Standard business reporting uk
Back to top Does examiner prefer full or partial measurement of goodwill? If there has been an issue about an accounting standard and an exposure draft or a discussion paper has been issued, then that could be a topic for a question. For example, exams from September to June will examine standards in issue as at 1 September Companies will need to register to use the HMRC Corporation Tax Online Service to submit their returns online whatever service or software they choose to use. These companies may elect to integrate final accounts preparation software into their systems and processes. The precise mechanism will depend on the application concerned. XBRL is different. If partial workings in the consolidated financial statements aren't referenced back to the financial statements, would they be marked?
A special taxonomy, the Global Ledger or GL Taxonomy, is intended to enable the efficient handling of financial and business information, at a transactional level, contained within an organisation. It outlines the principles, as well as the risks and issues involved at a business level.
It is therefore examinable, but unless the question specifically mentions that the entity has made this election, candidates should assume the default position.
Uk gaap taxonomy
For example, director salary only has meaning when combined with the name of the specific director concerned. No generic processing of the data was possible. Most tags in the taxonomies represent specific monetary line items. However, there will be times when it is not obvious what the most appropriate match is, or that it becomes clear that no match can be found. Whilst there will be material included in the Approved Content Provider texts relating to these current issues, candidates are encouraged to read widely around these issues. Clearly, different countries use different accounting standards. Software providers are expected to update their software where necessary to handle the new taxonomies. Candidates are given enough information for this not to matter. Back to top Are marks given for workings not included in the final answer? In accordance with IFRS9 Financial instruments, an entity may elect to recognise subsequent re-measurement of investments in equity instruments within other comprehensive income. The different time periods are distinguished by setting the date attributes in the tag. Can local knowledge be used in an interpretation question?
Software may allow templates to be created which will enable tagging to be reused for subsequent reports, so that conversion, once done for an initial report, becomes straightforward in the future.
The description of tags in taxonomies is purely to identify the tag clearly; they are not intended to determine how a company describes that item.
They may see some changes in the way the user interface of such software works, but the creation of the XBRL tags will be hidden. A number of conversion products are available. Back to top What should be the starting point for a cash flow question? In addition HMRC and Companies House will achieve major improvements in the speed and efficiency with which they handle business data.
For example, some existing software requires a tag to be dragged from a taxonomy list onto the appropriate line item in an Excel file.
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