling interests in consolidated financial statements [Seite 546]
16.2.9 - 2.9 Accounting for exchanges of business or other non-monetary assets for an interest in a subsidiary in consolidated financial statements [Seite 546]
16.2.10 - 2.10 Cost of investment in a subsidiary in separate financial statements [Seite 547]
16.2.11 - 2.11 Use of the equity method for accounting for investments in subsidiaries, associates and joint ventures in separate or individual financial statements [Seite 547]
16.2.12 - 2.12 Intermediate payment arrangements in separate financial statements [Seite 547]
16.2.13 - 2.13 Disclosure differences [Seite 547]
16.3 - 3 CONSOLIDATED FINANCIAL STATEMENTS [Seite 548]
16.3.1 - 3.1 Requirement to present consolidated financial statements [Seite 548]
16.3.1.1 - 3.1.1 Exemptions from preparing consolidated financial statements [Seite 549]
16.3.1.1.1 - 3.1.1.A Parents that are a subsidiary of an immediate EEA parent [Seite 551]
16.3.1.1.2 - 3.1.1.B Intermediate parents that are subsidiaries of non EEA parents [Seite 553]
16.3.1.1.3 - 3.1.1.C Equivalence for the purposes of the s401 exemption for intermediateparents that are subsidiaries of non EEA parents [Seite 554]
16.3.1.1.4 - 3.1.1.D Exemption from preparing consolidated financial statements for small groups [Seite 555]
16.3.1.1.5 - 3.1.1.E Exemption due to all subsidiaries excluded from consolidation [Seite 557]
16.3.1.1.6 - 3.1.1.F Exemption under statutory framework [Seite 557]
16.3.2 - 3.2 The definition of a subsidiary [Seite 557]
16.3.2.1 - 3.2.1 Potential voting rights [Seite 559]
16.3.2.2 - 3.2.2 Control exercised through an agent [Seite 560]
16.3.2.3 - 3.2.3 Interests held as trustee or fiduciary [Seite 560]
16.3.2.4 - 3.2.4 De facto control [Seite 561]
16.3.3 - 3.3 Special purpose entities (SPEs) [Seite 562]
16.3.3.1 - 3.3.1 Benefits need not necessarily be financial [Seite 564]
16.3.3.2 - 3.3.2 Majority of the benefits and risks [Seite 564]
16.3.3.3 - 3.3.3 Subsequent reassessment of control of an SPE [Seite 564]
16.3.3.4 - 3.3.4 Securitisation transactions [Seite 565]
16.3.4 - 3.4 Subsidiaries excluded from consolidation [Seite 565]
16.3.4.1 - 3.4.1 Subsidiaries excluded from consolidation due to severe long term restrictions [Seite 566]
16.3.4.2 - 3.4.2 Subsidiaries held exclusively with a view to subsequent resale [Seite 567]
16.3.4.2.1 - 3.4.2.A Subsidiary held as part of an investment portfolio [Seite 568]
16.3.5 - 3.5 Consolidation procedures [Seite 569]
16.3.5.1 - 3.5.1 Intragroup balances and transactions [Seite 570]
16.3.5.2 - 3.5.2 Uniform reporting dates and reporting period [Seite 571]
16.3.5.3 - 3.5.3 Uniform accounting policies [Seite 571]
16.3.5.4 - 3.5.4 Consolidating foreign operations [Seite 572]
16.3.6 - 3.6 Acquisitions and disposals of subsidiaries [Seite 572]
16.3.6.1 - 3.6.1 Accounting for an acquisition where control is achieved in stages [Seite 573]
16.3.6.2 - 3.6.2 Accounting for an increase in a controlling interest in a subsidiary [Seite 573]
16.3.6.3 - 3.6.3 Accounting for a disposal of a subsidiary when control is lost [Seite 573]
16.3.6.4 - 3.6.4 Accounting for a part disposal of a subsidiary when control is retained [Seite 576]
16.3.7 - 3.7 Non-controlling interest in subsidiaries [Seite 577]
16.3.7.1 - 3.7.1 Accounting and presentation of non-controlling interest [Seite 577]
16.3.7.2 - 3.7.2 Call and put options over non-controlling interest [Seite 579]
16.3.7.2.1 - 3.7.2.A Call options only [Seite 579]
16.3.7.2.2 - 3.7.2.B Put options only [Seite 580]
16.3.7.2.3 - 3.7.2.C Combination of put and call options [Seite 582]
16.3.7.2.4 - 3.7.2.D Call and put options entered into in relation to existing non-controlling interest [Seite 582]
16.3.8 - 3.8 Exchanges of businesses or other non-monetary assets for an interest in a subsidiary, jointly controlled entity or associate [Seite 582]
16.3.9 - 3.9 Disclosures in consolidated financial statements [Seite 586]
16.3.9.1 - 3.9.1 Disclosures in consolidated financial statements required by Section 9 of FRS 102 [Seite 586]
16.3.9.2 - 3.9.2 Disclosures in consolidated financial statements in respect of subsidiary undertakings required by the Regulations [Seite 586]
16.4 - 4 INDIVIDUAL AND SEPARATE FINANCIAL STATEMENTS [Seite 587]
16.4.1 - 4.1 Accounting for associates and jointly controlled entities in individual financial statements of an entity that is not a parent [Seite 588]
16.4.2 - 4.2 Accounting for subsidiaries, associates and jointly controlled entities in separate financial statements of an entity that is a parent [Seite 588]
16.4.2.1 - 4.2.1 Cost of investment in a subsidiary, associate or jointly controlled entity [Seite 590]
16.4.2.1.1 - 4.2.1.A Cost of investment in a subsidiary, associate or jointly controlled entity acquired in stages [Seite 593]
16.4.2.2 - 4.2.2 Fair value of investment [Seite 593]
16.4.3 - 4.3 Group reorganisations [Seite 594]
16.4.4 - 4.4 Common control transactions in individual and separate financial statements [Seite 594]
16.4.4.1 - 4.4.1 Capital contributions [Seite 594]
16.4.4.1.1 - 4.4.1.A Treatment in the financial statements of the paying company [Seite 595]
16.4.4.1.2 - 4.4.1.B Treatment in the financial statements of the receiving company [Seite 595]
16.4.4.1.3 - 4.4.1.C Contribution and distribution of non-monetary assets [Seite 596]
16.4.4.1.4 - 4.4.1.D Incurring expenses and settling liabilities without recharges [Seite 597]
16.4.4.2 - 4.4.2 Transactions involving non-monetary assets [Seite 597]
16.4.4.2.1 - 4.4.2.A The parent exchanges property, plant and equipment for a non-monetary asset of the subsidiary [Seite 597]
16.4.4.2.2 - 4.4.2.B Acquisition and sale of assets for shares [Seite 598]
16.4.4.2.3 - 4.4.2.C Acquisition and sale of assets for cash (or equivalent) [Seite 598]
16.4.4.3 - 4.4.3 Financial instruments within the scope of Sections 11 and 12 [Seite 599]
16.4.4.4 - 4.4.4 Financial guarantee contracts - parent guarantee issued on behalf of subsidiary [Seite 599]
16.4.5 - 4.5 Intermediate payment arrangements [Seite 600]
16.4.5.1 - 4.5.1 Accounting for intermediate payment arrangements [Seite 601]
16.4.6 - 4.6 Disclosures in individual and separate financial statements [Seite 603]
16.4.6.1 - 4.6.1 Disclosures required by Section 9 in separate financial statements [Seite 603]
16.4.6.2 - 4.6.2 Disclosures required by Section 9 in individual and separate financial statements in respect of intermediate payment arrangements [Seite 603]
16.4.6.3 - 4.6.3 Additional disclosures in respect of investments in subsidiaries in separate financial statements required by the CA 2006 and the Regulations [Seite 604]
16.5 - 5 SUMMARY OF GAAP DIFFERENCES [Seite 605]
17 - Chapter 9 Accounting policies, estimates and errors [Seite 609]
17.1 - 1 INTRODUCTION [Seite 611]
17.2 - 2 COMPARISON BETWEEN SECTION 10 AND IFRS [Seite 611]
17.2.1 - 2.1 Hierarchy for selecting accounting policies [Seite 611]
17.2.2 - 2.2 Key disclosure differences [Seite 611]
17.3 - 3 REQUIREMENTS OF SECTION 10 FOR ACCOUNTING POLICIES, ESTIMATES AND ERRORS [Seite 612]
17.3.1 - 3.1 Terms used in Section 10 [Seite 612]
17.3.2 - 3.2 Selection and application of accounting policies [Seite 612]
17.3.3 - 3.3 Consistency of accounting policies [Seite 614]
17.3.4 - 3.4 Changes in accounting policies [Seite 615]
17.3.4.1 - 3.4.1 Applying changes in accounting policies [Seite 616]
17.3.4.2 - 3.4.2 Retrospective application of accounting policy changes [Seite 616]
17.3.5 - 3.5 Changes in accounting estimates [Seite 618]
17.3.6 - 3.6 Corrections of prior period errors [Seite 619]
17.3.7 - 3.7 Disclosure of a change in accounting policy, a change in accounting estimate and prior period errors [Seite 620]
17.3.7.1 - 3.7.1 Disclosure of a change in accounting policy [Seite 620]
17.3.7.2 - 3.7.2 Disclosure of a change in accounting estimate [Seite 620]
17.3.7.3 - 3.7.3 Disclosure of prior period errors [Seite 621]
17.4 - 4 COMPANY LAW MATTERS [Seite 623]
17.4.1 - 4.1 Corrections of prior period errors and defective accounts [Seite 623]
17.5 - 5 SUMMARY OF GAAP DIFFERENCES [Seite 623]
18 - Chapter 10 Financial instruments [Seite 625]
18.1 - 1 INTRODUCTION [Seite 631]
18.2 - 2 COMPARISON BETWEEN SECTIONS 11, 12, 22 AND IFRS [Seite 632]
18.2.1 - 2.1 Comparison between Section 22 and IAS 32 [Seite 633]
18.2.2 - 2.2 Comparison between Sections 11, 12 and IFRS [Seite 633]
18.2.2.1 - 2.2.1 Classification and measurement [Seite 633]
18.2.2.2 - 2.2.2 Impairment [Seite 634]
18.2.2.3 - 2.2.3 Hedge accounting [Seite 634]
18.2.2.4 - 2.2.4 Presentation and disclosures [Seite 634]
18.3 - 3 SCOPE OF SECTIONS 11, 12 AND 22 [Seite 634]
18.3.1 - 3.1 Definitions [Seite 634]
18.3.2 - 3.2 Scope [Seite 637]
18.4 - 4 RECOGNITION AND MEASUREMENT: ACCOUNTING POLICY CHOICE [Seite 638]
18.4.1 - 4.1 Impact of the accounting policy choice [Seite 639]
18.4.2 - 4.2 Changes in accounting policy choice [Seite 640]
18.4.2.1 - 4.2.1 Mandatory changes in accounting policy [Seite 640]
18.4.2.2 - 4.2.2 Voluntary changes [Seite 640]
18.5 - 5 FINANCIAL LIABILITIES AND EQUITY [Seite 641]
18.5.1 - 5.1 Introduction [Seite 641]
18.5.2 - 5.2 Scope and definitions [Seite 641]
18.5.3 - 5.3 Key differences with IAS 32 [Seite 642]
18.5.3.1 - 5.3.1 Obligation to repurchase own equity [Seite 642]
18.5.3.2 - 5.3.2 Derivatives contracts to acquire a fixed number of own equity instruments [Seite 642]
18.5.4 - 5.4 Contingent settlement provisions [Seite 643]
18.5.4.1 - 5.4.1 Puttable instruments [Seite 644]
18.5.4.2 - 5.4.2 Instruments that contain obligations only on liquidation [Seite 645]
18.5.5 - 5.5 Recognition and measurement of issued equity instruments [Seite 646]
18.5.5.1 - 5.5.1 Initial recognition [Seite 646]
18.5.5.2 - 5.5.2 Initial measurement [Seite 646]
18.5.5.3 - 5.5.3 Presentation [Seite 646]
18.5.6 - 5.6 Other topics [Seite 647]
18.5.6.1 - 5.6.1 Bonus issues and share splits [Seite 647]
18.5.6.2 - 5.6.2 Compound instruments [Seite 647]
18.5.6.2.1 - 5.6.2.A Initial recognition and measurement [Seite 648]
18.5.6.2.2 - 5.6.2.B Subsequent measurement [Seite 648]
18.5.6.3 - 5.6.3 Treasury shares [Seite 648]
18.5.6.4 - 5.6.4 Distributions to owners [Seite 648]
18.5.6.5 - 5.6.5 Non-controlling interest and transactions in shares of a consolidated subsidiary [Seite 648]
18.6 - 6 CLASSIFICATION [Seite 649]
18.6.1 - 6.1 'Basic' financial instruments [Seite 650]
18.6.1.1 - 6.1.1 Basic equity instruments [Seite 650]
18.6.1.2 - 6.1.2 Basic debt instruments [Seite 650]
18.6.1.2.1 - 6.1.2.A Condition 1 - Contractual return to the holder [Seite 651]
18.6.1.2.2 - 6.1.2.B Condition 2 - Link to inflation [Seite 652]
18.6.1.2.3 - 6.1.2.C Condition 3 - Variation of the return [Seite 653]
18.6.1.2.4 - 6.1.2.D Condition 4 - Loss of principal or interest [Seite 655]
18.6.1.2.5 - 6.1.2.E Condition 5 - Prepayment options [Seite 656]
18.6.1.2.6 - 6.1.2.F Condition 6 - Extension options [Seite 657]
18.6.1.3 - 6.1.3 Basic loan commitments [Seite 658]
18.6.1.4 - 6.1.4 Embedded derivatives [Seite 658]
18.6.2 - 6.2 Other financial instruments [Seite 658]
18.6.3 - 6.3 Reclassifications [Seite 659]
18.6.4 - 6.4 Financial instruments not permitted to be measured at fair value through profit or loss by UK Company Law [Seite 659]
18.6.4.1 - 6.4.1 Legal requirements [Seite 659]
18.6.4.2 - 6.4.2 Impact of the legal restrictions prior to IFRS 9 endorsement [Seite 660]
18.6.4.2.1 - 6.4.2.A Impact on entities that choose to apply Sections 11 and 12 of FRS 102 [Seite 661]
18.6.4.2.2 - 6.4.2.B Impact on entities that choose to apply IFRS 9 [Seite 663]
18.6.4.3 - 6.4.3 Impact of the legal restrictions after IFRS 9 endorsement [Seite 664]
18.6.4.3.1 - 6.4.3.A Impact on entities that choose to apply Sections 11 and 12 of FRS 102 [Seite 664]
18.6.4.3.2 - 6.4.3.B Impact on entities that choose to apply IAS 39 [Seite 665]
18.6.4.3.3 - 6.4.3.C Impact on entities that choose to apply IFRS 9 [Seite 665]
18.7 - 7 INITIAL RECOGNITION AND MEASUREMENT [Seite 665]
18.7.1 - 7.1 Initial recognition [Seite 665]
18.7.2 - 7.2 Initial measurement [Seite 666]
18.7.2.1 - 7.2.1 General rule [Seite 666]
18.7.2.2 - 7.2.2 Exception: financing transactions [Seite 666]
18.7.2.3 - 7.2.3 Difference between fair value and transaction price [Seite 671]
18.8 - 8 SUBSEQUENT MEASUREMENT [Seite 671]
18.8.1 - 8.1 Introduction [Seite 671]
18.8.1.1 - 8.1.1 Comparison to IAS 39 [Seite 672]
18.8.2 - 8.2 Amortised cost and the effective interest method [Seite 672]
18.8.2.1 - 8.2.1 Debt instruments due within 1 year: undiscounted cash flows [Seite 675]
18.8.3 - 8.3 Measurement at cost [Seite 676]
18.8.3.1 - 8.3.1 Loan commitments [Seite 676]
18.8.3.2 - 8.3.2 Investments in equity instruments [Seite 677]
18.8.4 - 8.4 The fair value option [Seite 677]
18.8.5 - 8.5 Impairment of financial assets measured at cost or amortised cost [Seite 678]
18.8.5.1 - 8.5.1 Introduction [Seite 678]
18.8.5.2 - 8.5.2 Recognition of impairment [Seite 679]
18.8.5.2.1 - 8.5.2.A Individual and group assessment [Seite 679]
18.8.5.2.2 - 8.5.2.B Objective evidence of impairment [Seite 680]
18.8.5.3 - 8.5.3 Measurement of impairment [Seite 680]
18.8.5.3.1 - 8.5.3.A Financial assets carried at amortised cost [Seite 680]
18.8.5.3.2 - 8.5.3.B Financial assets carried at cost [Seite 681]
18.8.5.3.3 - 8.5.3.C Commitments to make a loan [Seite 681]
18.8.5.4 - 8.5.4 Reversal of impairment [Seite 682]
18.8.6 - 8.6 Fair value [Seite 682]
18.8.6.1 - 8.6.1 Hierarchy used to estimate fair value of shares [Seite 683]
18.8.6.2 - 8.6.2 Quoted price in an active market [Seite 683]
18.8.6.3 - 8.6.3 Price of a recent transaction [Seite 684]
18.8.6.4 - 8.6.4 Other valuation techniques [Seite 684]
18.8.6.4.1 - 8.6.4.A Consideration of own credit risk [Seite 685]
18.8.6.5 - 8.6.5 Fair value not reliably measurable [Seite 685]
18.8.6.6 - 8.6.6 Financial liabilities due on demand [Seite 685]
18.9 - 9 DERECOGNITION [Seite 686]
18.9.1 - 9.1 Introduction [Seite 686]
18.9.2 - 9.2 Derecognition of financial assets [Seite 686]
18.9.2.1 - 9.2.1 Transfer of risks and rewards of ownership of the asset [Seite 687]
18.9.2.1.1 - 9.2.1.A Sale with option to buy back or sell back at some point in the future [Seite 687]
18.9.2.1.2 - 9.2.1.B Sale of trade receivables [Seite 688]
18.9.2.2 - 9.2.2 Transfer of control of the financial asset [Seite 688]
18.9.2.3 - 9.2.3 Accounting for derecognition of financial assets [Seite 690]
18.9.2.3.1 - 9.2.3.A Transfers that qualify for derecognition [Seite 690]
18.9.2.3.2 - 9.2.3.B Transfers that do not qualify for derecognition [Seite 690]
18.9.2.4 - 9.2.4 Comparison with IAS 39 [Seite 690]
18.9.2.4.1 - 9.2.4.A Transfer of risks and rewards [Seite 690]
18.9.2.4.2 - 9.2.4.B Continuing involvement [Seite 690]
18.9.3 - 9.3 Accounting for collateral [Seite 691]
18.9.4 - 9.4 Derecognition of financial liabilities [Seite 692]
18.9.4.1 - 9.4.1 General rule: extinguishment [Seite 692]
18.9.4.2 - 9.4.2 Exchange and modification [Seite 692]
18.9.4.3 - 9.4.3 Gains and losses on derecognition [Seite 692]
18.10 - 10 HEDGE ACCOUNTING [Seite 692]
18.10.1 - 10.1 Introduction [Seite 692]
18.10.1.1 - 10.1.1 What is hedge accounting? [Seite 693]
18.10.2 - 10.2 Hedged items [Seite 695]
18.10.2.1 - 10.2.1 Introduction [Seite 695]
18.10.2.2 - 10.2.2 Components [Seite 695]
18.10.2.3 - 10.2.3 Groups of items as hedged items [Seite 697]
18.10.3 - 10.3 Hedging instruments [Seite 698]
18.10.3.1 - 10.3.1 Introduction [Seite 698]
18.10.3.2 - 10.3.2 Combinations of hedging instruments [Seite 699]
18.10.3.3 - 10.3.3 Proportions and components of instruments [Seite 699]
18.10.4 - 10.4 Criteria for hedge accounting [Seite 700]
18.10.4.1 - 10.4.1 Introduction [Seite 700]
18.10.4.2 - 10.4.2 Risk management objectives [Seite 700]
18.10.4.3 - 10.4.3 Economic relationship [Seite 701]
18.10.4.4 - 10.4.4 Documentation [Seite 701]
18.10.5 - 10.5 Hedge ineffectiveness [Seite 702]
18.10.6 - 10.6 Hedging relationships [Seite 703]
18.10.7 - 10.7 Fair value hedges [Seite 703]
18.10.7.1 - 10.7.1 Introduction [Seite 703]
18.10.7.2 - 10.7.2 Hedges of firm commitments [Seite 704]
18.10.7.3 - 10.7.3 Accounting for fair value hedges [Seite 704]
18.10.8 - 10.8 Cash flow hedges [Seite 707]
18.10.8.1 - 10.8.1 Introduction [Seite 707]
18.10.8.2 - 10.8.2 Highly probable forecast transactions [Seite 708]
18.10.8.3 - 10.8.3 Accounting for cash flow hedges [Seite 709]
18.10.9 - 10.9 Hedges of net investments in foreign operations [Seite 715]
18.10.9.1 - 10.9.1 Introduction [Seite 715]
18.10.9.2 - 10.9.2 Accounting for net investment hedges [Seite 716]
18.10.10 - 10.10 Discontinuing hedge accounting [Seite 718]
