The main section of this paper is split into 2 parts: The paper concentrates on the Corporation Tax position. The accounting policies adopted (including changes therein and correction of prior period errors); An explanation of any use of the true and fair override; A fixed assets note, including a reconciliation and revaluation table and details of any impairments to such assets; Disclosure of amounts due or payable after more than 5 years and debts covered by valuable security; Disclosure of financial commitments, guarantees or contingencies not included in the balance sheet; The nature and business purpose of arrangements not included in the balance sheet; The amount and nature of individual income or expense items that are exceptional in size or incidence; The average number of employees during the financial year; The name and registered office of the undertaking drawing up the consolidated financial statements of the smallest body of undertakings of which the undertaking forms part (only applicable where the small entity is a subsidiary and is included in consolidated accounts); Details of certain related party transactions; The amount of advances and credits granted to directors and guarantees of any kind entered into by the small entity on behalf of its directors; The nature and effect of post balance sheet events. For companies transitioning to FRS 102 for periods beginning before 1 January 2017 there is an ability to claim; No requirement to prepare a cash flow statement. Accounting carrying value is defined to mean the carrying value of the asset or liability as shown in the balance sheet of the company subject to adjustments for specific tax provisions which have the effect of changing the carrying value for tax purposes (for example, s349 CTA 2009 for connect party debt). Loans that are basic are generally to be accounted for at amortised costs; in contrast loans that have terms or conditions that do not meet the standards rules for basic are required to be at fair value. a holding company of a small group even where the group meets the thresholds where any of the entities in the group come within points 1, 2 and 3 above (this only effects the holding company and not the other companies within the group (other than a company that comes within the remit of points 1-3 above)). Update History. FRS 5 application note G requires that, on recognition, revenue is measured at the fair value of the consideration received or receivable. This is a complex area and affected companies will need to consider the accounting and tax treatment carefully. Furthermore, under FRS 102 a company effectively has 3 options for the accounting of financial instruments: (i) Sections 11/12 of FRS 102; (ii) IAS 39; or (iii) IFRS 9. Chapter 4 of Part 2 CTA 2010 provides detailed rules as to how the companys profits are to be calculated for tax. They will also have the option of presenting an abridged balance sheet and profit and loss account. Under both approaches, its necessary to consider the interaction with the requirements of company law as regards the amount of share premium to be recorded and the requirements as regards realised profits[footnote 5]. For tax purposes Sections 871-879 of Part 8 CTA 2009 provide a comprehensive set of rules for changes in accounting for intangibles and especially for cases where what is included entirely as goodwill under Old UK GAAP is disaggregated into different types of intangible property with different amortisation rates or impairment factors under FRS 102. if abridged accounts are prepared), unless they are not material, the individual amounts of any items which have been combined must be disclosed in a note to the financial statements.

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