Accounting Principles for Lawyers
Many lawyers, especially those dealing with commercial matters, need to understand accounting yet feel on shaky ground in the area. This book is written specifically for them. It breaks down and makes clear basic concepts (such as the difference between profit and cash flow), the accounting profession and the legal and regulatory framework within which accounting operates. The relevant provisions of the Companies Act 1985 are discussed at some length. Holgate explains generally accepted accounting principles in the UK (GAAP), the trend towards global harmonisation and the role of international accounting standards. He then deals with specific areas such as group accounts, acquisitions, tax, leases, pensions, financial instruments, and realised profits, focusing in each case on those aspects that are likely to confront lawyers in their work. This book will appeal to the general practitioner as well as to lawyers working in corporate, commercial, and tax law.
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2UKGAAP and international harmonisation
The legal framework for accounting
Substance over form
Communicating accounting information
Mergers and acquisitions
Interaction of accounting with tax
Financial instruments including capital instruments
Realised and distributable proﬁts
Disclosures in published accounts
Use of ﬁnancial information in contracts and agreements
accounting policies accounting treatment acquired acquisition accounting amortisation amount apply arise assets and liabilities audit Auditing Practices Board auditors balance sheet beneﬁts carrying value classiﬁed Companies Act 1985 company law company’s consolidated accounts cost deferred tax deﬁned deﬁnition depreciation directors disclosures dividend entity accounts entity’s equity instruments example fair value fair view ﬁgures ﬁnance lease ﬁnancial assets ﬁnancial instruments ﬁnancial liabilities ﬁnancial statements ﬁrst ﬁxed assets gains and losses goodwill group accounts Hence IASB identiﬁed inﬂuence intangibles interest International Accounting Standards investment issued lessee lessor listed companies loss account merger accounting move to IFRS operating lease operating proﬁt parent party payments pension practice proﬁt and loss provisions realised proﬁts reﬂect relating reserves revaluation Schedule 4A share capital share premium account shareholders shown in Box signiﬁcant speciﬁc SSAP 21 STRGL subsidiary undertakings transactions true and fair UITF Abstract UK GAAP