18.10.10.1 - 10.10.1 Rollover strategies [Seite 719]
18.10.10.2 - 10.10.2 Novation of derivatives [Seite 719]
18.10.11 - 10.11 Presentation [Seite 720]
18.11 - 11 PRESENTATION AND DISCLOSURES [Seite 720]
18.11.1 - 11.1 Offsetting of financial instruments [Seite 720]
18.11.1.1 - 11.1.1 Requirements [Seite 720]
18.11.1.2 - 11.1.2 Interaction with derecognition rules [Seite 721]
18.11.2 - 11.2 Disclosures [Seite 721]
18.11.2.1 - 11.2.1 Introduction [Seite 721]
18.11.2.2 - 11.2.2 Disclosures applicable to all entities, including qualifying entities [Seite 722]
18.11.2.3 - 11.2.3 Additional disclosures for entities not taking the qualifying entity exemptions [Seite 724]
18.11.2.4 - 11.2.4 Additional disclosures required for financial institutions [Seite 726]
18.11.2.5 - 11.2.5 Disclosures applicable to all entities reporting under UK company law [Seite 729]
18.12 - 12 SUMMARY OF GAAP DIFFERENCES [Seite 731]
18.12.1 - References [Seite 733]
19 - Chapter 11 Inventories [Seite 735]
19.1 - 1 INTRODUCTION [Seite 737]
19.2 - 2 COMPARISON BETWEEN SECTION 13 AND IFRS [Seite 737]
19.3 - 3 REQUIREMENTS OF SECTION 13 FOR INVENTORIES [Seite 738]
19.3.1 - 3.1 Terms used in Section 13 [Seite 738]
19.3.2 - 3.2 Scope [Seite 739]
19.3.2.1 - 3.2.1 Scope issues [Seite 740]
19.3.2.1.1 - 3.2.1.A Spare parts [Seite 740]
19.3.2.1.2 - 3.2.1.B Real estate inventory held for short term sale [Seite 740]
19.3.3 - 3.3 Measurement [Seite 741]
19.3.3.1 - 3.3.1 What is included in the cost of inventories? [Seite 741]
19.3.3.2 - 3.3.2 Costs of purchase of inventories [Seite 741]
19.3.3.3 - 3.3.3 Costs of conversion [Seite 741]
19.3.3.4 - 3.3.4 Costs excluded from inventories [Seite 742]
19.3.3.5 - 3.3.5 Storage and distribution costs [Seite 743]
19.3.3.6 - 3.3.6 General and administrative overheads [Seite 743]
19.3.3.7 - 3.3.7 Borrowing costs [Seite 744]
19.3.3.8 - 3.3.8 Inventories acquired through a non-exchange transaction [Seite 744]
19.3.3.9 - 3.3.9 Joint products and by-products [Seite 745]
19.3.3.10 - 3.3.10 Service providers [Seite 745]
19.3.3.11 - 3.3.11 Inventories held for distribution at no or nominal consideration [Seite 745]
19.3.3.12 - 3.3.12 Agricultural produce harvested from biological assets [Seite 746]
19.3.3.13 - 3.3.13 Cost measurement methods [Seite 746]
19.3.3.14 - 3.3.14 Additional company law considerations [Seite 747]
19.3.4 - 3.4 Impairment of inventories [Seite 748]
19.3.4.1 - 3.4.1 Selling price less costs to complete and sell [Seite 748]
19.3.4.2 - 3.4.2 Reversal of impairment of inventory [Seite 749]
19.3.5 - 3.5 Recognition of inventory in profit or loss [Seite 749]
19.3.6 - 3.6 Presentation and disclosure [Seite 750]
19.3.6.1 - 3.6.1 Presentation of inventories [Seite 750]
19.3.6.2 - 3.6.2 Disclosure of inventories [Seite 750]
19.3.6.2.1 - 3.6.2.A Additional company law disclosures [Seite 751]
19.4 - 4 SUMMARY OF GAAP DIFFERENCES [Seite 751]
20 - Chapter 12 Investments in associates [Seite 753]
20.1 - 1 INTRODUCTION [Seite 757]
20.2 - 2 COMPARISON BETWEEN SECTION 14 AND IFRS [Seite 757]
20.2.1 - 2.1 Measurement - individual and separate entity financial statements [Seite 757]
20.2.2 - 2.2 Investment portfolios / funds [Seite 757]
20.2.3 - 2.3 Accounting for the acquisition of an associate [Seite 758]
20.2.4 - 2.4 Loss of significant influence [Seite 758]
20.2.5 - 2.5 Transactions to create an associate [Seite 758]
20.3 - 3 REQUIREMENTS OF SECTION 14 FOR INVESTMENTS IN ASSOCIATES [Seite 759]
20.3.1 - 3.1 Introduction [Seite 759]
20.3.1.1 - 3.1.1 Scope [Seite 759]
20.3.1.2 - 3.1.2 Terms used in Section 14 [Seite 759]
20.3.2 - 3.2 Definitions of an associate, and related terms [Seite 760]
20.3.2.1 - 3.2.1 Associate [Seite 760]
20.3.2.2 - 3.2.2 Significant influence [Seite 760]
20.3.2.2.1 - 3.2.2.A Lack of significant influence [Seite 761]
20.3.2.2.2 - 3.2.2.B Holdings of less than 20% of the voting power [Seite 761]
20.3.2.2.3 - 3.2.2.C Potential voting rights [Seite 762]
20.3.2.2.4 - 3.2.2.D Voting rights held in a fiduciary capacity [Seite 762]
20.3.3 - 3.3 Measurement [Seite 762]
20.3.3.1 - 3.3.1 Accounting policy options [Seite 762]
20.3.3.1.1 - 3.3.1.A Investor not a parent [Seite 762]
20.3.3.1.2 - 3.3.1.B Investor that is a parent [Seite 763]
20.3.3.2 - 3.3.2 Equity method [Seite 763]
20.3.3.2.1 - 3.3.2.A Date of commencement of equity accounting [Seite 764]
20.3.3.2.2 - 3.3.2.B Distributions and other adjustments to carrying amount [Seite 764]
20.3.3.2.3 - 3.3.2.C Potential voting rights and share of the investee [Seite 765]
20.3.3.2.4 - 3.3.2.D Implicit goodwill and fair value adjustments [Seite 767]
20.3.3.2.5 - 3.3.2.E Impairment [Seite 768]
20.3.3.2.6 - 3.3.2.F Investor's transactions with associates [Seite 770]
20.3.3.2.7 - 3.3.2.G Date of associate's financial statements [Seite 774]
20.3.3.2.8 - 3.3.2.H Associate's accounting policies [Seite 774]
20.3.3.2.9 - 3.3.2.I Losses in excess of investment [Seite 774]
20.3.3.2.10 - 3.3.2.J Discontinuing the equity method [Seite 776]
20.3.3.2.11 - 3.3.2.K Transactions to create an associate [Seite 776]
20.3.3.3 - 3.3.3 Cost model [Seite 778]
20.3.3.4 - 3.3.4 Fair value model [Seite 778]
20.3.4 - 3.4 Presentation and disclosures [Seite 779]
20.3.4.1 - 3.4.1 Presentation [Seite 779]
20.3.4.2 - 3.4.2 Disclosures [Seite 779]
20.3.4.2.1 - 3.4.2.A General requirements [Seite 779]
20.3.4.2.2 - 3.4.2.B Consolidated financial statements [Seite 780]
20.3.4.2.3 - 3.4.2.C Individual financial statements of investors that are not parents [Seite 780]
20.4 - 4 PRACTICAL IMPLEMENTATION ISSUES [Seite 780]
20.4.1 - 4.1 Changes in ownership interest [Seite 780]
20.4.1.1 - 4.1.1 Initial carrying amount of an associate following loss of control of an entity [Seite 780]
20.4.1.2 - 4.1.2 Piecemeal acquisition of an associate [Seite 781]
20.4.1.2.1 - 4.1.2.A Existing investment becoming an associate [Seite 781]
20.4.1.3 - 4.1.3 Step increase in an existing associate [Seite 781]
20.4.1.4 - 4.1.4 Step increase in an existing associate that becomes a joint venture [Seite 783]
20.4.2 - 4.2 Distributions received in excess of the carrying amount [Seite 783]
20.4.3 - 4.3 Equity transactions in an associate's financial statements [Seite 783]
20.5 - 5 COMPANY LAW MATTERS [Seite 784]
20.5.1 - 5.1 Associated undertakings [Seite 784]
20.5.2 - 5.2 Voting rights [Seite 784]
20.5.3 - 5.3 Measurement in individual entity accounts [Seite 784]
20.5.4 - 5.4 Presentation and disclosure [Seite 785]
20.5.4.1 - 5.4.1 Consolidated financial statements [Seite 785]
20.5.4.2 - 5.4.2 Individual financial statements [Seite 785]
20.6 - 6 SUMMARY OF GAAP DIFFERENCES [Seite 786]
21 - Chapter 13 Investments in joint ventures [Seite 787]
21.1 - 1 INTRODUCTION [Seite 789]
21.2 - 2 COMPARISON BETWEEN SECTION 15 AND IFRS [Seite 789]
21.2.1 - 2.1 Scope and classification [Seite 790]
21.2.2 - 2.2 Measurement - individual and separate entity financial statements [Seite 790]
21.2.3 - 2.3 Investment portfolios / funds [Seite 790]
21.2.4 - 2.4 Accounting for the acquisition of a jointly controlled entity [Seite 791]
21.2.5 - 2.5 Loss of joint control where the jointly controlled entity does not become a subsidiary or associate [Seite 791]
21.2.6 - 2.6 Transactions to create a jointly controlled entity [Seite 791]
21.3 - 3 REQUIREMENTS OF SECTION 15 FOR INVESTMENTS IN JOINT VENTURES [Seite 792]
21.3.1 - 3.1 Scope [Seite 792]
21.3.2 - 3.2 Terms used in Section 15 [Seite 792]
21.3.3 - 3.3 Definition of a joint venture and related terms [Seite 793]
21.3.3.1 - 3.3.1 'Venturer' versus 'investor' [Seite 794]
21.3.3.2 - 3.3.2 Contractual arrangement [Seite 794]
21.3.3.3 - 3.3.3 Joint control and unanimous consent [Seite 795]
21.3.3.4 - 3.3.4 Potential voting rights [Seite 795]
21.3.3.5 - 3.3.5 Types of joint venture [Seite 795]
21.3.4 - 3.4 Jointly controlled operations [Seite 796]
21.3.4.1 - 3.4.1 Definition [Seite 796]
21.3.4.2 - 3.4.2 Accounting requirements for jointly controlled operations [Seite 796]
21.3.5 - 3.5 Jointly controlled assets [Seite 797]
21.3.5.1 - 3.5.1 Definition [Seite 797]
21.3.5.2 - 3.5.2 Accounting requirements for jointly controlled assets [Seite 797]
21.3.6 - 3.6 Jointly controlled entities [Seite 798]
21.3.6.1 - 3.6.1 Definition [Seite 798]
21.3.6.2 - 3.6.2 Venturer that is not a parent [Seite 798]
21.3.6.2.1 - 3.6.2.A Cost model [Seite 798]
21.3.6.2.2 - 3.6.2.B Fair value model [Seite 799]
21.3.6.3 - 3.6.3 Venturer that is a parent [Seite 800]
21.3.6.3.1 - 3.6.3.A Separate financial statements [Seite 800]
21.3.6.3.2 - 3.6.3.B Consolidated financial statements [Seite 800]
21.3.7 - 3.7 Equity method [Seite 801]
21.3.7.1 - 3.7.1 Overview [Seite 801]
21.3.7.2 - 3.7.2 Summary of the equity method [Seite 801]
21.3.8 - 3.8 Transactions between a venturer and joint venture [Seite 803]
21.3.8.1 - 3.8.1 Background [Seite 803]
21.3.8.2 - 3.8.2 Requirements [Seite 803]
21.3.8.3 - 3.8.3 Loans and borrowings between the venturer and joint ventures [Seite 806]
21.3.9 - 3.9 Transactions to create a jointly controlled entity [Seite 807]
21.3.10 - 3.10 Variable profit share [Seite 810]
21.3.11 - 3.11 Disclosures [Seite 810]
21.4 - 4 COMPANY LAW MATTERS [Seite 811]
21.4.1 - 4.1 Jointly controlled entities [Seite 811]
21.4.2 - 4.2 Measurement in individual entity accounts [Seite 811]
21.4.3 - 4.3 Presentation and disclosure [Seite 811]
21.4.3.1 - 4.3.1 Consolidated financial statements [Seite 811]
21.4.3.2 - 4.3.2 Individual financial statements [Seite 812]
21.5 - 5 SUMMARY OF GAAP DIFFERENCES [Seite 813]
22 - Chapter 14 Investment property [Seite 817]
22.1 - 1 INTRODUCTION [Seite 819]
22.2 - 2 COMPARISON BETWEEN SECTION 16 AND IFRS [Seite 819]
22.2.1 - 2.1 Measurement basis after initial recognition [Seite 819]
22.2.2 - 2.2 Valuation method [Seite 820]
22.2.3 - 2.3 Mixed use property [Seite 820]
22.2.4 - 2.4 Inability to reliably measure fair value [Seite 821]
22.2.5 - 2.5 Disclosures [Seite 821]
22.3 - 3 REQUIREMENTS OF SECTION 16 FOR INVESTMENT PROPERTY [Seite 821]
22.3.1 - 3.1 Definition, scope and initial recognition of investment property [Seite 821]
22.3.1.1 - 3.1.1 Investment property under construction [Seite 822]
22.3.1.2 - 3.1.2 Investment property leased to other group entities [Seite 822]
22.3.1.3 - 3.1.3 Property with the provision of ancillary services [Seite 823]
22.3.1.4 - 3.1.4 Land [Seite 824]
22.3.1.5 - 3.1.5 Property interests held under operating leases [Seite 824]
22.3.1.6 - 3.1.6 Social benefit entities [Seite 824]
22.3.1.7 - 3.1.7 Properties with mixed use [Seite 824]
22.3.1.8 - 3.1.8 Property leased to others [Seite 825]
22.3.1.9 - 3.1.9 Property held or under construction for sale in the ordinary course of business [Seite 825]
22.3.2 - 3.2 Measurement at initial recognition [Seite 826]
22.3.2.1 - 3.2.1 Deferred payments [Seite 826]
22.3.2.2 - 3.2.2 Exchange for monetary and/or non-monetary assets [Seite 826]
22.3.2.3 - 3.2.3 Property interests held under a finance or operating lease [Seite 827]
22.3.2.4 - 3.2.4 Expenditure prior to planning permissions/zoning consents [Seite 827]
22.3.3 - 3.3 Measurement after initial recognition [Seite 828]
22.3.3.1 - 3.3.1 Determining fair value [Seite 828]
22.3.3.2 - 3.3.2 Undue cost or effort [Seite 828]
22.3.3.3 - 3.3.3 Double-counting of assets and liabilities [Seite 829]
22.3.4 - 3.4 Transfers of assets into or from investment property [Seite 830]
22.3.4.1 - 3.4.1 Transfers of investment property to property, plant and equipment where a reliable measure of fair value is no longer available [Seite 830]
22.3.4.2 - 3.4.2 Other transfers of investment property [Seite 830]
22.3.5 - 3.5 Derecognition [Seite 831]
22.3.6 - 3.6 Presentation and disclosures [Seite 831]
22.3.6.1 - 3.6.1 Disclosures required by Section 16 [Seite 832]
22.3.6.2 - 3.6.2 Additional disclosures required by the Regulations [Seite 832]
22.4 - 4 SUMMARY OF GAAP DIFFERENCES [Seite 833]
22.4.1 - References [Seite 834]
23 - Chapter 15 Property, plant and equipment [Seite 835]
23.1 - 1 INTRODUCTION [Seite 839]
23.2 - 2 COMPARISON BETWEEN SECTION 17 AND IFRS [Seite 839]
23.2.1 - 2.1 Accounting for non-current assets held for sale [Seite 839]
23.2.2 - 2.2 Revenue-based depreciation method [Seite 840]
23.2.3 - 2.3 Disclosures [Seite 840]
23.3 - 3 REQUIREMENTS OF SECTION 17 FOR PROPERTY, PLANT AND EQUIPMENT [Seite 840]
23.3.1 - 3.1 Terms used in Section 17 [Seite 840]
23.3.2 - 3.2 Scope of Section 17 [Seite 841]
23.3.3 - 3.3 Recognition [Seite 841]
23.3.3.1 - 3.3.1 Aspects of recognition [Seite 842]
23.3.3.1.1 - 3.3.1.A Spare parts and minor items [Seite 842]
23.3.3.1.2 - 3.3.1.B Environmental and safety equipment [Seite 842]
23.3.3.1.3 - 3.3.1.C Property economic benefits and property developments [Seite 843]
23.3.3.1.4 - 3.3.1.D Classification as PP&E or intangible assets [Seite 843]
23.3.3.1.5 - 3.3.1.E Classification of items as inventory or PP&E when minimum levels are maintained [Seite 844]
23.3.3.1.6 - 3.3.1.F Production stripping costs of surface mines [Seite 845]
23.3.3.2 - 3.3.2 Accounting for parts ('components') of assets [Seite 846]
23.3.3.2.1 - 3.3.2.A Land and buildings [Seite 846]
23.3.3.3 - 3.3.3 Initial and subsequent expenditure [Seite 847]
23.3.3.3.1 - 3.3.3.A Cost of major inspections [Seite 847]
23.3.3.4 - 3.3.4 Properties with mixed use [Seite 848]
23.3.4 - 3.4 Measurement at initial recognition [Seite 848]
23.3.4.1 - 3.4.1 Elements of cost and cost measurement [Seite 848]
23.3.4.1.1 - 3.4.1.A 'Directly attributable' costs [Seite 849]
23.3.4.1.2 - 3.4.1.B Borrowing costs [Seite 850]
23.3.4.1.3 - 3.4.1.C Costs that are not PP&E costs [Seite 850]
23.3.4.1.4 - 3.4.1.D Cessation of capitalisation [Seite 850]
23.3.4.1.5 - 3.4.1.E Self-built assets [Seite 850]
23.3.4.1.6 - 3.4.1.F Deferred payment [Seite 851]
23.3.4.1.7 - 3.4.1.G Land and buildings to be redeveloped [Seite 851]
23.3.4.1.8 - 3.4.1.H Transfers of assets from customers [Seite 852]
23.3.4.1.9 - 3.4.1.I Variable consideration [Seite 852]
23.3.4.2 - 3.4.2 Incidental and non-incidental income [Seite 852]
23.3.4.2.1 - 3.4.2.A Income received during the construction of property [Seite 853]
23.3.4.2.2 - 3.4.2.B Liquidated damages during construction [Seite 853]
23.3.4.3 - 3.4.3 Accounting for changes in decommissioning and restoration costs [Seite 853]
23.3.4.4 - 3.4.4 Exchanges of assets [Seite 854]
23.3.4.4.1 - 3.4.4.A Commercial substance [Seite 855]
23.3.4.5 - 3.4.5 Assets held under finance leases [Seite 856]
23.3.5 - 3.5 Measurement after initial recognition: cost model [Seite 856]
23.3.5.1 - 3.5.1 Depreciation by component of an item of PP&E [Seite 856]
23.3.5.2 - 3.5.2 Depreciable amount and residual values [Seite 857]
23.3.5.3 - 3.5.3 Depreciation charge [Seite 858]
23.3.5.4 - 3.5.4 Useful lives [Seite 858]
23.3.5.4.1 - 3.5.4.A Repairs and maintenance [Seite 859]
23.3.5.4.2 - 3.5.4.B Land [Seite 859]
23.3.5.4.3 - 3.5.4.C Technological change [Seite 860]
23.3.5.5 - 3.5.5 When depreciation starts and ceases [Seite 861]
23.3.5.6 - 3.5.6 Depreciation methods [Seite 861]
23.3.5.6.1 - 3.5.6.A Straight-line method [Seite 861]
23.3.5.6.2 - 3.5.6.B Diminishing balance method [Seite 862]
23.3.5.6.3 - 3.5.6.C Units of production method [Seite 863]
23.3.5.7 - 3.5.7 Impairment [Seite 863]
23.3.5.7.1 - 3.5.7.A Compensation for impairment [Seite 863]
23.3.5.7.2 - 3.5.7.B PP&E held for sale [Seite 863]
23.3.6 - 3.6 Measurement after initial recognition: revaluation model [Seite 864]
23.3.6.1 - 3.6.1 The meaning of fair value [Seite 865]
23.3.6.2 - 3.6.2 Fair value in the absence of market-based evidence [Seite 865]
23.3.6.2.1 - 3.6.2.A Income approach to fair value [Seite 866]
23.3.6.2.2 - 3.6.2.B Depreciated replacement cost [Seite 866]
23.3.6.3 - 3.6.3 Accounting for revaluation surpluses and deficits [Seite 866]
23.3.6.3.1 - 3.6.3.A Depreciation of revalued assets [Seite 867]
23.3.6.4 - 3.6.4 Reversals of downward valuations [Seite 869]
23.3.6.5 - 3.6.5 Adopting a policy of revaluation [Seite 870]
23.3.6.6 - 3.6.6 Assets held under finance leases [Seite 870]
23.3.7 - 3.7 Derecognition [Seite 870]
23.3.7.1 - 3.7.1 Sale of assets held for rental [Seite 871]
23.3.7.2 - 3.7.2 Partial disposals and undivided interests [Seite 872]
23.3.7.2.1 - 3.7.2.A Joint control [Seite 872]
23.3.7.2.2 - 3.7.2.B Vendor retains control [Seite 873]
23.3.7.2.3 - 3.7.2.C Partial sale of a single-asset entity [Seite 873]
23.3.8 - 3.8 Presentation of PP&E [Seite 874]
23.3.9 - 3.9 Disclosures [Seite 874]
23.3.9.1 - 3.9.1 Disclosures required by Section 17 [Seite 875]
23.3.9.2 - 3.9.2 Disclosures required by other sections of FRS 102 in respect of PP&E [Seite 876]
