FRS 102 amendments
What accounting periods do the FRS 102 lease amendments apply to?
Accounting periods beginning on or after 1 January 2026
What is the current UK corporation tax rate for profits over £250,000
25%
Where can you look to find the registered address, registraion number and directors of a company?
Companies House
What size companies require a cashflow?
Large
What 2 things must leasees now recognise in the balance sheet for operating leases ?
Right of use asset
Lease liability
If the tax comp shows there has been a deferred tax charge of £100,000 in the year, £60,000 relating to CY and £40,000 relating to PY. What journal do I need to post to recognise this in the accounts?
Cr DT movement (BS) £100,000
Dr DT P&L CY £60,000
Dr DT P&L PY £40,000
What note number do judgments and key sources of estimation uncertainty come under?
3
Which section of the cashflow do purchases of tangible fixed assets appear in?
Investing activities
What is the lease liability initially measured as?
Present value of future payments
What is currently the standard VAT rate in the UK?
20%
What is the difference between the directors included in the company information at the front of the accounts and those included in the Directors report?
The company information shows directors at year end while the directors report shows directors that have been active at any time in the year
Negative
What journal needs to be posted to the ROU asset each year?
Cr ROU asset
Dr Depreciation
What does deferred tax represent?
A timing difference - tax expected to be paid in the future due to temporary differences between accounting and taxable income
What is the threshold of directors salaries overwhich remuneration of the highest paid director has to be disclosed?
£200,000
Where should bank overdrafts appear on the cashflow?
At the very end in a separate line under cash and cash equivalents