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SBR > UK GAAP to IFRS > Flashcards

UK GAAP to IFRS Flashcards

1
Q

FRS 101 ?

A

Reduced disclosure framework for a qualifying entity

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2
Q

FRS 101 - benefit ?

A

helps that a small entity that is part of a group avoid making extensive disclosures

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3
Q

FRS 102 ?

A

Financial reporting standand for a single simplied reporting standard and incorporates companies act 2006, suitable for SME business

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4
Q

FRS 102 - benefit?

A

Removes complex areas such as segment reporting and earning per share

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5
Q

Qualitative characteristics in FRS 102

A

Reliability - substance over from - prudence - completeness

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6
Q

Asset definition under UK GAAP?

A

A resource controlled by the tntity as a result of past events and from which future economic benefits are expected to flow to the entity

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7
Q

Liability definition under UK GAAP?

A

A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits

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8
Q

FRS measurement?

A

Historical cost and fair value

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9
Q

When is an item recognised in FRS?

A

When it is probable that future economic benefit to flow from the entity

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10
Q

Under FRS what must the financial statements show?

A

a true and fair view

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11
Q

In UK GAAP who sets out the way in which accounts should be presented?

A

Companies house

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12
Q

Discontinued operation difference?

A

UK GAAP requires on a line by line - IFRS allows one line

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13
Q

Accounting policies difference?

A

UK GAAP - must change to cost model when fair value cannot be measured reliably - IFRS there is no comment on this

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14
Q

Financial instruments - investments in shares?

A

UK GAAP measured at fair value if can be measured reliable through the profit and loss - IFRS through the profit and loss at fair value

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15
Q

Financial instruments - debt instruments?

A

UK GAAP - measured at amortised cost - IFRS amortised cost

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16
Q

Financial instruments - other?

A

UK GAAP - through the profit and loss at fair value if can be measured reliably - IFRS fair value through OCI

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17
Q

Impairment differences?

A

UK GAAP only recognised when there is evidence of impairment - IFRS only applies a loss allowance based on the level of credit risk

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18
Q

Derecognition of financial instruments differences?

A

UK GAAP uses simplified module for derecognition of assets

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19
Q

Inventory differences?

A

UK GAAP provides additional information on what should be included in production overheads - IFRS at the lower of cost or NRV

20
Q

Joint ventures differences?

A

UK GAAP - three types, controlled operations, controlled assets controlled entities - IFRS only has two which are joint operations and joint ventures

21
Q

Joint controlled entities difference?

A

UK GAAP this has to be consolidated

22
Q

Investment property difference?

A

Must be measured at fair value - IFRS either at cost of Fair value

23
Q

Non current assets differences?

A

UK GAAP there is no held for sale and assets are depreciated up until sold -IFRS requires held for sale to be moved to current assets

24
Q

Useful life of assets review?

A

UK GAAP requires this to review only if evidence that they have changed - IFRS requires that this be reviewed annually

25
Q

Borrowing costs differences?

A

UK GAAP option to capitalise - IFRS must capitalise if qualifying asset

26
Q

Development costs differences?

A

UK GAAP development costs are allowed if conditions met - IFRS must capitalise on development costs

27
Q

Intangible assets life?

A

UK GAAP must have finite useful economic life - IFRS can be treated as a finite useful life if the entity cannot foresee an end to the period of the intangibles life

28
Q

Leases differences?

A

UK GAAP - finance lease or operating lease - IFRS lease liability and right of use asset

29
Q

Provisions differences?

A

UK GAAP financial guarantee contracts are treated as provisions/contingent liabilities - IFRS treated as financial instruments

30
Q

revenue differences?

A

UK GAAP - recognised at the stage of completion and when the risk and rewards are transferred - IFRS five step module of recognition

31
Q

Government grants differences?

A

UK GAAP either performance or accrual model - when costs are incurred or over assets useful life - IFRS accruals model for grants

32
Q

share based payment differences

A

UK GAAP requires fair value measurement of equity instruments - IFRS no comment on this matter

33
Q

Employee differences?

A

UK GAAP termination is only recorded when there is a commitment - IFRS are recognised during restructuring or when the entity can withdraw offer

34
Q

Income tax differences?

A

UK GAAP timing differences which is the difference between the taxable profits and accounting profits - IFRS based upon the tempoaray differences

35
Q

Forex translation differences?

A

UK GAAP does not require separate reserve for FX on subsidiary - IFRS requires in a separate section in the equity

36
Q

Events after the reporting date differences

A

UK GAAP dividends declare after can be presented under retained earnings

37
Q

Related party differences?

A

UK GAAP only requires the amount to be shown as a total - IFRS Show a breakdown of the key management

38
Q

Agriculture differences?

A

UK GAAP Allows the choice between cost module or fair value - IFRS at fair value

39
Q

Group accounts differences?

A

UK GAAP - control is determined if they own more than 50% of the voting rights - IFRS controls investee if it has the rights to variable returns

40
Q

Group consideration differences?

A

UK GAAP contingent consideration only included in goodwill calculation if probable that it will be incurred - IFRS if probability that payment will be made this is included as part of the goodwill

41
Q

Additional shares purchases

A

UK GAAP not required to be remeasured - IFRS remeasured to fair value

42
Q

Group goodwill differences?

A

UK GAAP if cannot be measured reliably it should be over 10 years - IFRS must be tested annually for impairment

43
Q

negative goodwill differences?

A

UK GAAP entered as a negative asset - IFRS entered as bargin purchase

44
Q

Group NIC differences?

A

UK GAAP measured using proportion method only - IFRS FV or proportion method

45
Q

Associate differences?

A

UK GAAP any differences of amount paid and the share of the FV of net assets is classed as goodwill - IFRS no goodwill for associates

46
Q
A

SBR (7 decks)

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