23.3.9.3 - 3.9.3 Additional disclosures required by the Companies Act and the Regulations [Seite 876]
23.4 - 4 SUMMARY OF GAAP DIFFERENCES [Seite 877]
24 - Chapter 16 Intangible assets other than goodwill [Seite 879]
24.1 - 1 INTRODUCTION [Seite 881]
24.2 - 2 COMPARISON BETWEEN SECTION 18 AND IFRS [Seite 881]
24.2.1 - 2.1 Intangible assets acquired in a business combination [Seite 881]
24.2.2 - 2.2 Indefinite lived intangible assets [Seite 882]
24.2.3 - 2.3 Development costs [Seite 882]
24.2.4 - 2.4 Advertising and promotional activities [Seite 882]
24.2.5 - 2.5 Intangible assets acquired by way of government grant [Seite 882]
24.2.6 - 2.6 Disclosures [Seite 882]
24.3 - 3 REQUIREMENTS OF SECTION 18 FOR INTANGIBLE ASSETS OTHER THAN GOODWILL [Seite 883]
24.3.1 - 3.1 Terms used in Section 18 [Seite 883]
24.3.2 - 3.2 Scope and definition [Seite 884]
24.3.2.1 - 3.2.1 Identifiability [Seite 885]
24.3.2.2 - 3.2.2 Lack of physical substance [Seite 885]
24.3.2.3 - 3.2.3 Control [Seite 886]
24.3.2.4 - 3.2.4 Future economic benefits [Seite 886]
24.3.3 - 3.3 Recognition and initial measurement of an intangible asset [Seite 887]
24.3.3.1 - 3.3.1 Separately acquired intangible assets [Seite 887]
24.3.3.1.1 - 3.3.1.A Recognition of separately acquired intangible assets [Seite 887]
24.3.3.1.2 - 3.3.1.B Initial measurement of separately acquired intangible assets [Seite 888]
24.3.3.2 - 3.3.2 Intangible assets acquired as part of a business combination [Seite 888]
24.3.3.2.1 - 3.3.2.A Recognition of intangible assets acquired as part of a business combination [Seite 888]
24.3.3.2.2 - 3.3.2.B Initial measurement of intangible assets acquired as part of a business combination [Seite 890]
24.3.3.3 - 3.3.3 Internally generated intangible assets [Seite 891]
24.3.3.3.1 - 3.3.3.A Research [Seite 891]
24.3.3.3.2 - 3.3.3.B Development [Seite 892]
24.3.3.3.3 - 3.3.3.C Measurement of internally generated intangible assets [Seite 893]
24.3.3.3.4 - 3.3.3.D Expenditure that does not qualify for recognition as an internally generated intangible asset [Seite 894]
24.3.3.3.5 - 3.3.3.E Advertising and promotional expenditure [Seite 894]
24.3.3.4 - 3.3.4 Intangible assets acquired by way of a grant [Seite 894]
24.3.3.5 - 3.3.5 Exchanges of assets [Seite 895]
24.3.4 - 3.4 Measurement after initial recognition [Seite 895]
24.3.4.1 - 3.4.1 Cost model for measurement of intangible assets [Seite 896]
24.3.4.2 - 3.4.2 Revaluation model for measurement of intangible assets [Seite 896]
24.3.4.2.1 - 3.4.2.A Revaluation is allowed only if there is an active market [Seite 897]
24.3.4.2.2 - 3.4.2.B Frequency of revaluations [Seite 897]
24.3.4.2.3 - 3.4.2.C Accounting for gains and losses on revaluations [Seite 897]
24.3.4.3 - 3.4.3 Amortisation of intangible assets [Seite 898]
24.3.4.3.1 - 3.4.3.A Assessing the useful life of an intangible asset [Seite 898]
24.3.4.3.2 - 3.4.3.B Amortisation method [Seite 899]
24.3.4.3.3 - 3.4.3.C Residual value [Seite 900]
24.3.4.3.4 - 3.4.3.D Amortisation of intangible assets with a residual value [Seite 900]
24.3.4.3.5 - 3.4.3.E Review of amortisation period and amortisation method [Seite 901]
24.3.4.4 - 3.4.4 Subsequent expenditure [Seite 901]
24.3.4.5 - 3.4.5 Impairment losses [Seite 901]
24.3.4.6 - 3.4.6 Retirements and disposals [Seite 901]
24.3.5 - 3.5 Presentation and disclosure [Seite 902]
24.3.5.1 - 3.5.1 Presentation of intangible assets [Seite 902]
24.3.5.2 - 3.5.2 General disclosures [Seite 902]
24.3.5.3 - 3.5.3 Disclosure of research and development expenditure [Seite 903]
24.3.5.4 - 3.5.4 Additional disclosures when the revaluation model is applied [Seite 904]
24.4 - 4 PRACTICAL IMPLEMENTATION ISSUES [Seite 904]
24.4.1 - 4.1 Website costs [Seite 904]
24.4.2 - 4.2 Measurement of intangible assets: income from incidental operations while an asset is being developed [Seite 904]
24.4.3 - 4.3 Measurement of intangible assets: intangible assets acquired for contingent consideration [Seite 905]
24.4.4 - 4.4 Industry specific practical implementation issues [Seite 905]
24.5 - 5 SUMMARY OF GAAP DIFFERENCES [Seite 906]
25 - Chapter 17 Business combinations and goodwill [Seite 909]
25.1 - 1 INTRODUCTION [Seite 913]
25.1.1 - 1.1 Background [Seite 914]
25.1.2 - 1.2 The FRS 102 approach to business combinations and goodwill [Seite 914]
25.2 - 2 KEY DIFFERENCES BETWEEN SECTION 19 AND IFRS [Seite 916]
25.2.1 - 2.1 Method of accounting [Seite 916]
25.2.2 - 2.2 Definition of a business combination [Seite 916]
25.2.3 - 2.3 Definition of a business [Seite 916]
25.2.4 - 2.4 Identifying an acquirer [Seite 917]
25.2.5 - 2.5 Cost of a business combination [Seite 918]
25.2.5.1 - 2.5.1 Acquisition expenses [Seite 918]
25.2.5.2 - 2.5.2 Contingent consideration [Seite 918]
25.2.5.3 - 2.5.3 Contingent payments to employees or selling shareholders [Seite 918]
25.2.6 - 2.6 Measurement period [Seite 919]
25.2.7 - 2.7 Initial measurement of acquiree's assets, liabilities and contingent liabilities [Seite 919]
25.2.8 - 2.8 Recognition of intangible assets separate from goodwill [Seite 920]
25.2.9 - 2.9 Deferred tax [Seite 920]
25.2.10 - 2.10 Step acquisitions [Seite 920]
25.2.11 - 2.11 Non-controlling interests in a business combination [Seite 920]
25.2.12 - 2.12 Subsequent accounting for goodwill [Seite 921]
25.2.13 - 2.13 Disclosures [Seite 922]
25.3 - 3 REQUIREMENTS OF SECTION 19 FOR BUSINESS COMBINATIONS AND GOODWILL [Seite 922]
25.3.1 - 3.1 Objective and scope of Section 19 [Seite 922]
25.3.1.1 - 3.1.1 Scope [Seite 922]
25.3.1.2 - 3.1.2 Application of the purchase method [Seite 924]
25.3.2 - 3.2 Identifying a business combination [Seite 924]
25.3.2.1 - 3.2.1 Business combination defined [Seite 924]
25.3.2.2 - 3.2.2 Inputs, processes and outputs [Seite 925]
25.3.2.3 - 3.2.3 Differing combination structures [Seite 927]
25.3.3 - 3.3 The purchase method [Seite 927]
25.3.4 - 3.4 Identifying an acquirer [Seite 929]
25.3.5 - 3.5 Measuring the cost of the business combination [Seite 932]
25.3.5.1 - 3.5.1 Costs directly attributable to the combination [Seite 932]
25.3.5.2 - 3.5.2 Adjustments to the cost of a business combination contingent on future events ('Contingent consideration') [Seite 933]
25.3.5.3 - 3.5.3 Distinguishing 'contingent consideration' from other arrangements [Seite 935]
25.3.5.3.1 - 3.5.3.A Examples of 'contingent consideration' relating to the value of the acquiree [Seite 935]
25.3.5.3.2 - 3.5.3.B Example of an arrangement that is not 'contingent consideration' [Seite 936]
25.3.5.4 - 3.5.4 Contingent consideration relating to future services [Seite 937]
25.3.5.5 - 3.5.5 Contingent transaction costs [Seite 938]
25.3.5.6 - 3.5.6 Contingent consideration to be settled by equity instruments [Seite 938]
25.3.6 - 3.6 Allocating the cost of the business combination to the assets acquired and liabilities and contingent liabilities assumed [Seite 941]
25.3.6.1 - 3.6.1 Acquiree's identifiable assets and liabilities [Seite 942]
25.3.6.1.1 - 3.6.1.A Acquiree's intangible assets [Seite 942]
25.3.6.1.2 - 3.6.1.B Reorganisation provisions [Seite 945]
25.3.6.1.3 - 3.6.1.C Future operating losses [Seite 945]
25.3.6.2 - 3.6.2 Exceptions to the general recognition and measurement rules [Seite 945]
25.3.6.2.1 - 3.6.2.A Deferred tax assets and liabilities [Seite 945]
25.3.6.2.2 - 3.6.2.B Employee benefit assets and liabilities [Seite 946]
25.3.6.2.3 - 3.6.2.C Share-based payment transactions [Seite 946]
25.3.6.3 - 3.6.3 Determining the acquisition-date fair values [Seite 946]
25.3.6.3.1 - 3.6.3.A Property, plant and equipment [Seite 946]
25.3.6.3.2 - 3.6.3.B Intangible assets [Seite 947]
25.3.6.3.3 - 3.6.3.C Inventories [Seite 949]
25.3.6.3.4 - 3.6.3.D Financial instruments [Seite 950]
25.3.6.3.5 - 3.6.3.E Investments in an associate or jointly controlled entity [Seite 951]
25.3.6.3.6 - 3.6.3.F Onerous contracts and operating leases [Seite 951]
25.3.6.3.7 - 3.6.3.G Contingent liabilities [Seite 952]
25.3.6.3.8 - 3.6.3.H Deferred revenue [Seite 952]
25.3.6.4 - 3.6.4 Subsequent adjustments to fair values [Seite 953]
25.3.7 - 3.7 Non-controlling interests [Seite 955]
25.3.8 - 3.8 Goodwill [Seite 956]
25.3.8.1 - 3.8.1 Initial recognition [Seite 956]
25.3.8.2 - 3.8.2 Subsequent measurement [Seite 956]
25.3.8.3 - 3.8.3 Excess over cost of acquirer's interest in the net fair value of acquiree's identifiable assets, liabilities and contingent liabilities (negative goodwill) [Seite 957]
25.3.9 - 3.9 Reverse acquisitions [Seite 958]
25.3.9.1 - 3.9.1 Measuring the cost of the business combination [Seite 959]
25.3.9.2 - 3.9.2 Preparation and presentation of consolidated financial statements [Seite 960]
25.3.9.3 - 3.9.3 Non-controlling interests [Seite 964]
25.3.10 - 3.10 Business combinations achieved in stages (step acquisitions) [Seite 965]
25.4 - 4 DISCLOSURES RELATING TO BUSINESS COMBINATIONS AND GOODWILL [Seite 968]
25.4.1 - 4.1 Business combinations during the reporting period [Seite 968]
25.4.2 - 4.2 All business combinations [Seite 969]
25.4.3 - 4.3 Other disclosures [Seite 969]
25.4.3.1 - 4.3.1 Contingent liabilities [Seite 969]
25.4.3.2 - 4.3.2 Step acquisitions [Seite 969]
25.4.3.3 - 4.3.3 Company law disclosures [Seite 969]
25.5 - 5 GROUP RECONSTRUCTIONS [Seite 970]
25.5.1 - 5.1 Scope and applicability to various structures [Seite 971]
25.5.2 - 5.2 Qualifying conditions [Seite 971]
25.5.2.1 - 5.2.1 Company law considerations [Seite 972]
25.5.3 - 5.3 Merger accounting method [Seite 973]
25.5.3.1 - 5.3.1 Carrying values of assets and liabilities [Seite 974]
25.5.3.2 - 5.3.2 Restatement of financial information prior to the date of the combination [Seite 975]
25.5.3.3 - 5.3.3 Equity eliminations [Seite 975]
25.5.3.4 - 5.3.4 Expenses of the merger [Seite 977]
25.5.3.5 - 5.3.5 Non-coterminous accounting periods [Seite 977]
25.5.3.6 - 5.3.6 Application of merger accounting in individual financial statements [Seite 979]
25.5.3.6.1 - 5.3.6.A Financial information prior to the date of the combination [Seite 979]
25.5.3.6.2 - 5.3.6.B Equity eliminations [Seite 980]
25.5.4 - 5.4 Implications on the share premium account [Seite 984]
25.5.4.1 - 5.4.1 Merger relief [Seite 984]
25.5.4.2 - 5.4.2 Group reconstruction relief [Seite 985]
25.5.5 - 5.5 Disclosure requirements [Seite 985]
25.6 - 6 SUMMARY OF GAAP DIFFERENCES [Seite 986]
25.6.1 - References [Seite 988]
26 - Chapter 18 Leases [Seite 989]
26.1 - 1 INTRODUCTION [Seite 993]
26.2 - 2 COMPARISON BETWEEN SECTION 20 AND IFRS (IAS 17) [Seite 993]
26.2.1 - 2.1 Transactions that are not, in substance, leases [Seite 994]
26.2.2 - 2.2 Straight-line basis for lease payments [Seite 994]
26.2.3 - 2.3 Leases of land and buildings [Seite 994]
26.3 - 3 REQUIREMENTS OF SECTION 20 FOR LEASES [Seite 995]
26.3.1 - 3.1 Scope [Seite 995]
26.3.1.1 - 3.1.1 Licensing agreements [Seite 995]
26.3.1.2 - 3.1.2 Arrangements over intangible assets [Seite 995]
26.3.1.3 - 3.1.3 Leases with non-typical contractual terms classified as financial instruments [Seite 997]
26.3.1.4 - 3.1.4 Arrangements that include services [Seite 997]
26.3.2 - 3.2 Determining whether an arrangement contains a lease [Seite 998]
26.3.2.1 - 3.2.1 A specified asset [Seite 998]
26.3.2.1.1 - 3.2.1.A Parts of assets and the unit of account [Seite 999]
26.3.2.2 - 3.2.2 A right to use the asset [Seite 999]
26.3.2.2.1 - 3.2.2.A Market price or fixed price per unit [Seite 1000]
26.3.2.2.2 - 3.2.2.B Control of physical access and ability or right to operate the asset [Seite 1001]
26.3.3 - 3.3 Terms used in Section 20 [Seite 1002]
26.3.4 - 3.4 Lease classification [Seite 1003]
26.3.4.1 - 3.4.1 Classification as finance or operating leases [Seite 1004]
26.3.4.1.1 - 3.4.1.A Residual values guaranteed by the lessee [Seite 1006]
26.3.4.1.2 - 3.4.1.B Rental rebates [Seite 1007]
26.3.4.2 - 3.4.2 Inception and commencement of the lease [Seite 1008]
26.3.4.3 - 3.4.3 Changes to the classification of leases [Seite 1009]
26.3.4.4 - 3.4.4 Lease term [Seite 1011]
26.3.4.5 - 3.4.5 Contingent rent and minimum lease payments [Seite 1012]
26.3.4.6 - 3.4.6 Residual values [Seite 1012]
26.3.4.6.1 - 3.4.6.A Residual value guarantors [Seite 1013]
26.3.5 - 3.5 Calculating the net present value of the minimum lease payments [Seite 1013]
26.3.5.1 - 3.5.1 Fair value [Seite 1014]
26.3.6 - 3.6 Leases as financial instruments [Seite 1015]
26.3.7 - 3.7 Accounting for finance leases [Seite 1015]
26.3.7.1 - 3.7.1 Accounting by lessees [Seite 1016]
26.3.7.1.1 - 3.7.1.A Initial recognition [Seite 1016]
26.3.7.1.2 - 3.7.1.B Allocation of finance costs [Seite 1016]
26.3.7.1.3 - 3.7.1.C Recording the liability [Seite 1017]
26.3.7.1.4 - 3.7.1.D Accounting for the leased asset [Seite 1017]
26.3.7.2 - 3.7.2 Accounting by lessors [Seite 1019]
26.3.7.2.1 - 3.7.2.A Allocation of finance income [Seite 1019]
26.3.7.3 - 3.7.3 Residual values [Seite 1020]
26.3.7.3.1 - 3.7.3.A Unguaranteed residual values [Seite 1021]
26.3.7.4 - 3.7.4 Termination of finance leases [Seite 1022]
26.3.7.4.1 - 3.7.4.A Termination of finance leases by lessees [Seite 1022]
26.3.7.4.2 - 3.7.4.B Termination and impairment of finance leases by lessors [Seite 1023]
26.3.7.4.3 - 3.7.4.C Sub-leases and back-to-back leases [Seite 1024]
26.3.7.5 - 3.7.5 Manufacturer or dealer lessors [Seite 1026]
26.3.8 - 3.8 Accounting for operating leases [Seite 1029]
26.3.8.1 - 3.8.1 Operating leases in the financial statements of lessees [Seite 1029]
26.3.8.1.1 - 3.8.1.A Lease payments intended to compensate for inflation [Seite 1029]
26.3.8.1.2 - 3.8.1.B Leases that include payments for services [Seite 1030]
26.3.8.1.3 - 3.8.1.C Lease incentives - accounting by lessees [Seite 1031]
26.3.8.1.4 - 3.8.1.D Onerous contracts [Seite 1032]
26.3.8.2 - 3.8.2 Operating leases in the financial statements of lessors [Seite 1032]
26.3.8.2.1 - 3.8.2.A Lease incentives - accounting by lessors [Seite 1033]
26.3.8.3 - 3.8.3 Payments made in connection with the termination of operating leases [Seite 1033]
26.3.8.3.1 - 3.8.3.A Compensation for loss of profits [Seite 1036]
26.3.9 - 3.9 Accounting for modifications to leases [Seite 1036]
26.3.9.1 - 3.9.1 Determining whether there is a different classification [Seite 1036]
26.3.9.2 - 3.9.2 Accounting for reclassified leases [Seite 1039]
26.3.9.3 - 3.9.3 Changes to leases terms that do not result in reclassification [Seite 1040]
26.3.9.3.1 - 3.9.3.A Accounting for changes to the terms of finance leases [Seite 1040]
26.3.9.3.2 - 3.9.3.B Accounting for changes to the terms of operating leases [Seite 1041]
26.3.10 - 3.10 Sale and leaseback transactions [Seite 1041]
26.3.10.1 - 3.10.1 Sale and finance leaseback [Seite 1042]
26.3.10.2 - 3.10.2 Sale and operating leaseback [Seite 1042]
26.3.10.3 - 3.10.3 Sale and leaseback arrangements with put and call options [Seite 1044]
26.3.11 - 3.11 Disclosures [Seite 1044]
26.3.11.1 - 3.11.1 Disclosures by lessees [Seite 1044]
26.3.11.1.1 - 3.11.1.A Disclosure of finance leases [Seite 1044]
26.3.11.1.2 - 3.11.1.B Disclosure of operating leases [Seite 1045]
26.3.11.2 - 3.11.2 Disclosures by lessors [Seite 1045]
26.3.11.2.1 - 3.11.2.A Disclosure of finance leases [Seite 1045]
26.3.11.2.2 - 3.11.2.B Disclosure of operating leases [Seite 1046]
26.3.11.3 - 3.11.3 Disclosures of sale and leaseback transactions [Seite 1046]
26.4 - 4 SUMMARY OF GAAP DIFFERENCES [Seite 1046]
26.4.1 - References [Seite 1047]
27 - Chapter 19 Provisions and contingencies [Seite 1049]
27.1 - 1 INTRODUCTION [Seite 1053]
27.2 - 2 COMPARISON BETWEEN SECTION 21 AND IFRS [Seite 1053]
27.2.1 - 2.1 Scope - provisions, contingent liabilities and contingent assets covered by another section [Seite 1053]
27.2.2 - 2.2 Scope - financial guarantee contracts [Seite 1054]
27.2.3 - 2.3 Disclosures [Seite 1054]
27.3 - 3 REQUIREMENTS OF SECTION 21 FOR PROVISIONS AND CONTINGENCIES [Seite 1055]
27.3.1 - 3.1 Terms used in Section 21 [Seite 1055]
27.3.2 - 3.2 Scope [Seite 1056]
27.3.2.1 - 3.2.1 Items outside the scope of Section 21 [Seite 1058]
27.3.2.1.1 - 3.2.1.A Executory contracts, except where the contract is onerous [Seite 1058]
27.3.2.1.2 - 3.2.1.B Financial instruments [Seite 1058]
27.3.2.1.3 - 3.2.1.C Insurance contracts [Seite 1058]
27.3.2.1.4 - 3.2.1.D Areas covered by other sections of FRS 102 [Seite 1058]
27.3.2.1.5 - 3.2.1.E Provisions compared to other liabilities [Seite 1059]
27.3.3 - 3.3 Determining when a provision should be recognised [Seite 1059]
27.3.3.1 - 3.3.1 The entity has an obligation at the reporting date as a result of a past event [Seite 1060]
27.3.3.2 - 3.3.2 A transfer of economic benefits is probable [Seite 1061]
