Summary Section 33 deals with disclosures required for all related party transactions and includes the definition of related parties. What is new? Section 33.10 requires related party transactions to be disclosed separately for each of the below categories whereas old GAAP allowed these to be aggregated: entities with control, joint control or significant influence; Entities […]

Summary Section 32 deals with the treatment of events after the balance sheet date and whether they are considered an adjusting or non-adjusting post balance sheet event. What is new or different? Section 32 is the very same as old GAAP so there is nothing new or different. What are the key points? Events after […]

Summary Section 31 applies to an entity whose functional currency is the currency of a hyper-inflation economy. It details with the adjustments required to exclude the effects of hyper-inflation. What is new? Old GAAP reporters (non FRS 26 reporters hence using UITF 9) refers to similar criteria to Section 31 for determining when an economy is […]

Summary Section 30 applies to foreign currency transactions and foreign operations in the financial statements of an entity. It also prescribes the translation of financial statements into a presentation currency. What is new? Section 30 does not allow for the use of a contracted rate or forward contract rate when translating monetary assets at the reporting […]

Summary Section 29 deals with the recognition, measurement and disclosure of current and deferred tax, VAT and withholding tax on dividends. What is new? Deferred tax is recognised on a timing difference plus approach and more deferred tax is recognised under FRS 102 than was recognised under old GAAP (FRS 19). Deferred tax is required […]