Download our Reporting impact assessment flyer

www.pwc.co.uk/impact
Contacts
Replacing UK GAAP
Reporting impact
assessments for FRS 101,
FRS 102 and IFRS
London
Jon Rowden
jon.c. [email protected]
Tony Laughton
[email protected]
Stephney Dallmann
[email protected]
Henry Lester
[email protected]
James Pearson
[email protected]
Karl Janse van Rensburg
[email protected]
Olive Browne
[email protected]
Yasmin Gitay
[email protected]
South East
Midlands
John Howarth
[email protected]
Sarah O’Donnell
[email protected]
Wales & West
North
James Radway
[email protected]
Simon White
[email protected]
Scotland
Northern Ireland
Sharron Moran
[email protected]
Kieron Mudge
[email protected]
Melanie Daisley
[email protected]
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specific professional advice. No representation or warranty (express or implied) is given as to the accuracy
or completeness of the information contained in this publication, and, to the extent permitted by law,
PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability,
responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance
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© 2014 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to the UK member
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www.pwc.com/structure for further details.
141210-115035-YG-OS
Showing you where a
change of reporting
standard may impact
your UK GAAP
financial statements.
December 2014
Replacing UK GAAP
The solution
The FRC has issued FRSs 100, 101 and 102, which set out the choice of accounting
framework applicable in the UK and Republic of Ireland to replace existing UK GAAP. Our
FRS 101, FRS 102 and IFRS reporting impact assessments are a practical response to help
you understand the potential effects of new accounting rules on your financial statements.
4
You ask for your most recent
UK GAAP financial statements
to be used as the basis for a
Reporting Impact Assessment
Stat
ts
Accoun
Our expert knowledge of accounting
standards used in the UK, including IFRS,
FRS 101 and FRS 102, helps you to consider
how one of the new standards would have
affected your financial statements.
The challenge
1
You apply UK
GAAP for at least
some of your
entity accounts
Accounts
prep
5
We produce your Reporting
Impact Assessment
know-how
We offer this service
for FRS 101, FRS 102
or IFRS
Reporting Impact
Assessment
AAA Limited
PROFIT AND LOSS ACCOUNT
The Reporting Impact
Assessment shows your
financial statements on
the left and comments,
where applicable,
on the right.
For the year ended 31 December
Note
Impact
Assessment
CY
PY
£
1
Turnover
1
Cost of sales
Gross profit
Distribution costs
Administrative expenses
Operating profit
2
Interest receivable and similar income
Interest payable and similar charges
2
4
Profit on ordinary activities before taxation
£
16,613,551
19,195,013
(13,819,379)
(16,524,490)
2,794,172
2,670,523
(221,780)
(260,471)
(862,719)
(1,057,994)
1,709,673
1,352,058
372
1,876
(81,149)
(117,176)
1,628,896
1,236,758
Tax on profit on ordinary activities
5
(212,422)
(337,173)
Profit for the financial year
15
1,416,474
899,585
3
1
2
3
All results above derive from continuing operations.
There were no recognised gains or losses other than the profits for the financial years disclosed above, and
therefore no separate statement of total recognised gains and losses has been presented.
There is no material difference between the profit on ordinary activities before taxation and the profit for the
financial years stated above and their historical cost equivalents.
2
Full IFRS
FRS 101
By 2015 you must move away
from UK GAAP.
There are four choices…
6
FRS 102
Your engagement team does
the final quality review…
FRSSE
3
FRS 101
t
ac
Imp
ing
ort ent
Rep sessm
As
FRS 102
You want to find out how
transitioning from UK GAAP
would affect your financial
statements, but would prefer
not to begin by trawling
through hundreds of pages
of your new framework
7
…then delivers the work
and discusses it with you
You use the reporting
impact assessment...
…to focus adoption efforts
Reporting Impact
Assessment
AAA Limited
PROFIT AND LOSS ACCOUNT
For the year ended 31 December
Note
Turnover
1
Operating profit
Interest receivable and similar income
Interest payable and similar charges
2
2
Tax on profit on ordinary activities
3
2,670,523
(221,780)
(260,471)
(862,719)
(1,057,994)
1,709,673
1
£
19,195,013
(16,524,490)
…future
plans…
2
1,352,058
372
1,876
(81,149)
(117,176)
1,628,896
1,236,758
5
(212,422)
(337,173)
15
1,416,474
899,585
4
Profit on ordinary activities before taxation
Profit for the financial year
PY
16,613,551
(13,819,379)
2,794,172
Gross profit
Distribution costs
Administrative expenses
…and to plan how you
will transition away
from UK GAAP.
CY
£
1
Cost of sales
3
All results above derive from continuing operations.
There were no recognised gains or losses other than the profits for the financial years disclosed above, and
therefore no separate statement of total recognised gains and losses has been presented.
There is no material difference between the profit on ordinary activities before taxatio
n and the profit for the
financial years stated above and their historical cost equivalents.
Full IFRS
If you would like further information, please speak with your usual engagement team,
or alternatively contact one of our team. Our details are on the next page.