27.3.3.3 - 3.3.3 The amount of the obligation can be measured reliably [Seite 1061]
27.3.3.4 - 3.3.4 Cases where recognition of a provision is prohibited [Seite 1062]
27.3.3.4.1 - 3.3.4.A Future operating losses [Seite 1062]
27.3.3.4.2 - 3.3.4.B Staff training costs [Seite 1063]
27.3.3.5 - 3.3.5 Examples of provisions in Section 21 [Seite 1063]
27.3.3.5.1 - 3.3.5.A Onerous contracts [Seite 1063]
27.3.3.5.2 - 3.3.5.B Restructuring provisions [Seite 1064]
27.3.3.5.3 - 3.3.5.C Warranty provisions [Seite 1066]
27.3.3.5.4 - 3.3.5.D Refunds policy [Seite 1067]
27.3.3.5.5 - 3.3.5.E Litigation and other legal costs [Seite 1067]
27.3.3.5.6 - 3.3.5.F Financial guarantee contracts [Seite 1068]
27.3.4 - 3.4 Contingent liabilities [Seite 1068]
27.3.5 - 3.5 Contingent assets [Seite 1069]
27.3.6 - 3.6 How probability determines whether to recognise or disclose [Seite 1070]
27.3.7 - 3.7 Initial measurement [Seite 1070]
27.3.7.1 - 3.7.1 Best estimate of provision [Seite 1070]
27.3.7.2 - 3.7.2 Discounting the estimated cash flows to a present value [Seite 1071]
27.3.7.2.1 - 3.7.2.A Real or nominal rate [Seite 1072]
27.3.7.2.2 - 3.7.2.B Adjusting for risk and using a government bond rate [Seite 1072]
27.3.7.2.3 - 3.7.2.C Own credit risk is not taken into account [Seite 1075]
27.3.7.3 - 3.7.3 Anticipating future events that may affect the estimate of cash flows [Seite 1075]
27.3.7.4 - 3.7.4 Provisions should exclude gains on expected disposal of assets [Seite 1075]
27.3.7.5 - 3.7.5 Reimbursement of amounts required to settle a provision [Seite 1076]
27.3.7.6 - 3.7.6 Joint and several liability [Seite 1076]
27.3.8 - 3.8 Subsequent measurement of provisions [Seite 1076]
27.3.8.1 - 3.8.1 Unwinding of the discount: impact of using real or nominal discount rates [Seite 1077]
27.3.8.2 - 3.8.2 Unwinding of the discount: impact of using risk-free or risk-adjusted discount rates [Seite 1078]
27.3.8.3 - 3.8.3 The effect of changes in interest rates on the discount rate applied [Seite 1079]
27.3.9 - 3.9 Funding commitments (other than loan commitments) [Seite 1080]
27.3.9.1 - 3.9.1 Recognition of a funding commitment as a liability [Seite 1080]
27.3.10 - 3.10 Presentation and disclosure [Seite 1082]
27.3.10.1 - 3.10.1 Presentation of provisions [Seite 1082]
27.3.10.2 - 3.10.2 Disclosures about provisions [Seite 1083]
27.3.10.3 - 3.10.3 Disclosures about contingent liabilities [Seite 1084]
27.3.10.4 - 3.10.4 Disclosures about contingent assets [Seite 1084]
27.3.10.5 - 3.10.5 Disclosure when information is seriously prejudicial [Seite 1084]
27.3.10.6 - 3.10.6 Disclosures about financial guarantee contracts [Seite 1085]
27.3.10.7 - 3.10.7 Disclosures about funding commitments (other than loan commitments) [Seite 1086]
27.4 - 4 OTHER EXAMPLES OF PROVISIONS [Seite 1086]
27.4.1 - 4.1 Decommissioning provisions [Seite 1086]
27.4.2 - 4.2 Environmental provisions [Seite 1087]
27.4.3 - 4.3 Liabilities associated with emissions trading schemes [Seite 1087]
27.4.4 - 4.4 EU Directive on Waste Electrical and Electronic Equipment [Seite 1087]
27.4.5 - 4.5 Levies charged on entities operating in a specific market [Seite 1088]
27.4.6 - 4.6 Repairs and maintenance of owned assets [Seite 1088]
27.4.7 - 4.7 Dilapidations and other provisions relating to leased assets [Seite 1088]
27.4.8 - 4.8 Self-insurance [Seite 1089]
27.4.9 - 4.9 Parent company guarantees given in connection with audit exemption [Seite 1089]
27.4.10 - 4.10 Recognition of provisions for vacant leasehold property [Seite 1090]
27.5 - 5 SUMMARY OF GAAP DIFFERENCES [Seite 1091]
27.5.1 - References [Seite 1092]
28 - Chapter 20 Revenue [Seite 1093]
28.1 - 1 INTRODUCTION [Seite 1097]
28.1.1 - 1.1 Scope [Seite 1097]
28.2 - 2 COMPARISON BETWEEN SECTION 23 AND IFRS [Seite 1098]
28.2.1 - 2.1 Differences to IFRS for construction contracts [Seite 1098]
28.2.1.1 - 2.1.1 Construction of a separate asset [Seite 1098]
28.2.1.2 - 2.1.2 Contract revenue [Seite 1099]
28.2.1.3 - 2.1.3 Contract costs [Seite 1099]
28.2.1.4 - 2.1.4 Recognition of contract revenue and expenses [Seite 1099]
28.2.1.5 - 2.1.5 Presentation and disclosure [Seite 1099]
28.3 - 3 REQUIREMENTS OF SECTION 23 FOR REVENUE [Seite 1100]
28.3.1 - 3.1 Terms used by Section 23 [Seite 1100]
28.3.2 - 3.2 Measurement of revenue [Seite 1101]
28.3.2.1 - 3.2.1 Discounts, rebates and sales incentives [Seite 1101]
28.3.2.2 - 3.2.2 Principal versus agent [Seite 1102]
28.3.2.3 - 3.2.3 Deferred payments [Seite 1103]
28.3.2.4 - 3.2.4 Exchanges of goods and services [Seite 1103]
28.3.3 - 3.3 Identification of the revenue transaction [Seite 1104]
28.3.3.1 - 3.3.1 Separately identifiable components [Seite 1104]
28.3.3.2 - 3.3.2 Loyalty awards [Seite 1105]
28.3.4 - 3.4 Sale of goods [Seite 1106]
28.3.4.1 - 3.4.1 Goods with a right of return [Seite 1106]
28.3.4.2 - 3.4.2 'Bill and hold' sales [Seite 1107]
28.3.4.3 - 3.4.3 Goods shipped subject to conditions [Seite 1107]
28.3.4.4 - 3.4.4 Layaway sales (goods delivered when final payment made) [Seite 1108]
28.3.4.5 - 3.4.5 Payments in advance [Seite 1108]
28.3.4.6 - 3.4.6 Sale and repurchase agreements [Seite 1109]
28.3.4.7 - 3.4.7 Subscriptions to publications [Seite 1109]
28.3.5 - 3.5 Rendering of services [Seite 1109]
28.3.5.1 - 3.5.1 Contingent fee arrangements [Seite 1110]
28.3.6 - 3.6 Percentage of completion method [Seite 1110]
28.3.6.1 - 3.6.1 Installation fees [Seite 1110]
28.3.6.2 - 3.6.2 Advertising commissions [Seite 1111]
28.3.6.3 - 3.6.3 Insurance agency commissions [Seite 1111]
28.3.6.4 - 3.6.4 Financial services fees [Seite 1111]
28.3.6.5 - 3.6.5 Admission fees [Seite 1111]
28.3.6.6 - 3.6.6 Tuition fees [Seite 1111]
28.3.6.7 - 3.6.7 Initiation, entrance and membership fees [Seite 1111]
28.3.7 - 3.7 Franchise fees [Seite 1112]
28.3.8 - 3.8 Interest, royalties and dividends [Seite 1114]
28.3.8.1 - 3.8.1 Licence fees and royalties [Seite 1114]
28.3.8.2 - 3.8.2 Dividends [Seite 1115]
28.3.9 - 3.9 Construction contracts [Seite 1115]
28.3.9.1 - 3.9.1 Whether an arrangement is a construction contract [Seite 1115]
28.3.9.2 - 3.9.2 Combination and segmentation of contracts [Seite 1115]
28.3.9.3 - 3.9.3 Contract revenue [Seite 1116]
28.3.9.4 - 3.9.4 Contract costs [Seite 1117]
28.3.9.4.1 - 3.9.4.A Borrowing costs [Seite 1118]
28.3.9.4.2 - 3.9.4.B Inefficiencies [Seite 1119]
28.3.9.5 - 3.9.5 Percentage of completion method [Seite 1119]
28.3.9.6 - 3.9.6 The determination of contract revenue and expenses [Seite 1121]
28.3.9.7 - 3.9.7 Inability to estimate the outcome of a contract reliably [Seite 1122]
28.3.9.8 - 3.9.8 Loss making contracts and uncollectible revenue [Seite 1123]
28.3.9.9 - 3.9.9 Examples of construction contract revenue recognition under the principles of Section 23 [Seite 1123]
28.3.10 - 3.10 Disclosures [Seite 1123]
28.4 - 4 PRACTICAL IMPLEMENTATION ISSUES [Seite 1124]
28.4.1 - 4.1 Receipt of initial fees [Seite 1124]
28.4.2 - 4.2 Software revenue recognition [Seite 1125]
28.4.2.1 - 4.2.1 Accounting for a software licence [Seite 1125]
28.4.2.2 - 4.2.2 Accounting for software arrangements with multiple elements [Seite 1125]
28.4.2.3 - 4.2.3 Accounting for arrangements which require significant production, modification or customisation of software [Seite 1125]
28.4.3 - 4.3 Revenue recognition issues in the telecommunications sector [Seite 1126]
28.4.3.1 - 4.3.1 Recording revenue for multiple service elements ('bundled offers') [Seite 1126]
28.4.3.1.1 - 4.3.1.A Accounting for handsets and monthly service arrangements [Seite 1127]
28.4.3.1.2 - 4.3.1.B 'Free' services [Seite 1127]
28.4.3.1.3 - 4.3.1.C Connection and up-front fees [Seite 1128]
28.4.3.2 - 4.3.2 'Gross versus net' issues [Seite 1128]
28.4.3.3 - 4.3.3 Accounting for roll-over minutes [Seite 1129]
28.4.3.4 - 4.3.4 Accounting for the sale of prepaid calling cards [Seite 1130]
28.4.4 - 4.4 Excise taxes and goods and services taxes: recognition of gross versus net revenues [Seite 1130]
28.4.5 - 4.5 Film exhibition and television broadcast rights [Seite 1131]
28.4.6 - 4.6 Construction of a separate asset [Seite 1132]
28.4.7 - 4.7 The recognition of contract revenue and expenses [Seite 1132]
28.4.8 - 4.8 Disclosures [Seite 1133]
28.5 - 5 SUMMARY OF GAAP DIFFERENCES [Seite 1134]
28.5.1 - References [Seite 1135]
29 - Chapter 21 Government grants [Seite 1137]
29.1 - 1 INTRODUCTION [Seite 1139]
29.2 - 2 COMPARISON BETWEEN SECTION 24 AND IFRS [Seite 1139]
29.2.1 - 2.1 Recognition [Seite 1139]
29.2.2 - 2.2 Measurement [Seite 1140]
29.2.3 - 2.3 Presentation [Seite 1140]
29.3 - 3 REQUIREMENTS OF SECTION 24 FOR GOVERNMENT GRANTS [Seite 1140]
29.3.1 - 3.1 Terms used in Section 24 [Seite 1140]
29.3.2 - 3.2 Scope [Seite 1141]
29.3.2.1 - 3.2.1 Investment tax credits [Seite 1141]
29.3.3 - 3.3 Recognition and measurement [Seite 1145]
29.3.3.1 - 3.3.1 General conditions for recognition [Seite 1145]
29.3.3.2 - 3.3.2 Measurement [Seite 1145]
29.3.3.3 - 3.3.3 Basis of recognition in income [Seite 1145]
29.3.4 - 3.4 The performance model [Seite 1146]
29.3.5 - 3.5 The accrual model [Seite 1147]
29.3.5.1 - 3.5.1 Grants relating to revenue [Seite 1147]
29.3.5.2 - 3.5.2 Grants relating to assets [Seite 1148]
29.3.6 - 3.6 Repayment of government grants [Seite 1148]
29.3.7 - 3.7 Presentation [Seite 1149]
29.3.8 - 3.8 Disclosure requirements [Seite 1149]
29.4 - 4 SUMMARY OF GAAP DIFFERENCES [Seite 1149]
29.4.1 - References [Seite 1150]
30 - Chapter 22 Borrowing costs [Seite 1151]
30.1 - 1 INTRODUCTION [Seite 1153]
30.2 - 2 COMPARISON BETWEEN SECTION 25 AND IFRS [Seite 1153]
30.2.1 - 2.1 Capitalisation of borrowing costs [Seite 1153]
30.2.2 - 2.2 General borrowings [Seite 1153]
30.2.3 - 2.3 Expenditure on qualifying assets [Seite 1154]
30.2.4 - 2.4 Disclosure differences [Seite 1154]
30.3 - 3 THE REQUIREMENTS OF SECTION 25 FOR BORROWING COSTS [Seite 1154]
30.3.1 - 3.1 Terms used in Section 25 [Seite 1154]
30.3.2 - 3.2 Accounting for borrowing costs [Seite 1155]
30.3.3 - 3.3 Scope of Section 25 [Seite 1155]
30.3.4 - 3.4 Definition of a qualifying asset [Seite 1156]
30.3.5 - 3.5 Borrowing costs eligible for capitalisation [Seite 1156]
30.3.5.1 - 3.5.1 Class of qualifying assets [Seite 1157]
30.3.5.2 - 3.5.2 Specific borrowings [Seite 1157]
30.3.5.3 - 3.5.3 General borrowings [Seite 1157]
30.3.5.3.1 - 3.5.3.A General borrowings related to specific non-qualifying assets [Seite 1158]
30.3.5.3.2 - 3.5.3.B Borrowing costs on borrowings related to completed qualifying assets [Seite 1159]
30.3.5.3.3 - 3.5.3.C Expenditure on the asset [Seite 1160]
30.3.5.3.4 - 3.5.3.D Assets carried below cost in the statement of financial position [Seite 1160]
30.3.5.3.5 - 3.5.3.E Calculation of capitalisation rate [Seite 1161]
30.3.5.4 - 3.5.4 Exchange differences as a borrowing cost [Seite 1163]
30.3.5.5 - 3.5.5 Other finance costs as a borrowing cost [Seite 1164]
30.3.5.5.1 - 3.5.5.A Derivative financial instruments [Seite 1164]
30.3.5.5.2 - 3.5.5.B Gains and losses on derecognition of borrowings [Seite 1167]
30.3.5.5.3 - 3.5.5.C Gains or losses on termination of derivative financial instruments [Seite 1167]
30.3.5.5.4 - 3.5.5.D Dividends payable on shares classified as financial liabilities [Seite 1168]
30.3.5.6 - 3.5.6 Capitalisation of borrowing costs in hyperinflationary economies [Seite 1169]
30.3.5.7 - 3.5.7 Group considerations [Seite 1169]
30.3.5.7.1 - 3.5.7.A Borrowings in one company and development in another [Seite 1169]
30.3.5.7.2 - 3.5.7.B Qualifying assets held by joint ventures [Seite 1169]
30.3.6 - 3.6 Commencement, suspension and cessation of capitalisation [Seite 1170]
30.3.6.1 - 3.6.1 Commencement of capitalisation [Seite 1170]
30.3.6.2 - 3.6.2 Suspension of capitalisation [Seite 1171]
30.3.6.2.1 - 3.6.2.A Impairment considerations [Seite 1171]
30.3.6.3 - 3.6.3 Cessation of capitalisation [Seite 1172]
30.3.7 - 3.7 Disclosures [Seite 1172]
30.3.7.1 - 3.7.1 Disclosures required by Section 25 [Seite 1173]
30.3.7.2 - 3.7.2 Disclosures required by other sections of FRS 102 in respect of borrowing costs [Seite 1173]
30.3.7.3 - 3.7.3 Additional disclosures required by The Regulations [Seite 1173]
30.4 - 4 SUMMARY OF GAAP DIFFERENCES [Seite 1174]
30.4.1 - References [Seite 1175]
31 - Chapter 23 Share-based payment [Seite 1177]
31.1 - 1 INTRODUCTION [Seite 1187]
31.1.1 - 1.1 Background [Seite 1187]
31.1.2 - 1.2 Scope of Chapter 23 and referencing convention [Seite 1188]
31.1.3 - 1.3 Overview of accounting approach [Seite 1188]
31.1.3.1 - 1.3.1 Classification differences between share-based payments and financial instruments [Seite 1188]
31.2 - 2 COMPARISON BETWEEN SECTION 26 AND IFRS [Seite 1189]
31.2.1 - 2.1 Scope [Seite 1189]
31.2.1.1 - 2.1.1 Definitions and transactions within scope [Seite 1189]
31.2.2 - 2.2 Recognition [Seite 1189]
31.2.2.1 - 2.2.1 Accounting after vesting date [Seite 1189]
31.2.3 - 2.3 Measurement of equity-settled share-based payment transactions [Seite 1189]
31.2.3.1 - 2.3.1 Vesting conditions and non-vesting conditions [Seite 1189]
31.2.3.2 - 2.3.2 Treatment of service and non-market performance conditions in measurement of fair value [Seite 1189]
31.2.3.3 - 2.3.3 Employees and others providing similar services [Seite 1190]
31.2.3.4 - 2.3.4 Valuation methodology [Seite 1190]
31.2.3.5 - 2.3.5 Awards where fair value cannot be measured reliably [Seite 1190]
31.2.3.6 - 2.3.6 Cancellation of awards [Seite 1191]
31.2.3.7 - 2.3.7 Settlement of awards [Seite 1191]
31.2.3.8 - 2.3.8 Replacement awards following a cancellation or settlement [Seite 1191]
31.2.4 - 2.4 Cash-settled share-based payment transactions [Seite 1191]
31.2.5 - 2.5 Share-based payment transactions with cash alternatives [Seite 1191]
31.2.5.1 - 2.5.1 Entity or counterparty has choice of equity or cash-settlement [Seite 1191]
31.2.5.2 - 2.5.2 Settlement in cash of award accounted for as equity-settled (or vice versa) [Seite 1192]
31.2.6 - 2.6 Group plans [Seite 1192]
31.2.6.1 - 2.6.1 Accounting by group entity with obligation to settle an award when another group entity receives goods or services [Seite 1192]
31.2.6.2 - 2.6.2 Alternative accounting treatment for group plans [Seite 1192]
31.2.7 - 2.7 Government-mandated plans [Seite 1192]
31.2.7.1 - 2.7.1 Unidentifiable goods/services [Seite 1192]
31.2.8 - 2.8 Plans with net settlement for tax withholding obligations [Seite 1192]
31.2.9 - 2.9 Disclosures [Seite 1193]
31.2.10 - 2.10 First-time adoption [Seite 1193]
31.3 - 3 SCOPE OF SECTION 26 [Seite 1193]
31.3.1 - 3.1 Definitions [Seite 1193]
31.3.2 - 3.2 Transactions within the scope of Section 26 [Seite 1195]
31.3.2.1 - 3.2.1 Transactions by other group entities and shareholders [Seite 1196]
31.3.2.1.1 - 3.2.1.A Scenarios illustrating scope requirements for group entities [Seite 1196]
31.3.2.2 - 3.2.2 Transactions with employee benefit trusts and similar vehicles [Seite 1202]
31.3.2.3 - 3.2.3 Transactions where the identifiable consideration received appears to be less than the consideration given [Seite 1202]
31.3.2.3.1 - 3.2.3.A Government-mandated plans [Seite 1202]
31.3.2.3.2 - 3.2.3.B Other transactions [Seite 1203]
31.3.2.4 - 3.2.4 'All employee' share plans [Seite 1203]
31.3.2.5 - 3.2.5 Vested transactions [Seite 1203]
31.3.3 - 3.3 Transactions not within the scope of Section 26 [Seite 1204]
31.3.3.1 - 3.3.1 Transactions with shareholders in their capacity as such [Seite 1204]
31.3.3.2 - 3.3.2 Transfer of assets in group restructuring arrangements [Seite 1205]
31.3.3.3 - 3.3.3 Business combinations [Seite 1205]
31.3.3.4 - 3.3.4 Common control transactions and formation of joint arrangements [Seite 1205]
31.3.3.5 - 3.3.5 Transactions in the scope of IAS 32, IAS 39 and IFRS 9 or Section 22 (financial instruments) [Seite 1206]
31.3.3.6 - 3.3.6 Transactions relating to investments in subsidiaries, associates and joint ventures [Seite 1206]
31.3.4 - 3.4 Some practical applications of the scope requirements [Seite 1206]
31.3.4.1 - 3.4.1 Remuneration in non-equity shares and arrangements with put rights over equity shares [Seite 1207]
31.3.4.2 - 3.4.2 Increase in ownership interest with no change in number of shares held [Seite 1207]
31.3.4.3 - 3.4.3 Awards for which the counterparty has paid 'fair value' [Seite 1208]
31.3.4.4 - 3.4.4 Cash bonus dependent on share price performance [Seite 1208]
31.3.4.5 - 3.4.5 Cash-settled awards based on an entity's 'enterprise value' or other formula [Seite 1208]
31.3.4.6 - 3.4.6 Holding own shares to satisfy awards [Seite 1209]
31.4 - 4 GENERAL RECOGNITION PRINCIPLES [Seite 1209]
31.4.1 - 4.1 Vesting and vesting conditions [Seite 1210]
