By Robert Kirk
The speed of improvement in monetary reporting has speeded up sharply over the past few years and exhibits no signal of abating because the united kingdom prepares to conform with overseas Accounting criteria. this article supplies accounting pros an realizing of united kingdom accounting criteria and reveal how they're utilized in perform. it's the excellent spouse should you have to maintain abreast of alterations to accounting criteria or who have to see how the criteria are utilized in perform. Accounting criteria contains: * Summaries outlining the foundations in the back of united kingdom accounting criteria * Examples and extracts from famous fresh corporation money owed * sustain to this point with adjustments to united kingdom accounting criteria * contains functional examples to demonstrate how accounting criteria paintings in perform
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Additional resources for UK Accounting Standards: A Quick Reference Guide
3) Treating interest as an expense leads to comparable information from period to period and provides a better indication of the future cash flows of an enterprise. Interest fluctuates with the amount of capital borrowed and with interest rates, not with asset acquisition. In Ballyclare’s specific circumstances, examination of FRS 15 reveals a number of specific conditions which should be applied: (1) Where an entity’s accounting policy is to capitalise borrowing costs, only those which are directly atttributable to the construction of a tangible fixed asset should be capitalised.
Depreciation Tangible fixed assets must be depreciated on a systematic basis over their economic useful lives. Depreciation is treated as an expense in the profit and loss account. Where a tangible fixed asset comprises two or more major components with substantially different useful economic lives, each component should be treated as a separate asset. The allocation depends on three factors: (i) the cost (purchase or acquisition) or valuation of the fixed asset; (ii) the expected economic useful life of the asset; (iii) the estimated residual value of the asset at the end of its useful life.
Example – Jupiter Ltd (Tangible fixed asset note) You are the financial accountant of Jupiter Ltd, a company in the electronics industry, whose accounting reference date is 31 October, and you have been provided with the following information in respect of its fixed assets: On 1 November 2002 Accumulated depreciation £’000 £’000 60 nil Cost Land Freehold buildings Factory Salesroom Plant and machinery Computer equipment Furniture and fittings Motor vehicles Total depreciable life (years) – 150 180 475 30 30 365 50 45 10 295 100 50 85 40 35 4 5 4 None of these assets will be fully depreciated by 31 October 2003.
UK Accounting Standards: A Quick Reference Guide by Robert Kirk