UK GAAP ACA Masters version Flashcards
Presentation
IFRS:
- P&L
- OCI
- SFP
- SOCE
UK GAAP:
- statement of income and retained earnings option too
Terminology
IFRS:
- Statement of financial position
- Receivables/payables
- Non-current assets
UK GAAP:
- Balance sheet
- Debtors/creditors
- Fixed assets
Borrowing costs
IFRS:
- must capitalise when conditions are met
UK GAAP:
- can choose whether to capitalise
Intangibles
IFRS:
- must capitalise development when conditions met
UK GAAP:
- can choose whether to capitalise development
Discontinued operations/AHfS
IFRS:
- single line in P&L
- AHfS presented separately
- AHfS not depreciated
UK GAAP:
- separate column in P&L
- AHfS not in separate category
- AHfS depreciated
Inventory
IFRS:
- NRV: open market selling price
UK GAAP:
- selling price estimated by company
Revenue
IFRS:
- IFRS 15 5 step model based on control
UK GAAP:
- recognised based on risks and rewards
Grant for asset
IFRS:
- deduct from PPE or deferred income
UK GAAP:
- no option to deduct from PPE
- performance model: when conditions met
- accrual model: same as IFRS deferred income
Leases
IFRS:
- all leases accounted for in same way - ROU asset and lease liability
UK GAAP:
- finance lease: like IFRS (asset and liability)
- operating lease: no ROU asset/liability, rent in P&L
Groups - goodwill
IFRS:
- no amortisation, annual impairment test
UK GAAP:
- amortisation (10 year max UEL)
Groups - negative goodwill
IFRS:
- gain on bargain purchase in P&L
UK GAAP:
- negative asset on SFP
Groups - acquisition costs
IFRS:
- expensed
UK GAAP:
- capitalised
Groups - NCI
IFRS:
- FV or % of NA method
UK GAAP:
- % of NA method
Groups - associate/joint venture
IFRS:
- no goodwill
UK GAAP:
- goodwill recognised