31.4.2 - 4.2 Non-vesting conditions (conditions that are neither service conditions nor performance conditions) [Seite 1212]
31.4.3 - 4.3 Vesting period [Seite 1214]
31.5 - 5 EQUITY-SETTLED TRANSACTIONS - OVERVIEW [Seite 1214]
31.5.1 - 5.1 Summary of accounting treatment [Seite 1214]
31.5.2 - 5.2 The credit entry [Seite 1216]
31.6 - 6 EQUITY-SETTLED TRANSACTIONS - COST OF AWARDS [Seite 1216]
31.6.1 - 6.1 Cost of awards - overview [Seite 1216]
31.6.2 - 6.2 Transactions with employees and others providing similar services [Seite 1217]
31.6.2.1 - 6.2.1 Who is an 'employee'? [Seite 1218]
31.6.2.2 - 6.2.2 Basis of measurement [Seite 1218]
31.6.3 - 6.3 Grant date [Seite 1219]
31.6.3.1 - 6.3.1 Determination of grant date [Seite 1220]
31.6.3.2 - 6.3.2 Communication of awards to employees and services in advance of grant date [Seite 1221]
31.6.3.3 - 6.3.3 Exercise price or performance target dependent on a formula or future share price [Seite 1222]
31.6.3.4 - 6.3.4 Exercise price paid in shares (net settlement of award) [Seite 1222]
31.6.3.5 - 6.3.5 Award of equity instruments to a fixed monetary value [Seite 1223]
31.6.3.6 - 6.3.6 Awards with multiple service and performance periods [Seite 1224]
31.6.3.7 - 6.3.7 Awards subject to modification by entity after original grant date [Seite 1225]
31.6.3.7.1 - 6.3.7.A Significant equity restructuring or transactions [Seite 1225]
31.6.3.7.2 - 6.3.7.B Interpretation of general terms [Seite 1226]
31.6.3.7.3 - 6.3.7.C Discretion to make further awards [Seite 1226]
31.6.3.8 - 6.3.8 'Good leaver' arrangements [Seite 1226]
31.6.3.8.1 - 6.3.8.A Provision for 'good leavers' made in original terms of award [Seite 1227]
31.6.3.8.2 - 6.3.8.B Discretionary awards to 'good leavers' [Seite 1228]
31.6.3.8.3 - 6.3.8.C Automatic full or pro rata entitlement on cessation of employment [Seite 1228]
31.6.3.9 - 6.3.9 Awards over a fixed pool of shares (including 'last man standing' arrangements) [Seite 1229]
31.6.4 - 6.4 Transactions with non-employees [Seite 1229]
31.6.4.1 - 6.4.1 Effect of change of status from employee to non-employee (or vice versa) [Seite 1229]
31.6.5 - 6.5 Determining the fair value of equity instruments [Seite 1230]
31.7 - 7 EQUITY-SETTLED TRANSACTIONS - ALLOCATION OF EXPENSE [Seite 1230]
31.7.1 - 7.1 Overview [Seite 1230]
31.7.1.1 - 7.1.1 The continuous estimation process of Section 26 [Seite 1231]
31.7.1.2 - 7.1.2 Vesting and forfeiture [Seite 1232]
31.7.1.3 - 7.1.3 Accounting after vesting [Seite 1233]
31.7.2 - 7.2 Vesting conditions other than market conditions [Seite 1234]
31.7.2.1 - 7.2.1 Awards with service conditions [Seite 1234]
31.7.2.2 - 7.2.2 Equity instruments vesting in instalments ('graded' vesting) [Seite 1235]
31.7.2.3 - 7.2.3 Transactions with variable vesting periods due to non-market performance vesting conditions [Seite 1236]
31.7.2.4 - 7.2.4 Transactions with variable number of equity instruments awarded depending on non-market performance vesting conditions [Seite 1238]
31.7.2.5 - 7.2.5 Transactions with variable exercise price due to non-market performance vesting conditions [Seite 1239]
31.7.3 - 7.3 Market conditions [Seite 1240]
31.7.3.1 - 7.3.1 What is a 'market condition'? [Seite 1240]
31.7.3.2 - 7.3.2 Summary of accounting treatment [Seite 1241]
31.7.3.3 - 7.3.3 Transactions with market conditions and known vesting periods [Seite 1243]
31.7.3.4 - 7.3.4 Transactions with variable vesting periods due to market conditions [Seite 1244]
31.7.3.5 - 7.3.5 Transactions with multiple outcomes depending on market conditions [Seite 1245]
31.7.3.6 - 7.3.6 Transactions with independent market conditions, non-market vesting conditions or non-vesting conditions [Seite 1246]
31.7.3.6.1 - 7.3.6.A Independent market and non-market vesting conditions [Seite 1246]
31.7.3.6.2 - 7.3.6.B Independent market conditions and non-vesting conditions [Seite 1247]
31.7.3.7 - 7.3.7 Awards based on the market value of a subsidiary or business unit [Seite 1248]
31.7.3.7.1 - 7.3.7.A Awards with a condition linked to flotation price [Seite 1249]
31.7.4 - 7.4 Non-vesting conditions [Seite 1249]
31.7.4.1 - 7.4.1 Awards with no conditions other than non-vesting conditions [Seite 1249]
31.7.4.2 - 7.4.2 Awards with non-vesting conditions and variable vesting periods [Seite 1250]
31.7.4.3 - 7.4.3 Failure to meet non-vesting conditions [Seite 1250]
31.8 - 8 EQUITY-SETTLED TRANSACTIONS - MODIFICATION, CANCELLATION AND SETTLEMENT [Seite 1250]
31.8.1 - 8.1 Background [Seite 1250]
31.8.2 - 8.2 Valuation requirements when an award is modified, cancelled or settled [Seite 1252]
31.8.3 - 8.3 Modification [Seite 1252]
31.8.3.1 - 8.3.1 Modifications that increase the value of an award [Seite 1253]
31.8.3.1.1 - 8.3.1.A Increase in fair value of equity instruments granted [Seite 1253]
31.8.3.1.2 - 8.3.1.B Increase in number of equity instruments granted [Seite 1254]
31.8.3.1.3 - 8.3.1.C Removal or mitigation of non-market related vesting conditions [Seite 1255]
31.8.3.2 - 8.3.2 Modifications that decrease the value of an award [Seite 1256]
31.8.3.2.1 - 8.3.2.A Decrease in fair value of equity instruments granted [Seite 1257]
31.8.3.2.2 - 8.3.2.B Decrease in number of equity instruments granted [Seite 1257]
31.8.3.2.3 - 8.3.2.C Additional or more onerous non-market related vesting conditions [Seite 1257]
31.8.3.3 - 8.3.3 Modifications with altered vesting period [Seite 1258]
31.8.3.4 - 8.3.4 Modifications that reduce the number of equity instruments granted but maintain or increase the value of an award ('value for value' exchange and 'give and take' modifications) [Seite 1259]
31.8.3.5 - 8.3.5 Modification of award from equity-settled to cash-settled (and vice versa) [Seite 1261]
31.8.4 - 8.4 Cancellation and settlement [Seite 1261]
31.8.4.1 - 8.4.1 Distinction between cancellation and forfeiture [Seite 1263]
31.8.4.1.1 - 8.4.1.A Termination of employment by entity [Seite 1263]
31.8.4.1.2 - 8.4.1.B Surrender of award by employee [Seite 1263]
31.8.4.2 - 8.4.2 Distinction between cancellation and modification [Seite 1264]
31.8.4.3 - 8.4.3 Calculation of the expense on cancellation [Seite 1264]
31.8.4.4 - 8.4.4 Replacement awards [Seite 1265]
31.8.4.4.1 - 8.4.4.A Designation of award as replacement award [Seite 1266]
31.8.4.4.2 - 8.4.4.B Incremental fair value of replacement award [Seite 1266]
31.8.4.4.3 - 8.4.4.C Replacement of vested awards [Seite 1268]
31.8.5 - 8.5 Replacement and ex gratia awards on termination of employment [Seite 1269]
31.8.6 - 8.6 Entity's plans for future modification or replacement of award - impact on estimation process at reporting date [Seite 1270]
31.8.7 - 8.7 Share splits and consolidations [Seite 1271]
31.9 - 9 EQUITY-SETTLED TRANSACTIONS - VALUATION [Seite 1272]
31.9.1 - 9.1 Introduction [Seite 1272]
31.9.2 - 9.2 Shares [Seite 1272]
31.9.3 - 9.3 Share options and equity-settled share appreciation rights [Seite 1274]
31.10 - 10 CASH-SETTLED TRANSACTIONS [Seite 1275]
31.10.1 - 10.1 Scope of requirements [Seite 1275]
31.10.2 - 10.2 What constitutes a cash-settled award? [Seite 1275]
31.10.3 - 10.3 Required accounting for cash-settled share-based payment transactions [Seite 1277]
31.10.3.1 - 10.3.1 Basic accounting treatment [Seite 1277]
31.10.3.2 - 10.3.2 Application of the accounting treatment [Seite 1278]
31.10.3.2.1 - 10.3.2.A Determining the vesting period [Seite 1279]
31.10.3.2.2 - 10.3.2.B Periodic allocation of cost [Seite 1280]
31.10.3.2.3 - 10.3.2.C Non-market vesting conditions [Seite 1280]
31.10.3.2.4 - 10.3.2.D Market conditions and non-vesting conditions [Seite 1280]
31.10.3.2.5 - 10.3.2.E Modification, cancellation and settlement [Seite 1281]
31.10.4 - 10.4 Modification of award from equity-settled to cash-settled or from cash-settled to equity-settled [Seite 1281]
31.11 - 11 TRANSACTIONS WITH EQUITY AND CASH ALTERNATIVES [Seite 1281]
31.11.1 - 11.1 Transactions where the entity has choice of settlement in equity or in cash [Seite 1282]
31.11.1.1 - 11.1.1 Accounting at date of settlement for awards where there is a choice of equity- or cash-settlement [Seite 1283]
31.11.1.1.1 - 11.1.1.A Settlement of an award treated as cash-settled during vesting period [Seite 1283]
31.11.1.1.2 - 11.1.1.B Settlement of an award treated as equity-settled during vesting period [Seite 1283]
31.11.1.2 - 11.1.2 Change in classification of award after grant date [Seite 1284]
31.11.1.3 - 11.1.3 Economic compulsion for cash settlement (including unlisted entity awards with a presumption of cash settlement) [Seite 1285]
31.11.2 - 11.2 Transactions where the counterparty has choice of settlement in equity or in cash [Seite 1285]
31.11.2.1 - 11.2.1 Transactions with settlement alternatives of different value [Seite 1286]
31.11.2.2 - 11.2.2 'Backstop' cash settlement rights [Seite 1286]
31.11.3 - 11.3 Awards requiring cash settlement in specific circumstances (awards with contingent cash settlement) [Seite 1287]
31.11.3.1 - 11.3.1 Analysis 1 - Treat as cash-settled if contingency is outside entity's control [Seite 1287]
31.11.3.2 - 11.3.2 Analysis 2 - Treat as cash-settled if contingency is outside entity's control and probable [Seite 1288]
31.11.3.3 - 11.3.3 Application of Analysis 1 and Analysis 2 to awards requiring cash settlement on a change of control [Seite 1288]
31.11.3.4 - 11.3.4 Accounting for change in manner of settlement where award is contingent on future events outside the control of the entity and the counterparty [Seite 1289]
31.11.4 - 11.4 Cash settlement alternative not based on share price or value [Seite 1290]
31.12 - 12 REPLACEMENT SHARE-BASED PAYMENT AWARDS ISSUED IN A BUSINESS COMBINATION [Seite 1290]
31.12.1 - 12.1 Background [Seite 1290]
31.12.2 - 12.2 Financial statements of the acquired entity [Seite 1291]
31.13 - 13 GROUP SHARE SCHEMES [Seite 1291]
31.13.1 - 13.1 Typical features of a group share scheme [Seite 1292]
31.13.2 - 13.2 Accounting treatment of group share schemes - summary [Seite 1293]
31.13.2.1 - 13.2.1 Background [Seite 1293]
31.13.2.2 - 13.2.2 Scope of Section 26 for group share schemes [Seite 1294]
31.13.2.3 - 13.2.3 Entity receiving goods or services [Seite 1294]
31.13.2.3.1 - 13.2.3.A Alternative treatment for group plans [Seite 1295]
31.13.2.4 - 13.2.4 Entity settling the transaction [Seite 1295]
31.13.2.5 - 13.2.5 Transactions settled in equity of the entity or its parent [Seite 1296]
31.13.2.5.1 - 13.2.5.A Awards settled in equity of subsidiary [Seite 1296]
31.13.2.5.2 - 13.2.5.B Awards settled in equity of the parent [Seite 1297]
31.13.2.6 - 13.2.6 Cash-settled transactions not settled by the entity receiving goods or services [Seite 1298]
31.13.2.7 - 13.2.7 Intragroup recharges and management charges [Seite 1298]
31.13.3 - 13.3 Employee benefit trusts ('EBTs') and similar arrangements [Seite 1300]
31.13.3.1 - 13.3.1 Background [Seite 1300]
31.13.3.2 - 13.3.2 Accounting for EBTs [Seite 1301]
31.13.3.3 - 13.3.3 Illustrative Examples - awards satisfied by shares purchased by, or issued to, an EBT [Seite 1302]
31.13.3.4 - 13.3.4 Financial statements of the EBT [Seite 1305]
31.13.4 - 13.4 Illustrative example of group share scheme - equity-settled award satisfied by purchase of shares [Seite 1305]
31.13.4.1 - 13.4.1 Consolidated financial statements [Seite 1305]
31.13.4.2 - 13.4.2 Parent [Seite 1306]
31.13.4.2.1 - 13.4.2.A Subsidiary company as employing company [Seite 1306]
31.13.4.2.2 - 13.4.2.B Parent company as employing company [Seite 1307]
31.13.4.3 - 13.4.3 Employing subsidiary [Seite 1308]
31.13.5 - 13.5 Illustrative example of group share scheme - equity-settled award satisfied by fresh issue of shares [Seite 1308]
31.13.5.1 - 13.5.1 Consolidated financial statements [Seite 1309]
31.13.5.2 - 13.5.2 Parent [Seite 1309]
31.13.5.2.1 - 13.5.2.A Subsidiary as employing company [Seite 1309]
31.13.5.2.2 - 13.5.2.B Parent company as employing company [Seite 1310]
31.13.5.3 - 13.5.3 Employing subsidiary [Seite 1310]
31.13.6 - 13.6 Illustrative example - cash-settled transaction not settled by the entity receiving goods or services [Seite 1311]
31.13.6.1 - 13.6.1 Consolidated financial statements [Seite 1312]
31.13.6.2 - 13.6.2 Parent company [Seite 1312]
31.13.6.3 - 13.6.3 Employing subsidiary [Seite 1313]
31.13.7 - 13.7 Employee transferring between group entities [Seite 1314]
31.14 - 14 DISCLOSURES [Seite 1314]
31.14.1 - 14.1 Nature and extent of share-based payment arrangements [Seite 1315]
31.14.2 - 14.2 Measurement of share-based payment arrangements [Seite 1315]
31.14.2.1 - 14.2.1 Equity-settled arrangements [Seite 1316]
31.14.2.2 - 14.2.2 Cash-settled arrangements [Seite 1316]
31.14.2.3 - 14.2.3 Modification of share-based payment arrangements [Seite 1316]
31.14.2.4 - 14.2.4 Group share-based payment arrangements [Seite 1316]
31.14.3 - 14.3 Effect of share-based payment transactions on financial statements [Seite 1316]
31.15 - 15 TAXES RELATED TO SHARE-BASED PAYMENT TRANSACTIONS [Seite 1317]
31.15.1 - 15.1 Income tax deductions for the entity [Seite 1317]
31.15.2 - 15.2 Employment taxes of the employer [Seite 1317]
31.15.3 - 15.3 Sale of shares by employee to meet employee's tax liability ('sell to cover') [Seite 1317]
31.16 - 16 OTHER PRACTICAL ISSUES [Seite 1319]
31.16.1 - 16.1 Matching share awards (including deferred bonuses delivered in shares) [Seite 1319]
31.16.2 - 16.2 Loans to employees to purchase shares (limited recourse and full recourse loans) [Seite 1320]
31.16.3 - 16.3 Awards entitled to dividends during the vesting period [Seite 1322]
31.16.4 - 16.4 Awards vesting or exercisable on an exit event or change of control (flotation, trade sale etc.) [Seite 1324]
31.16.4.1 - 16.4.1 Grant date [Seite 1324]
31.16.4.2 - 16.4.2 Vesting period [Seite 1325]
31.16.4.3 - 16.4.3 Is flotation or sale a vesting condition or a non-vesting condition? [Seite 1325]
31.16.4.4 - 16.4.4 Awards requiring achievement of a minimum price on flotation or sale [Seite 1326]
31.16.4.5 - 16.4.5 Awards 'purchased for fair value' [Seite 1327]
31.16.4.6 - 16.4.6 'Drag along' and 'tag along' rights [Seite 1328]
31.17 - 17 FIRST-TIME ADOPTION AND TRANSITIONAL PROVISIONS [Seite 1329]
31.17.1 - 17.1 Transitional provisions on first-time adoption of FRS 102 [Seite 1329]
31.17.2 - 17.2 Modification of awards following transition [Seite 1330]
31.18 - 18 SUMMARY OF GAAP DIFFERENCES [Seite 1331]
31.18.1 - References [Seite 1334]
32 - Chapter 24 Impairment of assets [Seite 1337]
32.1 - 1 INTRODUCTION [Seite 1341]
32.2 - 2 COMPARISON BETWEEN SECTION 27 AND IFRS [Seite 1341]
32.2.1 - 2.1 Scope [Seite 1341]
32.2.2 - 2.2 Timing of impairment tests [Seite 1341]
32.2.3 - 2.3 Allocation of goodwill [Seite 1341]
32.2.4 - 2.4 Disclosure differences [Seite 1342]
32.3 - 3 REQUIREMENTS OF SECTION 27 FOR IMPAIRMENT [Seite 1342]
32.3.1 - 3.1 Objective and scope [Seite 1342]
32.3.2 - 3.2 Terms used in Section 27 [Seite 1343]
32.3.3 - 3.3 Impairment of inventories [Seite 1344]
32.4 - 4 IMPAIRMENT OF ASSETS OTHER THAN INVENTORIES [Seite 1344]
32.4.1 - 4.1 General principles [Seite 1344]
32.4.2 - 4.2 Testing individual assets or cash generating units [Seite 1345]
32.4.3 - 4.3 Indicators of impairment [Seite 1347]
32.4.3.1 - 4.3.1 Future performance [Seite 1348]
32.4.3.2 - 4.3.2 Individual assets or part of CGU? [Seite 1348]
32.4.3.3 - 4.3.3 Interest rates [Seite 1349]
32.4.4 - 4.4 Measuring recoverable amount [Seite 1349]
32.4.4.1 - 4.4.1 Consistency and the impairment test [Seite 1350]
32.4.5 - 4.5 Fair value less costs to sell (FVLCS) [Seite 1351]
32.4.5.1 - 4.5.1 Estimating fair value less costs to sell without an active market [Seite 1352]
32.4.5.2 - 4.5.2 Effect of restrictions on fair value [Seite 1354]
32.4.6 - 4.6 Value in use (VIU) [Seite 1355]
32.4.6.1 - 4.6.1 Estimating the future pre-tax cash flows of the CGU under review [Seite 1357]
32.4.6.2 - 4.6.2 Financing and taxation [Seite 1359]
32.4.6.3 - 4.6.3 Restructuring and improvements [Seite 1359]
32.4.6.4 - 4.6.4 Terminal values [Seite 1361]
32.4.6.5 - 4.6.5 Discount rate [Seite 1361]
32.4.6.6 - 4.6.6 Assets held for their service potential [Seite 1363]
32.4.6.7 - 4.6.7 Corporate assets [Seite 1363]
32.5 - 5 GOODWILL AND ITS ALLOCATION TO CGUS [Seite 1365]
32.5.1 - 5.1 Goodwill on non-controlling interests [Seite 1367]
32.6 - 6 RECOGNISING AND MEASURING IMPAIRMENT LOSSES [Seite 1369]
32.6.1 - 6.1 Recognising an impairment loss on an individual asset [Seite 1369]
32.6.2 - 6.2 Recognising an impairment loss on a CGU [Seite 1369]
32.6.3 - 6.3 Recognising an impairment loss on a group of CGUs [Seite 1371]
32.6.4 - 6.4 Recognising an impairment loss on a CGU with goodwill and non-controlling interests [Seite 1372]
