Events After the Reporting Period
How UK companies account for events after the reporting period under FRS 102 Section 32, the distinction between adjusting and non-adjusting …
Principles
Explanations of key principles for accurate accounting processes.
Fair Value in Accounting
How fair value measurement works in UK accounting, including when it applies, how it differs from historical cost, and its treatment under …
FRS 102 Explained
A detailed guide to FRS 102, the main financial reporting standard for UK and Republic of Ireland entities, covering its structure, …
FRS 105 for Micro-Entities
A guide to FRS 105, the simplified financial reporting standard for UK micro-entities, covering eligibility thresholds, reduced disclosure …
IFRS vs UK GAAP
A practical comparison of IFRS and UK GAAP (FRS 102), covering the major differences in recognition, measurement and disclosure that affect …
Income Statement
Structure, key items and the purpose of the income statement in UK accounting.
Lease Accounting Under FRS 102
For accounting periods beginning on or after 1 January 2026, FRS 102 lessees bring most leases onto the balance sheet as a right-of-use …
Related Party Transactions
What related party transactions are, who counts as a related party under FRS 102 Section 33, the disclosure requirements for UK companies, …
The Accounting Equation
How the fundamental accounting equation Assets = Liabilities + Equity works, why it must always balance, and how every business transaction …
The Consistency Concept in Accounting
How the consistency concept works in UK accounting, requiring businesses to apply the same accounting policies and methods across reporting …
The Prudence Concept in Accounting
How the prudence concept works in UK accounting, requiring businesses to exercise caution and avoid overstating assets or income when making …
The Substance Over Form Principle
How the substance over form principle works in UK accounting, requiring transactions to be reported based on their economic reality rather …
What Are Accounting Policies?
How UK companies choose, apply and disclose accounting policies under FRS 102, including the key policies most businesses need to address …
What Are Consolidated Accounts?
A guide to consolidated accounts in the UK, covering when consolidation is required, the process, elimination adjustments, and reporting …
What Are Financial Ratios?
The most important financial ratios for UK businesses, how to calculate them from the financial statements and what each ratio tells you.
What Are Micro-Entity Accounts?
A guide to micro-entity accounts in the UK, covering eligibility criteria, the FRS 105 framework, filing requirements, and the advantages …
What Are UK Accounting Standards?
An overview of UK accounting standards including FRS 102, FRS 105 and IFRS, the role of the Financial Reporting Council, and which standards …
What Are Year-End Accounts?
A guide to year-end accounts in UK accounting, covering the preparation process, Companies House and HMRC deadlines, required components, …
What is a Cash Flow Statement?
How the cash flow statement works, its three sections, the direct and indirect methods, and what UK businesses must report under FRS 102.
What is a Chart of Accounts?
A guide to the chart of accounts in UK accounting, covering its structure, account numbering, categories, and how to design one that …
What is a Trial Balance?
How the trial balance works, what it tells you about the accuracy of your books, and its role in preparing UK financial statements.
What is Accounting?
A comprehensive introduction to accounting: fundamental principles, processes, reports, and UK regulatory requirements.
What is Accrual Accounting?
How accrual accounting works, why UK companies are required to use it, and how it differs from cash basis accounting.
What is Amortisation?
How amortisation works for intangible assets in UK accounting, the methods used, FRS 102 requirements and practical examples.
What is an Audit?
How audits work in the UK, who needs one, the four phases of the audit process and what the auditor’s report means.
What is Balance in Accounting?
Balance sheet explained: structure, key figures and analysis.
What is Bank Reconciliation?
A guide to bank reconciliation in UK accounting, covering the process, common reconciling items, worked examples, and why regular …
What is Business Budgeting?
A guide to business budgeting in UK accounting, covering the budget process, types of budgets, variance analysis, and how budgets support …
What is Cash Basis Accounting?
How cash basis accounting works, who qualifies to use it in the UK, and its advantages and limitations compared to accrual accounting.
What is Depreciation?
How depreciation works in UK accounting, the main calculation methods, FRS 102 requirements and the relationship between depreciation and …
What is Double-Entry Bookkeeping?
How double-entry bookkeeping works, its rules for debits and credits, and why every UK business relies on this system for accurate financial …
What is Financial Accounting?
A guide to financial accounting in the UK, covering statutory reporting obligations, the role of FRS 102 and the Companies Act, and how it …
What is Impairment of Assets?
How impairment works under FRS 102 Section 27, including when to test, how to calculate the recoverable amount, recording impairment losses …
What is Management Accounting?
A guide to management accounting in the UK, covering its purpose, key techniques, how it differs from financial accounting, and its role in …
What is Materiality in Accounting?
How materiality works in UK accounting and auditing, how thresholds are determined, and why it matters for financial reporting decisions.
What is Revenue Recognition?
When and how UK businesses should recognise revenue in their accounts, the rules under FRS 102 and IFRS 15, and common scenarios with …
What is the Going Concern Principle?
How the going concern principle works, what UK directors must consider when assessing it, and the consequences when a business can no longer …
What is the Matching Principle?
How the matching principle works in UK accounting, its relationship to accrual accounting and practical examples of matching expenses to …
What is Working Capital?
How working capital works, why it matters for UK businesses, the working capital cycle and practical strategies for improving cash flow.
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