The traditional method of measuring fixed assets where they are valued at their historical cost less accumulated depreciation, with an alternative being the revaluation model.
A detailed overview of FRS 102, an accounting standard issued by the Financial Reporting Council in 2013 to supersede previous UK GAAP, bringing it in line with international standards.
A memorandum item in the annual accounts and report of a company giving an abbreviated restatement of the profit and loss account showing the reported profit or loss as if no revaluations had been made.
The method of presenting an asset in the balance sheet where the asset linked to financing is shown gross, with the financing deducted within a single asset caption.
New UK Generally Accepted Accounting Practice (UK GAAP) refers to the financial reporting standards that replace previous UK GAAP standards and align more closely with International Financial Reporting Standards (IFRS) while considering the specifics of UK companies.
A reverse premium, also known as a lease incentive, is a cash payment made by the lessor to the lessee to encourage the latter to enter into a lease agreement.
A financial statement that combines the income statement and the statement of retained earnings, detailing a company's profit, dividends, and equity changes during a period, as outlined by the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102, Section 6).
UK GAAP refers to the practices followed by British accountants in preparing company accounts, governed by accounting standards, theoretical accounting concepts, and legal requirements. These are increasingly critical in determining taxable profits.
UK GAAP, or Generally Accepted Accounting Practice, refers to the framework of accounting standards and principles that accountants in the United Kingdom must follow to ensure financial statements are consistent and comparable.