32.6.5 - 6.5 Impairment of assets of a subsidiary which is part of a larger group CGU [Seite 1374]
32.7 - 7 REVERSAL OF AN IMPAIRMENT LOSS [Seite 1374]
32.7.1 - 7.1 Reversal where recoverable amount was estimated for an individual impaired asset [Seite 1375]
32.7.2 - 7.2 Reversal when recoverable amount was estimated for a cash-generating unit [Seite 1376]
32.8 - 8 DISCLOSURES [Seite 1378]
32.8.1 - 8.1 Companies Act disclosure requirements [Seite 1378]
32.9 - 9 SUMMARY OF GAAP DIFFERENCES [Seite 1380]
33 - Chapter 25 Employee benefits [Seite 1381]
33.1 - 1 INTRODUCTION [Seite 1383]
33.2 - 2 COMPARISON BETWEEN SECTIONS 28 AND IFRS [Seite 1383]
33.2.1 - 2.1 Past service costs [Seite 1383]
33.2.2 - 2.2 Asset ceilings and IFRIC 14 guidance [Seite 1383]
33.2.3 - 2.3 Attributing benefit to years of service [Seite 1384]
33.2.4 - 2.4 Presentation [Seite 1385]
33.3 - 3 THE REQUIREMENTS OF SECTION 28 FOR EMPLOYEE BENEFITS [Seite 1386]
33.3.1 - 3.1 Terms used in Section 28 [Seite 1386]
33.3.2 - 3.2 Scope and general recognition principles [Seite 1388]
33.3.3 - 3.3 Short-term employee benefits [Seite 1389]
33.3.4 - 3.4 Post-employment benefits: distinction between defined contribution plans and defined benefit plans [Seite 1391]
33.3.4.1 - 3.4.1 Distinction between defined contribution plans and defined benefit plans [Seite 1391]
33.3.4.2 - 3.4.2 Multi-employer and state plans [Seite 1392]
33.3.4.3 - 3.4.3 Insured benefits [Seite 1393]
33.3.5 - 3.5 Defined contribution plans [Seite 1394]
33.3.5.1 - 3.5.1 General [Seite 1394]
33.3.6 - 3.6 Defined benefit plans [Seite 1395]
33.3.6.1 - 3.6.1 Recognition [Seite 1395]
33.3.6.2 - 3.6.2 Measurement of plan liabilities [Seite 1395]
33.3.6.2.1 - 3.6.2.A Legal and constructive obligations [Seite 1396]
33.3.6.2.2 - 3.6.2.B Discount rate [Seite 1397]
33.3.6.2.3 - 3.6.2.C Actuarial methodology [Seite 1397]
33.3.6.2.4 - 3.6.2.D Actuarial assumptions [Seite 1398]
33.3.6.2.5 - 3.6.2.E Frequency of valuations and use of an independent actuary [Seite 1399]
33.3.6.3 - 3.6.3 Measurement of plan assets [Seite 1399]
33.3.6.4 - 3.6.4 Reimbursement rights [Seite 1400]
33.3.6.5 - 3.6.5 Longevity swaps [Seite 1400]
33.3.6.6 - 3.6.6 Plan introductions, changes, curtailments and settlements [Seite 1401]
33.3.6.7 - 3.6.7 Restriction on plan assets [Seite 1401]
33.3.6.7.1 - 3.6.7.A IFRIC 14 - General requirements concerning the limit on a defined benefit asset [Seite 1403]
33.3.6.7.2 - 3.6.7.B Economic benefit available through a refund [Seite 1403]
33.3.6.7.3 - 3.6.7.C Economic benefit available through reduced future contributions where there is no minimum funding requirement [Seite 1405]
33.3.6.7.4 - 3.6.7.D Recent IFRIC discussions on IFRIC 14 [Seite 1406]
33.3.6.8 - 3.6.8 Tax on defined benefit pension plans [Seite 1408]
33.3.6.9 - 3.6.9 Presentation of the net defined benefit liability/asset [Seite 1408]
33.3.6.10 - 3.6.10 Treatment of defined benefit plans in profit and loss, and other comprehensive income. [Seite 1409]
33.3.6.10.1 - 3.6.10.A Net interest [Seite 1409]
33.3.6.10.2 - 3.6.10.B Remeasurements [Seite 1410]
33.3.7 - 3.7 Costs of administering employee benefit plans [Seite 1410]
33.3.8 - 3.8 Other long-term employee benefits [Seite 1411]
33.3.8.1 - 3.8.1 Meaning of other long-term benefits [Seite 1411]
33.3.8.2 - 3.8.2 Recognition and measurement [Seite 1411]
33.3.9 - 3.9 Termination benefits [Seite 1412]
33.3.10 - 3.10 Group plans [Seite 1413]
33.3.11 - 3.11 Death-in service benefits [Seite 1413]
33.3.12 - 3.12 Disclosures [Seite 1414]
33.3.12.1 - 3.12.1 Disclosures about short-term employee benefits [Seite 1414]
33.3.12.2 - 3.12.2 Disclosures about other long-term benefits [Seite 1414]
33.3.12.3 - 3.12.3 Disclosures about defined contribution plans [Seite 1414]
33.3.12.4 - 3.12.4 Disclosures about defined benefit plans [Seite 1415]
33.3.12.4.1 - 3.12.4.A General disclosures [Seite 1415]
33.3.12.4.2 - 3.12.4.B Disclosures for plans which share risks between entities under common control [Seite 1416]
33.3.12.5 - 3.12.5 Disclosures about termination benefits [Seite 1417]
33.4 - 4 COMPANIES ACT REQUIREMENTS [Seite 1417]
33.4.1 - 4.1 Disclosures [Seite 1417]
33.5 - 5 SUMMARY OF GAAP DIFFERENCES [Seite 1417]
33.5.1 - References [Seite 1418]
34 - Chapter 26 Income tax [Seite 1419]
34.1 - 1 INTRODUCTION [Seite 1423]
34.1.1 - 1.1 Allocation of tax income and expense between periods [Seite 1423]
34.1.1.1 - 1.1.1 No provision for deferred tax ('flow through') [Seite 1424]
34.1.1.2 - 1.1.2 Provision for deferred tax (the timing difference approach) [Seite 1425]
34.1.2 - 1.2 Permanent differences [Seite 1426]
34.2 - 2 KEY DIFFERENCES TO IFRS [Seite 1426]
34.2.1 - 2.1 Withholding taxes on dividends and VAT and other sales taxes [Seite 1426]
34.2.2 - 2.2 Current tax and deferred tax [Seite 1427]
34.3 - 3 SCOPE OF SECTION 29 [Seite 1428]
34.3.1 - 3.1 Terms used in Section 29 [Seite 1428]
34.3.2 - 3.2 What is an 'income tax'? [Seite 1429]
34.3.2.1 - 3.2.1 Levies [Seite 1430]
34.3.2.2 - 3.2.2 Tonnage tax [Seite 1430]
34.3.3 - 3.3 Withholding and similar taxes [Seite 1431]
34.3.4 - 3.4 Investment tax credits [Seite 1431]
34.3.5 - 3.5 Interest and penalties [Seite 1434]
34.3.6 - 3.6 Effectively tax-free entities [Seite 1434]
34.3.7 - 3.7 Discontinued operations - interaction with Section 5 [Seite 1434]
34.4 - 4. VALUE ADDED TAX ('VAT') AND OTHER SIMILAR SALES TAXES [Seite 1435]
34.5 - 5 CURRENT TAX [Seite 1435]
34.5.1 - 5.1 Enacted or substantively enacted tax legislation [Seite 1435]
34.5.1.1 - 5.1.1 UK [Seite 1435]
34.5.1.2 - 5.1.2 Republic of Ireland [Seite 1436]
34.5.1.3 - 5.1.3 Other jurisdictions [Seite 1436]
34.5.2 - 5.2 Uncertain tax positions [Seite 1436]
34.5.2.1 - 5.2.1 Classification of uncertain tax positions [Seite 1437]
34.5.3 - 5.3 'Prior year adjustments' of previously presented tax balances and expense (income) [Seite 1438]
34.5.4 - 5.4 Intra-period allocation, presentation and disclosure [Seite 1438]
34.6 - 6 DEFERRED TAX - RECOGNITION [Seite 1439]
34.6.1 - 6.1 Recognition of deferred tax on timing differences [Seite 1439]
34.6.1.1 - 6.1.1 Examples of timing differences [Seite 1439]
34.6.1.2 - 6.1.2 Deferred taxable gains [Seite 1440]
34.6.2 - 6.2 Restrictions on the recognition of deferred tax assets [Seite 1441]
34.6.2.1 - 6.2.1 Recovery against the reversal of recognised deferred tax liabilities [Seite 1441]
34.6.2.2 - 6.2.2 The availability of future taxable profits [Seite 1441]
34.6.2.2.1 - 6.2.2.A Tax planning strategies [Seite 1442]
34.6.2.2.2 - 6.2.2.B Future changes to tax rates and laws are ignored [Seite 1443]
34.6.3 - 6.3 Capital allowances - when all conditions for their retention have been met [Seite 1443]
34.6.3.1 - 6.3.1 Treatment of assets brought into the UK tonnage tax regime [Seite 1443]
34.6.4 - 6.4 Income or expenses from a subsidiary, associate, branch or joint venture [Seite 1444]
34.6.4.1 - 6.4.1 'Control' over reversal of timing differences [Seite 1444]
34.6.5 - 6.5 Permanent differences [Seite 1445]
34.6.5.1 - 6.5.1 Non-deductible assets subject to revaluation [Seite 1446]
34.6.5.2 - 6.5.2 Partially deductible and super-deductible assets [Seite 1447]
34.6.5.3 - 6.5.3 UK indexation allowance [Seite 1449]
34.6.6 - 6.6 Business combinations [Seite 1450]
34.6.6.1 - 6.6.1 Acquisition of subsidiary not accounted for as a business combination [Seite 1451]
34.6.6.2 - 6.6.2 Group reconstructions for which the merger accounting method is used [Seite 1452]
34.7 - 7 DEFERRED TAX - MEASUREMENT [Seite 1452]
34.7.1 - 7.1 Revalued non-depreciable assets and investment property measured at fair value [Seite 1453]
34.7.2 - 7.2 Uncertain tax positions [Seite 1453]
34.7.3 - 7.3 'Prior year adjustments' of previously presented tax balances and expense (income) [Seite 1454]
34.7.4 - 7.4 Expected manner of recovery of assets or settlement of liabilities [Seite 1454]
34.7.4.1 - 7.4.1 Tax planning strategies [Seite 1454]
34.7.4.2 - 7.4.2 Assets and liabilities with more than one tax base ('dual-based' assets) [Seite 1455]
34.7.4.2.1 - 7.4.2.A Depreciable PP&E and intangible assets [Seite 1455]
34.7.4.2.2 - 7.4.2.B Non-depreciable PP&E and investment properties at fair value [Seite 1456]
34.7.4.2.3 - 7.4.2.C Other assets and liabilities [Seite 1457]
34.7.4.3 - 7.4.3 Timing differences relating to subsidiaries, branches, associates and joint ventures [Seite 1457]
34.7.4.4 - 7.4.4 Change in expected manner of recovery of an asset or settlement of a liability [Seite 1458]
34.7.5 - 7.5 UK indexation allowance [Seite 1458]
34.7.6 - 7.6 Effectively tax-free entities [Seite 1459]
34.7.6.1 - 7.6.1 Trading subsidiaries of charitable bodies [Seite 1459]
34.7.7 - 7.7 Share-based payment transactions [Seite 1460]
34.8 - 8 ALLOCATION OF TAX CHARGE OR CREDIT [Seite 1462]
34.8.1 - 8.1 Dividends and transaction costs of equity instruments [Seite 1463]
34.8.1.1 - 8.1.1 Dividend subject to differential tax rate [Seite 1463]
34.8.1.2 - 8.1.2 Dividend subject to withholding tax [Seite 1463]
34.8.1.2.1 - 8.1.2.A Distinction between a withholding tax and a differential rate for distributed profits [Seite 1463]
34.8.1.2.2 - 8.1.2.B Intragroup dividend subject to withholding tax [Seite 1464]
34.8.1.3 - 8.1.3 Tax benefits of distributions and transaction costs of equity instruments [Seite 1464]
34.8.2 - 8.2 Gain/loss in profit or loss and loss/gain outside profit or loss offset for tax purposes [Seite 1464]
34.8.3 - 8.3 Discontinued operations [Seite 1466]
34.8.4 - 8.4 Defined benefit pension plans [Seite 1467]
34.9 - 9 CONSOLIDATED TAX RETURNS AND OFFSET OF TAXABLE PROFITS AND LOSSES WITHIN GROUPS [Seite 1469]
34.9.1 - 9.1 Payments for intragroup transfer of tax losses [Seite 1469]
34.10 - 10 PRESENTATION [Seite 1470]
34.10.1 - 10.1 Statement of financial position [Seite 1470]
34.10.1.1 - 10.1.1 Offset [Seite 1471]
34.10.1.1.1 - 10.1.1.A Current tax [Seite 1471]
34.10.1.1.2 - 10.1.1.B Deferred tax [Seite 1471]
34.10.1.1.3 - 10.1.1.C Offset of current and deferred tax [Seite 1472]
34.10.2 - 10.2 Statement of comprehensive income [Seite 1472]
34.10.3 - 10.3 Statement of cash flows [Seite 1472]
34.11 - 11 DISCLOSURE [Seite 1472]
34.11.1 - 11.1 Components of tax expense [Seite 1472]
34.11.2 - 11.2 Other disclosures required by FRS 102 [Seite 1473]
34.11.3 - 11.3 Disclosures required by entities subject to UK and Irish legislation [Seite 1474]
34.12 - 12 SUMMARY OF GAAP DIFFERENCES [Seite 1474]
34.12.1 - References [Seite 1475]
35 - Chapter 27 Foreign currency translation [Seite 1477]
35.1 - 1 INTRODUCTION [Seite 1481]
35.1.1 - 1.1 Background [Seite 1481]
35.2 - 2 COMPARISON BETWEEN SECTION 30 AND IFRS [Seite 1481]
35.3 - 3 REQUIREMENTS OF SECTION 30 FOR FOREIGN CURRENCY TRANSLATION [Seite 1482]
35.3.1 - 3.1 Definitions [Seite 1482]
35.3.2 - 3.2 Scope [Seite 1482]
35.3.3 - 3.3 Summary of the approach required by Section 30 [Seite 1482]
35.3.4 - 3.4 Determination of an entity's functional currency [Seite 1483]
35.3.4.1 - 3.4.1 Intermediate holding companies or finance subsidiaries [Seite 1484]
35.3.4.2 - 3.4.2 Branches and divisions [Seite 1486]
35.3.5 - 3.5 Reporting foreign currency transactions in the functional currency of an entity [Seite 1486]
35.3.5.1 - 3.5.1 Initial recognition [Seite 1486]
35.3.5.2 - 3.5.2 Identifying the date of transaction [Seite 1487]
35.3.5.3 - 3.5.3 Using average rates [Seite 1488]
35.3.5.4 - 3.5.4 Dual rates or suspension of rates [Seite 1488]
35.3.5.5 - 3.5.5 Reporting at the ends of the subsequent reporting periods [Seite 1489]
35.3.5.6 - 3.5.6 Treatment of exchange differences - monetary items [Seite 1489]
35.3.5.7 - 3.5.7 Treatment of exchange differences - non-monetary items [Seite 1490]
35.3.5.8 - 3.5.8 Determining whether an item is monetary or non-monetary [Seite 1490]
35.3.5.9 - 3.5.9 Deposits or progress payments [Seite 1491]
35.3.5.10 - 3.5.10 Investments in preference shares [Seite 1492]
35.3.5.11 - 3.5.11 Assets and liabilities arising from insurance contracts [Seite 1492]
35.3.6 - 3.6 Change in functional currency [Seite 1492]
35.3.7 - 3.7 Use of a presentation currency other than the functional currency [Seite 1494]
35.3.7.1 - 3.7.1 Translation to the presentation currency [Seite 1495]
35.3.7.2 - 3.7.2 Functional currency is that of a hyperinflationary economy [Seite 1497]
35.3.7.3 - 3.7.3 Exchange differences on intragroup balances [Seite 1497]
35.3.7.4 - 3.7.4 Monetary items included as part of the net investment in a foreign operation - general [Seite 1498]
35.3.7.5 - 3.7.5 Monetary items included as part of the net investment in a foreign operation - currency of the monetary item [Seite 1499]
35.3.7.6 - 3.7.6 Monetary items included as part of the net investment in a foreign operation - treatment in individual financial statement [Seite 1501]
35.3.7.7 - 3.7.7 Monetary items becoming part of the net investment in a foreign operation [Seite 1501]
35.3.7.8 - 3.7.8 Monetary items ceasing to be part of the net investment in a foreign operation [Seite 1503]
35.3.7.9 - 3.7.9 Dividends [Seite 1503]
35.3.7.10 - 3.7.10 Unrealised profits on intragroup transactions [Seite 1504]
35.3.7.11 - 3.7.11 Non-coterminous period ends [Seite 1505]
35.3.7.12 - 3.7.12 Goodwill and fair value adjustments [Seite 1506]
35.3.8 - 3.8 Disposal of a foreign operation [Seite 1506]
35.3.9 - 3.9 Tax effects of all exchange differences [Seite 1507]
35.3.10 - 3.10 Change of presentation currency [Seite 1507]
35.3.11 - 3.11 Disclosure requirements [Seite 1510]
35.4 - 4 UK COMPANY LAW MATTERS [Seite 1511]
35.5 - 5 SUMMARY OF GAAP DIFFERENCES [Seite 1512]
36 - Chapter 28 Hyperinflation [Seite 1513]
36.1 - 1 INTRODUCTION [Seite 1515]
36.1.1 - 1.1 The concept of hyperinflation [Seite 1515]
36.1.2 - 1.2 Relevance in the UK [Seite 1516]
36.2 - 2 COMPARISON BETWEEN SECTION 31 AND IFRS [Seite 1516]
36.3 - 3 REQUIREMENTS OF SECTION 31 FOR HYPERINFLATION [Seite 1517]
36.3.1 - 3.1 Terms used in Section 31 [Seite 1517]
36.3.2 - 3.2 A hyperinflationary economy [Seite 1517]
36.3.3 - 3.3 Measuring unit in the financial statements [Seite 1517]
36.3.4 - 3.4 Procedures for restating historical cost financial statements [Seite 1518]
36.3.4.1 - 3.4.1 Statement of financial position [Seite 1518]
36.3.4.2 - 3.4.2 Statement of comprehensive income and income statement [Seite 1519]
36.3.4.3 - 3.4.3 Statement of cash flows [Seite 1519]
36.3.4.4 - 3.4.4 Gain or loss on net monetary position [Seite 1519]
36.3.4.5 - 3.4.5 Economies ceasing to be hyperinflationary [Seite 1520]
36.3.4.6 - 3.4.6 Comparative information [Seite 1520]
36.3.5 - 3.5 Disclosures [Seite 1520]
37 - Chapter 29 Events after the end of the reporting period [Seite 1521]
37.1 - 1 INTRODUCTION [Seite 1523]
37.2 - 2 COMPARISON BETWEEN SECTION 32 AND IFRS [Seite 1523]
37.3 - 3 REQUIREMENTS OF SECTION 32 FOR EVENTS AFTER THE END OF THE REPORTING PERIOD [Seite 1523]
37.3.1 - 3.1 Date when financial statements are authorised for issue [Seite 1524]
37.3.1.1 - 3.1.1 Re-issuing financial statements [Seite 1525]
37.3.2 - 3.2 Recognition and measurement of events occurring after the end of the reporting period [Seite 1526]
37.3.2.1 - 3.2.1 Adjusting events [Seite 1526]
37.3.2.2 - 3.2.2 Non-adjusting events [Seite 1527]
37.3.3 - 3.3 Going concern [Seite 1528]
37.3.4 - 3.4 Dividends [Seite 1528]
37.3.5 - 3.5 Disclosures [Seite 1529]
37.3.5.1 - 3.5.1 Date when financial statements are authorised for issue [Seite 1529]
37.3.5.2 - 3.5.2 Non-adjusting events [Seite 1529]
37.3.5.3 - 3.5.3 Breach of a long-term loan covenant and its subsequent rectification [Seite 1529]
37.3.5.4 - 3.5.4 Additional Companies Act 2006 disclosure requirements in respect of reserves and dividends [Seite 1529]
37.4 - 4. PRACTICAL IMPLEMENTATION ISSUES [Seite 1530]
37.4.1 - 4.1 Valuation of inventory [Seite 1530]
37.4.2 - 4.2 Percentage of completion estimates [Seite 1531]
37.4.3 - 4.3 Insolvency of a debtor [Seite 1531]
37.4.4 - 4.4 Valuation of investment property at fair value and tenant insolvency [Seite 1531]
37.4.5 - 4.5 Discovery of fraud after the end of the reporting period [Seite 1532]
38 - Chapter 30 Related party disclosures [Seite 1533]
38.1 - 1 INTRODUCTION [Seite 1535]
38.1.1 - 1.1 Scope of Section 33 [Seite 1535]
38.1.1.1 - 1.1.1 Transactions eliminated on consolidation [Seite 1535]
38.1.1.2 - 1.1.2 Transactions between wholly-owned subsidiaries [Seite 1536]
38.2 - 2 COMPARISON BETWEEN SECTION 33 AND IFRS [Seite 1537]
38.2.1 - 2.1 Scope exemption for wholly-owned subsidiaries [Seite 1537]
38.2.2 - 2.2 State-related exemption [Seite 1537]
