5423333 323 .

Statement under UK GAAP

Company Financial

.
1 What is UK GAAP ?

UK GAAP : UK
Generally Accepted Accounting Practice
.

UK GAAP is a combination
of Company law (Companies Act 2006
standards
UK
Accounting
The
effects of stock exchange listing requirement
international standards
The
effects of financial reporting
2
. Published account ( =
Financial Statement in IFRS) :

UK companies required by law to publish financial

are statement
annually in a
particular form
I published account statutory account) =

prepared
approvedbythesignature ofIdirecto audit
Once the statement will a
be
,

then &
report.
When it is
completed ,
the accounts will be sent to shareholders &
Registrar of Company for filing.
the no (a)
=> True and
fair view
(just an idea ,
ko col definition cn

When prepared account under UK GAAP :

I
A
profit & loss account ( = SOPL

A balance sheet as at the date to which the P& L account is made up 1 = SOFP (

A directors' report & a directors' remuneration report

( vetien each ve muc cua director
lg ,
ly
An auditors'
report addressed to the members (not to the directors)
of
the
company
*
strategic report inform to members
of
the
company
& help them assess how the directors have
performed
their
duty Latinh hig lam va trong tylai
Listed
companies produce a SOPL & SOFP
following IFRS
.

Non-listed companies can choose between UK GAAP & IFRS ·

and
3 .
UK GAAP
terminology format :

(IFRS]
UK format - Balance sheet :
 UK format - P & L account :

* Turnover = Net
of
trade discount ,
refunds and VAT

(as Revenue in LASs]

 5423333 3% .

Sole trader financial statements

under LIK GAAP
Sole trader statement
financial :

Sole trader and format under GAAP

FS are similar in
terminology to
companies UK

P& L
Differences Tax : no tax
expense in
P& L need under set
Format
of
: no to
agregate expense headings
(bo cost allocation)

Sole traders show capital follows

as
Opening Capital
Capital introduced

Net profit/loss
Drawings
Closing Capital