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Blog

The Accountants for Growth

Investment Properties

Investment Properties
FRS 102 requires investment properties to be valued at fair value with any increase or decrease in fair value shown in the profit or loss account. This policy applied also to properties rented out to other group companies. This forced small groups to incur costs of obtaining a fair value with very little benefit. 
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Director Loans - Accounting Relief

Director Loans - Accounting Relief
Loans from directors to their company are a significant source of finance for many owner-managed small companies. Often, these loans are interest-free. 
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Preparing company accounts under FRS 105 can damage your wealth!

Preparing company accounts under FRS 105 can damage your wealth!
Financial reporting standard 105 (FRS 105) was devised for micro entities to enable them to simplify their accounts. Companies were able to prepare accounts under FRS 105 for year ends starting after 1 January 2016.
 
Some accountants have tried to encourage clients from adopting FRS 105 and have recommended that clients adopt FRS 102 1A. Why is this?
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Preparing accounts on a cash or accrual basis – which will you choose?

Preparing accounts on a cash or accrual basis – which will you choose?
From 6 April 2017, unincorporated businesses with sales of less than £150,000 can choose to prepare their accounts on a cash basis. In this way, they will only pay tax on income they have actually received and will only be able to claim on payments they have made.
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Simplified Related-Party Disclosures under FRS102:1A

Simplified Related-Party Disclosures under FRS102:1A
The jury is out as to whether the introduction of FRS 102 improves the reported information in financial statements or not. Many commentators believe that the reduction in the disclosed information required under FRS 102 reduces the benefit of financial statements and the information they provide to the reader.
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Small Company Filing Options

Small Company Filing Options
Recent changes in company law have removed the option for small companies to file abbreviated accounts. Furthermore the accounts presentation and disclosure requirements have changed also and these have been embodied in FRS 102 Section 1A.
Small and medium size companies have got used to filing abbreviated accounts for a number of years however these have been abolished for accounting periods commencing on or after 1 January 2016.
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