38.2.3 - 2.3 Disclosure of key management compensation [Seite 1538]
38.2.4 - 2.4 Aggregation of disclosures [Seite 1538]
38.2.5 - 2.5 Disclosure of commitments [Seite 1538]
38.3 - 3 REQUIREMENTS OF SECTION 33 FOR RELATED PARTY DISCLOSURES [Seite 1539]
38.3.1 - 3.1 Definition of a related party [Seite 1539]
38.3.1.1 - 3.1.1 Persons or close members of a person's family that are related parties [Seite 1539]
38.3.1.1.1 - 3.1.1.A Close members of a family [Seite 1540]
38.3.1.1.2 - 3.1.1.B Key management personnel [Seite 1540]
38.3.1.2 - 3.1.2 Entities that are members of the same group [Seite 1541]
38.3.1.3 - 3.1.3 Entities that are associates or joint ventures [Seite 1541]
38.3.1.4 - 3.1.4 Entities that are joint ventures of the same third party [Seite 1542]
38.3.1.5 - 3.1.5 Entities that are joint ventures and associates of the same third entity [Seite 1542]
38.3.1.6 - 3.1.6 Post-employment benefit plans [Seite 1542]
38.3.1.7 - 3.1.7 Entities under control or joint control of certain persons or close members of their family [Seite 1542]
38.3.1.8 - 3.1.8 Entities under significant influence of certain persons or close members of their family [Seite 1543]
38.3.1.9 - 3.1.9 Entities, or any member of the group of which they are a part, that provide key management personnel services [Seite 1543]
38.3.1.10 - 3.1.10 Parties that are not related parties [Seite 1544]
38.3.1.11 - 3.1.11 Illustrative examples of related party relationships [Seite 1545]
38.3.2 - 3.2 Disclosures of related party transactions, balances and relationships [Seite 1546]
38.3.2.1 - 3.2.1 Disclosure of parent-subsidiary relationships [Seite 1546]
38.3.2.2 - 3.2.2 Disclosure of key management personnel compensation [Seite 1547]
38.3.2.3 - 3.2.3 Disclosure of related party transactions and balances [Seite 1548]
38.3.2.3.1 - 3.2.3.A Definition of and examples of related party transactions [Seite 1548]
38.3.2.3.2 - 3.2.3.B Disclosures required in respect of related party transactions [Seite 1548]
38.3.2.3.3 - 3.2.3.C Disclosure exemption for state-related entities [Seite 1550]
38.3.2.4 - 3.2.4 Additional UK company law disclosures [Seite 1550]
38.3.2.4.1 - 3.2.4.A Disclosure of directors' remuneration - all companies [Seite 1550]
38.3.2.4.2 - 3.2.4.B Directors' remuneration report - quoted companies only [Seite 1551]
38.3.2.4.3 - 3.2.4.C Disclosure of directors' advances credits and guarantees - all companies [Seite 1551]
38.3.2.5 - 3.2.5 Stock exchange requirements [Seite 1552]
38.4 - 4. SUMMARY OF GAAP DIFFERENCES [Seite 1552]
39 - Chapter 31 Specialised activities [Seite 1553]
39.1 - 1 INTRODUCTION [Seite 1557]
39.2 - 2 AGRICULTURE [Seite 1557]
39.2.1 - 2.1 Introduction [Seite 1557]
39.2.2 - 2.2 Key differences to IFRS [Seite 1558]
39.2.2.1 - 2.2.1 Measurement basis [Seite 1558]
39.2.2.2 - 2.2.2 Bearer plants [Seite 1558]
39.2.2.3 - 2.2.3 Government grants related to biological assets [Seite 1558]
39.2.3 - 2.3 Definitions and scope [Seite 1559]
39.2.3.1 - 2.3.1 Definitions [Seite 1559]
39.2.3.2 - 2.3.2 Scope [Seite 1559]
39.2.4 - 2.4 Recognition [Seite 1560]
39.2.5 - 2.5 Measurement [Seite 1560]
39.2.6 - 2.6 Fair value model [Seite 1561]
39.2.6.1 - 2.6.1 Measurement [Seite 1561]
39.2.6.2 - 2.6.2 Fair value hierarchy [Seite 1561]
39.2.6.2.1 - 2.6.2.A Active market [Seite 1561]
39.2.6.2.2 - 2.6.2.B Market-based data [Seite 1562]
39.2.6.2.3 - 2.6.2.C Present value [Seite 1562]
39.2.6.2.4 - 2.6.2.D Fair value of a biological asset that is not reliably measurable [Seite 1562]
39.2.6.3 - 2.6.3 Disclosures [Seite 1563]
39.2.7 - 2.7 Cost model [Seite 1563]
39.2.7.1 - 2.7.1 Measurement [Seite 1563]
39.2.7.1.1 - 2.7.1.A Biological assets [Seite 1563]
39.2.7.1.2 - 2.7.1.B Agricultural produce [Seite 1564]
39.2.7.2 - 2.7.2 Disclosures [Seite 1564]
39.2.8 - 2.8 Summary of GAAP differences [Seite 1565]
39.3 - 3 EXTRACTIVE ACTIVITIES [Seite 1565]
39.3.1 - 3.1 Introduction [Seite 1565]
39.3.2 - 3.2 Requirements of Section 34 for extractive activities [Seite 1566]
39.3.3 - 3.3 Practical implementation issues [Seite 1567]
39.4 - 4 SERVICE CONCESSION ARRANGEMENTS [Seite 1567]
39.4.1 - 4.1 Introduction [Seite 1567]
39.4.2 - 4.2 Key differences to IFRS [Seite 1568]
39.4.3 - 4.3 Requirements of FRS 102 for service concession arrangements [Seite 1569]
39.4.3.1 - 4.3.1 Terms used in Section 34 on service concession arrangements [Seite 1569]
39.4.3.2 - 4.3.2 Scope [Seite 1570]
39.4.3.2.1 - 4.3.2.A Judgements required in determining whether an arrangement is an SCA [Seite 1571]
39.4.3.2.2 - 4.3.2.B Accounting for arrangements determined not to be SCAs under FRS 102 [Seite 1572]
39.4.3.3 - 4.3.3 Accounting by grantors - finance lease liability model [Seite 1572]
39.4.3.4 - 4.3.4 Accounting by operators [Seite 1573]
39.4.3.4.1 - 4.3.4.A Financial asset model [Seite 1574]
39.4.3.4.2 - 4.3.4.B Intangible asset model [Seite 1575]
39.4.3.4.3 - 4.3.4.C Measuring the fair value of construction services [Seite 1576]
39.4.3.4.4 - 4.3.4.D Operating services [Seite 1577]
39.4.3.4.5 - 4.3.4.E Borrowing costs incurred during the construction or upgrade phase [Seite 1577]
39.4.3.4.6 - 4.3.4.F Relief from retrospective application by operators of SCAs [Seite 1577]
39.4.3.4.7 - 4.3.4.G Aspects of SCA accounting not addressed in Section 34 [Seite 1578]
39.4.3.5 - 4.3.5 Disclosures relating to service concession arrangements [Seite 1578]
39.4.4 - 4.4 Summary of GAAP differences [Seite 1579]
39.5 - 5 HERITAGE ASSETS [Seite 1579]
39.5.1 - 5.1 Key differences to IFRS [Seite 1579]
39.5.2 - 5.2 Requirements of FRS 102 for heritage assets [Seite 1580]
39.5.2.1 - 5.2.1 Terms used in Section 34 on heritage assets [Seite 1580]
39.5.2.2 - 5.2.2 Scope [Seite 1580]
39.5.2.3 - 5.2.3 Recognition and measurement of heritage assets [Seite 1580]
39.5.2.4 - 5.2.4 Disclosures required for heritage assets [Seite 1581]
39.5.3 - 5.3 Summary of GAAP differences [Seite 1582]
39.6 - 6 PUBLIC BENEFIT ENTITIES [Seite 1582]
39.6.1 - 6.1 Introduction [Seite 1582]
39.6.2 - 6.2 Terms used in Section 34 on public benefit entities [Seite 1583]
39.6.3 - 6.3 Incoming resources from non-exchange transactions [Seite 1583]
39.6.3.1 - 6.3.1 Introduction [Seite 1583]
39.6.3.2 - 6.3.2 Recognition [Seite 1584]
39.6.3.2.1 - 6.3.2.A Services [Seite 1585]
39.6.3.2.2 - 6.3.2.B Performance-related conditions [Seite 1585]
39.6.3.2.3 - 6.3.2.C Legacies [Seite 1585]
39.6.3.3 - 6.3.3 Measurement [Seite 1586]
39.6.3.4 - 6.3.4 Disclosures regarding non-exchange transactions [Seite 1586]
39.6.4 - 6.4 Public benefit entity combinations [Seite 1587]
39.6.4.1 - 6.4.1 Combinations that are in substance a gift [Seite 1587]
39.6.4.2 - 6.4.2 Combinations that are an acquisition [Seite 1587]
39.6.4.3 - 6.4.3 Combinations that are a merger [Seite 1587]
39.6.4.4 - 6.4.4 Relief from applying Section 34 to combinations before transition [Seite 1588]
39.6.5 - 6.5 Public benefit entity concessionary loans [Seite 1588]
39.6.5.1 - 6.5.1 Accounting policy choice [Seite 1589]
39.6.5.2 - 6.5.2 Accounting requirements [Seite 1589]
39.6.5.2.1 - 6.5.2.A Initial measurement [Seite 1589]
39.6.5.2.2 - 6.5.2.B Subsequent measurement [Seite 1589]
39.6.5.2.3 - 6.5.2.C Presentation and disclosure [Seite 1589]
39.6.6 - 6.6 Other disclosures in FRS 102 relating to public benefit entities [Seite 1590]
39.6.7 - References [Seite 1590]
40 - Chapter 32 Transition to FRS 102 [Seite 1591]
40.1 - 1 INTRODUCTION [Seite 1595]
40.1.1 - 1.1 Summary of Section 35 [Seite 1595]
40.1.2 - 1.2 References to IFRS 1 [Seite 1595]
40.2 - 2 KEY DIFFERENCES BETWEEN SECTION 35 AND IFRS [Seite 1596]
40.3 - 3 DEFINITIONS, SCOPE, AND PREPARATION OF THE OPENING FRS 102 STATEMENT OF FINANCIAL POSITION [Seite 1597]
40.3.1 - 3.1 Key definitions [Seite 1597]
40.3.2 - 3.2 Scope of Section 35 [Seite 1598]
40.3.2.1 - 3.2.1 Who is a first-time adopter? [Seite 1598]
40.3.2.2 - 3.2.2 Repeat application of FRS 102 [Seite 1599]
40.3.3 - 3.3 First-time adoption timeline [Seite 1599]
40.3.4 - 3.4 Determining the previous GAAP [Seite 1600]
40.3.5 - 3.5 Preparation of the opening FRS 102 statement of financial position [Seite 1600]
40.3.5.1 - 3.5.1 Changes of accounting policy made on transition to FRS 102 [Seite 1602]
40.3.5.2 - 3.5.2 Impairment testing at the date of transition [Seite 1603]
40.3.5.3 - 3.5.3 Use of the historical cost accounting rules, alternative accounting rules and fair value accounting rules [Seite 1604]
40.3.5.3.1 - 3.5.3.A Deemed cost [Seite 1604]
40.3.5.3.2 - 3.5.3.B Investment property - transitional adjustments [Seite 1605]
40.3.5.4 - 3.5.4 Impracticability exemption and subsequent application [Seite 1607]
40.4 - 4 MANDATORY EXCEPTIONS TO RETROSPECTIVE APPLICATION [Seite 1607]
40.4.1 - 4.1 Derecognition of financial assets and financial liabilities. [Seite 1608]
40.4.1.1 - 4.1.1 Implementation issues [Seite 1608]
40.4.1.1.1 - 4.1.1.A Financial assets and liabilities previously derecognised [Seite 1609]
40.4.1.1.2 - 4.1.1.B Financial assets and liabilities previously not derecognised [Seite 1609]
40.4.1.2 - 4.1.2 Transition from previous UK GAAP (not FRS 26) [Seite 1610]
40.4.1.2.1 - 4.1.2.A Derecognition of financial assets [Seite 1610]
40.4.1.2.2 - 4.1.2.B Derecognition of financial liabilities [Seite 1611]
40.4.1.3 - 4.1.3 Transition from IAS 39 (or FRS 26) [Seite 1612]
40.4.1.3.1 - 4.1.3.A Financial assets [Seite 1613]
40.4.1.3.2 - 4.1.3.B Financial liabilities [Seite 1613]
40.4.2 - 4.2 Accounting estimates [Seite 1614]
40.4.2.1 - 4.2.1 Exception [Seite 1614]
40.4.2.2 - 4.2.2 Post-balance sheet events and correction of errors [Seite 1615]
40.4.3 - 4.3 Discontinued operations [Seite 1616]
40.4.3.1 - 4.3.1 Scope of the exception [Seite 1616]
40.4.3.2 - 4.3.2 Accounting followed under previous financial reporting framework [Seite 1617]
40.4.4 - 4.4 Non-controlling interests [Seite 1617]
40.5 - 5 OPTIONAL EXEMPTIONS TO RETROSPECTIVE APPLICATION [Seite 1619]
40.5.1 - 5.1 Introduction [Seite 1619]
40.5.2 - 5.2 Business combinations, including group reconstructions [Seite 1620]
40.5.2.1 - 5.2.1 Option to restate business combinations retrospectively [Seite 1621]
40.5.2.1.1 - 5.2.1.A Considerations on restatement of business combinations [Seite 1622]
40.5.2.2 - 5.2.2 Scope of the transition exemption [Seite 1623]
40.5.2.3 - 5.2.3 Application of the transition exemption - general [Seite 1623]
40.5.2.3.1 - 5.2.3.A Classification of business combination [Seite 1623]
40.5.2.3.2 - 5.2.3.B Recognition and derecognition of assets and liabilities [Seite 1624]
40.5.2.3.3 - 5.2.3.C Measurement of assets and liabilities [Seite 1624]
40.5.2.4 - 5.2.4 Restatement of goodwill [Seite 1626]
40.5.2.4.1 - 5.2.4.A Impairment of goodwill [Seite 1626]
40.5.2.4.2 - 5.2.4.B Transition accounting for contingent consideration [Seite 1627]
40.5.2.4.3 - 5.2.4.C Goodwill on a pre-transition business combination that is a foreign operation (where not restated under Section 19) [Seite 1628]
40.5.2.4.4 - 5.2.4.D Goodwill previously deducted from equity [Seite 1628]
40.5.2.4.5 - 5.2.4.E Goodwill and intangible asset amortisation [Seite 1628]
40.5.2.5 - 5.2.5 Changes in scope of consolidation [Seite 1630]
40.5.2.5.1 - 5.2.5.A Changes in consolidation compared to a previous GAAP [Seite 1631]
40.5.2.5.2 - 5.2.5.B Previously unconsolidated subsidiaries [Seite 1631]
40.5.2.5.3 - 5.2.5.C Previously consolidated entities that are not subsidiaries [Seite 1633]
40.5.2.6 - 5.2.6 Business combination - transition example [Seite 1634]
40.5.3 - 5.3 Public-benefit entity combinations [Seite 1635]
40.5.4 - 5.4 Share-based payment transactions [Seite 1636]
40.5.5 - 5.5 Fair value or previous revaluation as deemed cost [Seite 1637]
40.5.5.1 - 5.5.1 Scope of the deemed cost exemption [Seite 1638]
40.5.5.2 - 5.5.2 Establishing deemed cost at a date other than transition [Seite 1638]
40.5.5.3 - 5.5.3 Impairment [Seite 1639]
40.5.5.4 - 5.5.4 Deferred tax [Seite 1639]
40.5.5.5 - 5.5.5 Revaluation reserve [Seite 1639]
40.5.6 - 5.6 Deferred development costs as a deemed cost [Seite 1640]
40.5.7 - 5.7 Deemed cost for oil and gas assets [Seite 1641]
40.5.8 - 5.8 Decommissioning liabilities included in the cost of property, plant and equipment [Seite 1642]
40.5.9 - 5.9 Individual and separate financial statements [Seite 1642]
40.5.9.1 - 5.9.1 Use of deemed cost for investments - implementation issues [Seite 1643]
40.5.10 - 5.10 Service concession arrangements - accounting by operators [Seite 1644]
40.5.11 - 5.11 Arrangements containing a lease [Seite 1645]
40.5.12 - 5.12 Lease incentives (operating leases) - lessees and lessors [Seite 1646]
40.5.13 - 5.13 Dormant companies [Seite 1646]
40.5.14 - 5.14 Borrowing costs [Seite 1648]
40.5.15 - 5.15 Assets and liabilities of subsidiaries, associates and joint ventures [Seite 1648]
40.5.15.1 - 5.15.1 Subsidiary becomes a first-time adopter later than its parent [Seite 1649]
40.5.15.2 - 5.15.2 Parent becomes a first-time adopter later than its subsidiary [Seite 1651]
40.5.15.3 - 5.15.3 Implementation guidance [Seite 1652]
40.5.15.4 - 5.15.4 Adoption of IFRSs on different dates in separate and consolidated financial statements [Seite 1653]
40.5.16 - 5.16 Hedge accounting [Seite 1654]
40.5.16.1 - 5.16.1 Reporter previously applied IAS 39 (or UK GAAP including FRS 26) [Seite 1654]
40.5.16.2 - 5.16.2 Reporter previously applied UK GAAP (not including FRS 26) or the FRSSE [Seite 1655]
40.5.16.3 - 5.16.3 Transition exemptions - FRS 102 reporter applying Section 12 [Seite 1656]
40.5.16.3.1 - 5.16.3.A Optional exemption - hedge accounting [Seite 1656]
40.5.16.3.2 - 5.16.3.B General comments [Seite 1658]
40.5.16.3.3 - 5.16.3.C Reporting derivatives and eliminating deferred adjustments [Seite 1659]
40.5.16.3.4 - 5.16.3.D Hedging relationships existing at the date of transition [Seite 1662]
40.5.16.3.5 - 5.16.3.E Subsequent accounting for existing hedging relationships [Seite 1663]
40.5.16.3.6 - 5.16.3.F Examples of hedge accounting [Seite 1664]
40.5.16.4 - 5.16.4 Transition requirements - FRS 102 reporter applying IAS 39 or IFRS 9 [Seite 1666]
40.5.16.4.1 - 5.16.4.A Mandatory requirement - hedge accounting [Seite 1666]
40.5.16.4.2 - 5.16.4.B Requirements of paragraphs B4 to B6 of IFRS 1 [Seite 1666]
40.5.16.4.3 - 5.16.4.C General comments [Seite 1667]
40.5.16.5 - 5.16.5 Hedges of net investment in a foreign operation in individual accounts under SSAP 20 or the FRSSE - treatment on transition. [Seite 1670]
40.5.17 - 5.17 Designation of previously recognised financial instruments [Seite 1671]
40.5.18 - 5.18 Compound financial instruments [Seite 1672]
40.5.19 - 5.19 Small entities - fair value measurement of financial instruments [Seite 1672]
40.5.20 - 5.20 Small entities - financing transactions involving related parties [Seite 1673]
40.5.21 - 5.21 Insurance contracts [Seite 1676]
40.6 - 6 PRESENTATION AND DISCLOSURE [Seite 1676]
40.6.1 - 6.1 Comparative information [Seite 1676]
40.6.2 - 6.2 Explanation of transition to FRS 102 [Seite 1677]
40.6.3 - 6.3 Disclosure of reconciliations [Seite 1678]
40.6.4 - 6.4 Interim financial statements [Seite 1679]
40.6.5 - 6.5 Non-FRS 102 comparative information and historical summaries [Seite 1680]
40.6.6 - References [Seite 1680]
41 - Chapter 33 FRS 103 - Insurance contracts [Seite 1681]
41.1 - 1 INTRODUCTION [Seite 1687]
41.1.1 - 1.1 Impact of Solvency II and consequential amendments to FRS 103 [Seite 1688]
41.1.2 - 1.2 The IASB's Phase II Insurance Accounting Standard [Seite 1688]
41.1.3 - 1.3 Non-insurance transactions and balances [Seite 1688]
41.2 - 2 COMPARISON BETWEEN FRS 103 AND IFRS [Seite 1688]
41.2.1 - 2.1 Reporting foreign currency transactions in the functional currency [Seite 1688]
41.2.2 - 2.2 Recognition and measurement requirements for long-term insurance business [Seite 1689]
41.2.3 - 2.3 Entities setting accounting policies for the first time [Seite 1689]
41.2.4 - 2.4 Classification of insurance contracts with discretionary participation features [Seite 1689]
41.2.5 - 2.5 Financial instruments with discretionary participation features [Seite 1690]
41.2.6 - 2.6 Equalisation and catastrophe provisions [Seite 1690]
41.2.7 - 2.7 Applying IFRS 9 - Financial Instruments - with IFRS 4 - Insurance Contracts [Seite 1690]
41.2.8 - 2.8 Disclosure differences [Seite 1690]
41.3 - 3 THE OBJECTIVES, SCOPE OF AND TRANSITION TO FRS 103 [Seite 1691]
41.3.1 - 3.1 The objectives of FRS 103 [Seite 1691]
41.3.2 - 3.2 The scope of IFRS 103 [Seite 1692]
41.3.2.1 - 3.2.1 Key definitions [Seite 1692]
41.3.2.2 - 3.2.2 Transactions within the scope of FRS 103 [Seite 1693]
41.3.2.3 - 3.2.3 Transactions not within the scope of IFRS 4 [Seite 1695]
