Download Accounting Principles for Lawyers (Law Practitioner Series) by Peter Holgate PDF

By Peter Holgate

Many legal professionals, particularly these facing advertisement issues, have to comprehend accounting but believe on shaky flooring within the region. This e-book is written particularly for them. It breaks down and makes transparent simple suggestions (such because the distinction among revenue and funds flow), the accounting career and the criminal and regulatory framework in which accounting operates. The correct provisions of the firms Act 1985 are mentioned at a few size. Holgate explains usually approved accounting ideas within the united kingdom (GAAP), the craze in the direction of worldwide harmonisation and the position of foreign accounting criteria. He then offers with particular parts akin to staff bills, acquisitions, tax, rentals, pensions, monetary tools, and realised gains, focusing in every one case on these points which are prone to confront legal professionals of their paintings. This publication will entice the final practitioner in addition to to legal professionals operating in company, advertisement, and tax legislation.

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Example text

This reconciliation will show the nature and extent of adjustments that have been made, in converting from one GAAP to the other, to (a) the 2004 profit number and (b) the net assets as at the beginning and end of 2004. The position is in fact a little more complex than just indicated, as UK listed companies are required by the Listing Rules to publish an interim report. Hence, the first time that IFRS information needs to be published is in the June 2005 interim results. This includes reconciliations along the lines described above.

5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Turnover Cost of sales . . Gross profit or loss Distribution costs . . Administrative expenses . . Other operating income Income from shares in group undertakings Income from participating interests Income from other fixed asset investments . . Other interest receivable and similar income . . Amounts written off investments Interest payable and similar charges . . 4 Format 2 is the same as format 1 from ‘income from shares in group undertakings’ downwards.

Subsections (4), (5) and (6) provide that a move to IFRS is a one-way move, but there are exceptions. Third, section 226A deals with the detail for those companies that are staying with UK GAAP. While it cross refers to Schedule 4, where further detailed requirements are added, it refers in section 226A(1) to the two primary financial 25 The legal framework for accounting statements – the balance sheet and the profit and loss account. That is, the law does not require a cash flow statement or a statement of total recognised gains and losses.

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