David Smith

David Smith

David Lectures on Mercia’s CPD and PTW audit and accounting courses, conferences and webinars. He is also editor of the Mercia Audit and Assurance Manuals, chair of Mercia’s Audit Manual committee and responsible for the Mercia Academies Specialist Assignment Manual.

  • Posts: 25
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  • study-group

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    ESFA introduce related party transaction monitoring and pre-approval for academies from 1 April 2019

    June 2018 has seen the ESFA publish both its Accounts Direction for the August 2018 reporting period and its Academies Financial Handbook, effective 1 September 2018. Both documents contain a number of clarifications and updated requirements, though updated rules around academy trust related party transactions will likely get a fair degree of attention in the […]

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  • Mercia Blog Audit FRS 105

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    Q&A – Section 1A and FRS 105 disclosure

    As businesses start to prepare their first sets of accounts under the new UK GAAP for small and micro-entities we summarise our views on some of the common disclosure questions that arise.  We will keep this post updated as we receive further enquires through our technical support service.

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  • Mercia Blog Audit Issues Loan Covenants

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    Do you still need an audit? 2016 and beyond…

    Changes to company and LLP law effective for periods commencing on or after 1 January 2016 allow many more businesses to claim exemption from audit. Here’s a quick reminder of the headline changes. Overview Small companies’ (and LLPs’) audit exemption criteria are principally driven by size thresholds and other qualifying criteria defined in law. For […]

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  • Couple Calculating Home Finances

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    Who still needs (or wants) an audit?

    The government has confirmed that audit exemption limits for companies are to increase for periods commencing on or after 1 January 2016. Let’s take a look at the changes and some of the implications for the firms acting for affected clients.

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  • Conference-analysis

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    Non-market rate loans under FRS 102 – not repayable on demand?

    In my first blog post on non-market rate loans under FRS 102 I noted: “we’ll either end up accounting for these loans as a current liability (which we probably don’t want to do) without the need for funny double entries…or we’ll end up with a non-current liability accounted for at present value with funny double […]

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  • Mercia Blog FRS 102 A Stable Future

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    A review of recent new UK GAAP proposed amendments

    In November and December 2015, the FRC issued a number of Financial Reporting Exposure Drafts (FREDs) for consultation: FRED 62: Draft amendments to FRS 102 Financial Reporting Standard applicable in the UK and Republic of Ireland – Fair value hierarchy disclosures; FRED 63: Draft Amendments to FRS 101 Reduced Disclosure Framework – 2015/16 cycle; and […]

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  • valuations

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    Non-market rate loans under FRS 102 – repayable on demand?

    Non-market rate loans under FRS 102 – repayable on demand? There are few areas in FRS 102 capable of eliciting such strong emotion from a room of otherwise cool and collected accountants than the accounting for below-market-rate loans. At the risk of being unpopular, I’ll start the blog by saying this: “we’ll either end up […]

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