41.3.2.3.1 - 3.2.3.A Product warranties [Seite 1695]
41.3.2.3.2 - 3.2.3.B Assets and liabilities arising from employment benefit plans [Seite 1695]
41.3.2.3.3 - 3.2.3.C Contingent rights and obligations related to non-financial items [Seite 1695]
41.3.2.3.4 - 3.2.3.D Financial guarantee contracts [Seite 1696]
41.3.2.3.5 - 3.2.3.E Contingent consideration payable or receivable in a business combination [Seite 1696]
41.3.2.3.6 - 3.2.3.F Direct insurance contracts in which the entity is the policyholder [Seite 1696]
41.3.2.4 - 3.2.4 The product classification process [Seite 1696]
41.3.3 - 3.3 Transition to FRS 103 [Seite 1697]
41.3.4 - 3.4 Setting accounting policies for insurance contracts for the first time [Seite 1698]
41.4 - 4 THE DEFINITION OF AN INSURANCE CONTRACT [Seite 1699]
41.4.1 - 4.1 The definition [Seite 1699]
41.4.2 - 4.2 Uncertain future event [Seite 1699]
41.4.3 - 4.3 Payments in kind [Seite 1700]
41.4.3.1 - 4.3.1 Service contracts [Seite 1700]
41.4.4 - 4.4 The distinction between insurance risk and financial risk [Seite 1700]
41.4.4.1 - 4.4.1 Lapse, persistency and expense risk [Seite 1703]
41.4.4.2 - 4.4.2 Insurance of non-insurance risks [Seite 1703]
41.4.4.3 - 4.4.3 Self insurance, pooling of insurance risk by insurance mutuals, and intragroup insurance contracts [Seite 1703]
41.4.5 - 4.5 Examples of insurance and non-insurance contracts [Seite 1704]
41.4.5.1 - 4.5.1 Examples of insurance contracts [Seite 1704]
41.4.5.2 - 4.5.2 Examples of transactions that are not insurance contracts [Seite 1705]
41.4.6 - 4.6 Significant insurance risk [Seite 1707]
41.4.6.1 - 4.6.1 The meaning of 'significant' [Seite 1707]
41.4.6.2 - 4.6.2 The level at which significant insurance risk is assessed [Seite 1708]
41.4.6.3 - 4.6.3 Significant additional benefits [Seite 1708]
41.4.7 - 4.7 Changes in the level of insurance risk [Seite 1709]
41.4.7.1 - 4.7.1 Reassessment of insurance risk of contracts acquired in a business combination [Seite 1710]
41.5 - 5 EMBEDDED DERIVATIVES [Seite 1710]
41.5.1 - 5.1 Unit-linked features [Seite 1712]
41.6 - 6 UNBUNDLING OF DEPOSIT COMPONENTS [Seite 1712]
41.6.1 - 6.1 Unbundling illustration [Seite 1713]
41.6.2 - 6.2 Practical difficulties [Seite 1713]
41.7 - 7 DISCRETIONARY PARTICIPATION FEATURES [Seite 1714]
41.7.1 - 7.1 Discretionary participation features in insurance contracts [Seite 1715]
41.7.2 - 7.2 Discretionary participation features in financial instruments [Seite 1716]
41.7.3 - 7.3 Practical issues [Seite 1717]
41.7.3.1 - 7.3.1 Negative DPF [Seite 1717]
41.7.3.2 - 7.3.2 Contracts with switching features [Seite 1717]
41.8 - 8 PRESENTATION, RECOGNITION AND MEASUREMENT OF INSURANCE CONTRACTS [Seite 1718]
41.8.1 - 8.1 Overall requirements for the presentation of the statement of financial position and statement of comprehensive income by insurers [Seite 1718]
41.8.1.1 - 8.1.1 Definition of an insurance company in UK law [Seite 1719]
41.8.2 - 8.2 Statement of financial position under Schedule 3 [Seite 1719]
41.8.2.1 - 8.2.1 Intangible assets [Seite 1722]
41.8.2.2 - 8.2.2 Investments in group undertakings and participating interests [Seite 1723]
41.8.2.3 - 8.2.3 Other financial investments [Seite 1723]
41.8.2.4 - 8.2.4 Reinsurers' share of technical provisions [Seite 1724]
41.8.2.5 - 8.2.5 Debtors [Seite 1724]
41.8.2.6 - 8.2.6 Other assets [Seite 1724]
41.8.2.7 - 8.2.7 Prepayments and accrued income (including deferred acquisition costs) [Seite 1725]
41.8.2.8 - 8.2.8 Capital and reserves [Seite 1725]
41.8.2.9 - 8.2.9 Subordinated liabilities [Seite 1726]
41.8.2.10 - 8.2.10 Fund for future appropriations (FFA) [Seite 1726]
41.8.2.11 - 8.2.11 Technical provisions [Seite 1727]
41.8.2.12 - 8.2.12 Technical provisions for linked liabilities [Seite 1728]
41.8.2.13 - 8.2.13 Provisions for other risks [Seite 1728]
41.8.2.14 - 8.2.14 Deposits received from reinsurers [Seite 1728]
41.8.2.15 - 8.2.15 Creditors [Seite 1729]
41.8.3 - 8.3 Statement of comprehensive income under Schedule 3 [Seite 1729]
41.8.3.1 - 8.3.1 Gross written premiums [Seite 1732]
41.8.3.2 - 8.3.2 Outwards reinsurance premiums [Seite 1732]
41.8.3.3 - 8.3.3 Changes in the provision for unearned premiums, net of reinsurance [Seite 1732]
41.8.3.4 - 8.3.4 Claims incurred, net of reinsurance [Seite 1732]
41.8.3.5 - 8.3.5 Bonuses and rebates, net of reinsurance [Seite 1733]
41.8.3.6 - 8.3.6 Acquisition costs [Seite 1733]
41.8.3.7 - 8.3.7 Administrative expenses [Seite 1733]
41.8.3.8 - 8.3.8 Investment income, expenses and charges [Seite 1733]
41.8.3.9 - 8.3.9 Unrealised gains and losses on investments [Seite 1734]
41.8.3.10 - 8.3.10 Allocated investment return [Seite 1734]
41.8.3.11 - 8.3.11 Exchange gains or losses [Seite 1734]
41.8.3.12 - 8.3.12 Employee benefits [Seite 1735]
41.8.3.13 - 8.3.13 Other comprehensive income [Seite 1735]
41.8.4 - 8.4 Recognition and measurement requirements for long-term insurance business [Seite 1736]
41.8.4.1 - 8.4.1 Gross premiums written and reinsurance outwards premiums [Seite 1737]
41.8.4.2 - 8.4.2 Claims recognition [Seite 1737]
41.8.4.3 - 8.4.3 Deferred acquisition costs [Seite 1738]
41.8.4.4 - 8.4.4 Measurement of insurance liabilities and related assets [Seite 1738]
41.8.4.4.1 - 8.4.4.A Measurement of non-profit insurance liabilities [Seite 1739]
41.8.4.4.2 - 8.4.4.B Measurement of with-profits-liabilities and related assets [Seite 1741]
41.8.4.5 - 8.4.5 Value of in-force life assurance business held by parents that are not insurers [Seite 1744]
41.8.5 - 8.5 Recognition and measurement requirements for general insurance business [Seite 1745]
41.8.5.1 - 8.5.1 Written and earned premiums [Seite 1745]
41.8.5.2 - 8.5.2 Portfolio premiums and claims [Seite 1746]
41.8.5.3 - 8.5.3 Claims provisions [Seite 1747]
41.8.5.4 - 8.5.4 Discounting of claims provisions [Seite 1748]
41.8.5.5 - 8.5.5 Unexpired risks provision [Seite 1749]
41.8.5.6 - 8.5.6 Equalisation and catastrophe provisions [Seite 1750]
41.8.5.7 - 8.5.7 Deferred acquisition costs [Seite 1750]
41.8.6 - 8.6 Insurance business in run-off [Seite 1751]
41.8.7 - 8.7 Allocation of investment return between technical and non-technical accounts [Seite 1751]
41.8.7.1 - 8.7.1 The longer term rate of return for equities and properties [Seite 1752]
41.8.7.2 - 8.7.2 The longer term rate of return for fixed income securities [Seite 1753]
41.8.7.3 - 8.7.3 The longer term rate of return for derivatives [Seite 1753]
41.8.7.4 - 8.7.4 Attributing tax to the transfer to the non-technical account [Seite 1753]
41.8.8 - 8.8 Liability adequacy testing [Seite 1754]
41.8.8.1 - 8.8.1 Using a liability adequacy test under existing accounting policies [Seite 1754]
41.8.8.2 - 8.8.2 Using the liability adequacy test specified in FRS 103 [Seite 1755]
41.8.8.3 - 8.8.3 Interaction between the liability adequacy test and shadow accounting [Seite 1755]
41.8.9 - 8.9 Insurance liability derecognition [Seite 1756]
41.8.10 - 8.10 Offsetting of insurance and related reinsurance contracts [Seite 1756]
41.8.11 - 8.11 Impairment of reinsurance assets [Seite 1757]
41.8.12 - 8.12 Reporting foreign exchange transactions in the functional currency [Seite 1758]
41.8.13 - 8.13 Accounting policy matters not specifically addressed by FRS 103 [Seite 1758]
41.8.13.1 - 8.13.1 Derecognition of insurance and reinsurance assets [Seite 1758]
41.8.13.2 - 8.13.2 Impairment of insurance assets [Seite 1758]
41.8.13.3 - 8.13.3 Gains and losses on buying reinsurance [Seite 1758]
41.8.13.4 - 8.13.4 Policy loans [Seite 1759]
41.8.13.5 - 8.13.5 Investments held in a fiduciary capacity [Seite 1759]
41.9 - 9 CHANGES IN ACCOUNTING POLICIES [Seite 1759]
41.9.1 - 9.1 Continuation of existing practices [Seite 1760]
41.9.1.1 - 9.1.1 Measuring insurance liabilities on an undiscounted basis [Seite 1760]
41.9.1.2 - 9.1.2 Measuring contractual rights to future investment management fees in excess of their fair value [Seite 1760]
41.9.1.3 - 9.1.3 Introducing non-uniform accounting policies for the insurance contracts of subsidiaries [Seite 1760]
41.9.2 - 9.2 Current market interest rates [Seite 1761]
41.9.3 - 9.3 Prudence [Seite 1761]
41.9.4 - 9.4 Future investment margins [Seite 1762]
41.9.5 - 9.5 Shadow accounting [Seite 1763]
41.9.6 - 9.6 Redesignation of financial assets [Seite 1764]
41.10 - 10 INSURANCE CONTRACTS ACQUIRED IN BUSINESS COMBINATIONS AND PORTFOLIO TRANSFERS [Seite 1765]
41.10.1 - 10.1 Expanded presentation of insurance contracts [Seite 1765]
41.10.1.1 - 10.1.1 Practical issues [Seite 1766]
41.10.1.1.1 - 10.1.1.A The difference between a business combination and a portfolio transfer [Seite 1766]
41.10.1.1.2 - 10.1.1.B Fair value of an insurer's liabilities [Seite 1767]
41.10.1.1.3 - 10.1.1.C Deferred taxation [Seite 1767]
41.10.1.1.4 - 10.1.1.D Negative intangible assets [Seite 1767]
41.10.2 - 10.2 Customer lists and relationships not connected to contractual insurance rights and obligations [Seite 1767]
41.11 - 11 DISCLOSURE [Seite 1768]
41.11.1 - 11.1 Disclosure of significant accounting policies [Seite 1769]
41.11.2 - 11.2 Explanation of recognised amounts from insurance contracts [Seite 1770]
41.11.2.1 - 11.2.1 Recognised assets, liabilities, income and expense [Seite 1770]
41.11.2.1.1 - 11.2.1.A Equalisation provisions [Seite 1771]
41.11.2.1.2 - 11.2.1.B Discounting of general insurance provisions [Seite 1771]
41.11.2.2 - 11.2.2 Gains or losses on buying reinsurance [Seite 1772]
41.11.2.3 - 11.2.3 Processes used to determine significant assumptions [Seite 1772]
41.11.2.4 - 11.2.4 The effects of changes in assumptions [Seite 1773]
41.11.2.5 - 11.2.5 Reconciliations of changes in insurance assets and liabilities [Seite 1774]
41.11.3 - 11.3 Nature and extent of risks arising from insurance contracts [Seite 1774]
41.11.3.1 - 11.3.1 Objectives, policies and processes for managing insurance contract risks [Seite 1776]
41.11.3.2 - 11.3.2 Insurance risk - general matters [Seite 1777]
41.11.3.3 - 11.3.3 Insurance risk - sensitivity information [Seite 1778]
41.11.3.4 - 11.3.4 Insurance risk - concentrations of risk [Seite 1778]
41.11.3.5 - 11.3.5 Insurance risk - claims development information [Seite 1779]
41.11.3.6 - 11.3.6 Credit risk, liquidity risk and market risk disclosures [Seite 1781]
41.11.3.6.1 - 11.3.6.A Credit risk disclosures [Seite 1781]
41.11.3.6.2 - 11.3.6.B Liquidity risk disclosures [Seite 1782]
41.11.3.6.3 - 11.3.6.C Market risk disclosures [Seite 1783]
41.11.3.7 - 11.3.7 Exposures to market risk from embedded derivatives [Seite 1784]
41.11.4 - 11.4 Additional disclosures required by FRS 103 for with-profits business [Seite 1785]
41.11.5 - 11.5 Capital disclosures for entities with long-term insurance business [Seite 1786]
41.11.5.1 - 11.5.1 Capital statement [Seite 1787]
41.11.5.2 - 11.5.2 Disclosures relating to liabilities and capital [Seite 1789]
41.11.5.3 - 11.5.3 Movements in capital [Seite 1791]
41.11.6 - 11.6 Segmental disclosures required by Schedule 3 [Seite 1792]
41.11.6.1 - 11.6.1 Segmental disclosures for general business required in individual and separate financial statements [Seite 1792]
41.11.6.2 - 11.6.2 Segmental disclosures for long-term business required in individual and separate financial statements [Seite 1793]
41.11.7 - 11.7 Disclosures in respect of the allocated investment return [Seite 1794]
41.11.8 - 11.8 Disclosure of distributable profits by life insurers [Seite 1795]
41.11.9 - References [Seite 1795]
42 - Chapter 34 FRS 104 - Interim financial reporting [Seite 1797]
42.1 - 1 INTRODUCTION [Seite 1801]
42.1.1 - 1.1 Definitions [Seite 1801]
42.2 - 2 OBJECTIVE AND SCOPE OF FRS 104 [Seite 1802]
42.2.1 - 2.1 Objective [Seite 1802]
42.2.2 - 2.2 Scope [Seite 1802]
42.2.2.1 - 2.2.1 Issuers required to comply with the Disclosure and Transparency Rules (DTRs) [Seite 1802]
42.2.2.2 - 2.2.2 Unlisted entities and entities not subject to the DTRs [Seite 1803]
42.3 - 3 FORM AND CONTENT OF AN INTERIM FINANCIAL REPORT UNDER FRS 104 [Seite 1803]
42.3.1 - 3.1 Complete set of interim financial statements [Seite 1803]
42.3.2 - 3.2 Condensed interim financial statements [Seite 1804]
42.3.3 - 3.3 Requirements for complete and condensed interim financial information [Seite 1807]
42.3.4 - 3.4 Management commentary [Seite 1808]
42.4 - 4 DISCLOSURES IN CONDENSED FINANCIAL STATEMENTS [Seite 1808]
42.4.1 - 4.1 Significant events and transactions [Seite 1808]
42.4.1.1 - 4.1.1 Relevance of other standards in condensed financial statements [Seite 1809]
42.4.2 - 4.2 Other disclosures required by FRS 104 [Seite 1810]
42.4.2.1 - 4.2.1 Location of the specified disclosures in an interim financial report [Seite 1811]
42.4.3 - 4.3 Segment information [Seite 1811]
42.4.4 - 4.4 Fair value disclosures for financial instruments [Seite 1812]
42.4.5 - 4.5 Disclosure of compliance with FRS 104 [Seite 1812]
42.5 - 5 ENTITIES REPORTING UNDER FRS 101 [Seite 1813]
42.5.1 - 5.1 Disclosure of significant events and transactions [Seite 1813]
42.5.2 - 5.2 Business combinations [Seite 1813]
42.5.3 - 5.3 Financial instruments [Seite 1814]
42.6 - 6. PERIODS FOR WHICH INTERIM FINANCIAL STATEMENTS ARE REQUIRED TO BE PRESENTED [Seite 1814]
42.6.1 - 6.1 Other comparative information [Seite 1818]
42.6.2 - 6.2 Change in financial year-end [Seite 1818]
42.7 - 7 MATERIALITY [Seite 1819]
42.8 - 8 RECOGNITION AND MEASUREMENT [Seite 1820]
42.8.1 - 8.1 Same accounting policies as in annual financial statements [Seite 1820]
42.8.1.1 - 8.1.1 Measurement on a year-to-date basis [Seite 1820]
42.8.1.2 - 8.1.2 New accounting pronouncements and other changes in accounting policies [Seite 1821]
42.8.1.2.1 - 8.1.2.A Accounting policy changes becoming mandatory during the current year [Seite 1822]
42.8.1.2.2 - 8.1.2.B Voluntary changes of accounting policy [Seite 1822]
42.8.1.3 - 8.1.3 Change in going concern assumption [Seite 1823]
42.8.1.4 - 8.1.4 Voluntary changes in presentation [Seite 1824]
42.8.2 - 8.2 Seasonal businesses [Seite 1824]
42.8.2.1 - 8.2.1 Revenues received seasonally, cyclically or occasionally [Seite 1824]
42.8.2.2 - 8.2.2 Costs incurred unevenly during the year [Seite 1825]
42.9 - 9 EXAMPLES OF THE RECOGNITION AND MEASUREMENT PRINCIPLES [Seite 1826]
42.9.1 - 9.1 Property, plant and equipment and intangible assets [Seite 1826]
42.9.1.1 - 9.1.1 Depreciation and amortisation [Seite 1826]
42.9.1.2 - 9.1.2 Impairment of assets [Seite 1826]
42.9.1.3 - 9.1.3 Recognition of intangible assets [Seite 1826]
42.9.2 - 9.2 Employee benefits [Seite 1827]
42.9.2.1 - 9.2.1 Employer payroll taxes and insurance contributions [Seite 1827]
42.9.2.2 - 9.2.2 Year-end bonuses [Seite 1827]
42.9.2.3 - 9.2.3 Pensions [Seite 1828]
42.9.2.4 - 9.2.4 Vacations, holidays and other short-term paid absences [Seite 1828]
42.9.3 - 9.3 Inventories and cost of sales [Seite 1829]
42.9.3.1 - 9.3.1 Inventories [Seite 1829]
42.9.3.2 - 9.3.2 Contractual or anticipated purchase price changes [Seite 1829]
42.9.3.3 - 9.3.3 Interim period manufacturing cost variances [Seite 1829]
42.9.4 - 9.4 Taxation [Seite 1829]
42.9.4.1 - 9.4.1 Measuring interim income tax expense [Seite 1830]
42.9.4.2 - 9.4.2 Changes in the effective tax rate during the year [Seite 1832]
42.9.4.2.1 - 9.4.2.A Enacted changes for the current year that apply after the interim reporting date [Seite 1832]
42.9.4.2.2 - 9.4.2.B Changes to previously reported estimated income tax rates for the current year [Seite 1833]
42.9.4.2.3 - 9.4.2.C Enacted changes applying only to subsequent years [Seite 1833]
42.9.4.3 - 9.4.3 Difference in financial year and tax year [Seite 1834]
42.9.4.4 - 9.4.4 Tax loss and tax credit carrybacks and carryforwards [Seite 1835]
42.9.4.5 - 9.4.5 Tax credits [Seite 1837]
42.9.5 - 9.5 Foreign currency translation [Seite 1838]
42.9.5.1 - 9.5.1 Foreign currency translation gains and losses [Seite 1838]
42.9.5.2 - 9.5.2 Interim financial reporting in hyperinflationary economies [Seite 1838]
42.9.6 - 9.6 Provisions, contingencies and accruals for other costs [Seite 1838]
42.9.6.1 - 9.6.1 Provisions [Seite 1838]
42.9.6.2 - 9.6.2 Other planned but irregularly occurring costs [Seite 1839]
42.9.6.3 - 9.6.3 Major planned periodic maintenance or overhaul [Seite 1839]
42.9.6.4 - 9.6.4 Contingent lease payments [Seite 1839]
42.9.6.5 - 9.6.5 Levies charged by public authorities [Seite 1839]
42.9.7 - 9.7 Earnings per share [Seite 1840]
42.10 - 10 USE OF ESTIMATES [Seite 1840]
42.11 - 11 FIRST-TIME PRESENTATION OF INTERIM REPORTS COMPLYING WITH FRS 104 [Seite 1841]
43 - Index of standards [Seite 1845]
44 - Index [Seite 1901]

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