Accounting for Listed Entities

This course has been designed to compare and contrast the accounting requirements of those companies that are listed on either the AIM market, Plus Market or as a fully listed company with the regulations which apply to private companies.

The course will concentrate primarily on the additional obligations imposed by the relevant listing rules but it will also consider the other differences that exist within the legislation and within specific accounting standards.

The course is organised so that the three alternative sets of rules will be considered under the following topic headings. The course will also consider the audit issues raised by the additional obligations placed upon the management when an entity becomes AIM listed.

Course Content:

Regulatory environment

• Companies Act 2006 categories of company and the basic framework; SME, other private and listed
• What is defined as ‘listed’ for different reporting purposes; Companies Act, APB, ASB
• Summary of listing requirements for annual and interim reports for Full, AIM and Plus listed companies
• IFRS/ UKGAAP options and the implications of joining and moving between markets
• Accounting changes – update on option to move to IFRS and planned concessions for qualifying subsidiaries
• Options within IFRS and UKGAAP Standards – overview
• Latest changes to accounting for business combinations – the ‘new test for control

Narrative reports

• Accounting policies and uncertainties – the basic requirements
• Directors report contents and the review of the business
• Operating and financial reviews
• Other additional statements and summaries – regulatory framework and reporting obligations
• Review of latest proposals for strategic report

Directors and management information

• Directors’ interests, changes in directors, loans and other transactions with directors and other key reportable events
• The directors’ remuneration report; legal, listing and accounting disclosure obligations – including for share option arrangements
• Proposal for high level summary remuneration report
• Corporate governance statements and the obligations of management and advisors

Additional listed company statements

• Segmental reporting obligations
  • Single segment businesses; and
  • Information that is commercially damaging
• Interim reports
  • Required format and contents
  • Variations from year end policies permitted

Other reporting concessions and options

• Related party transactions and the exemption for wholly owned subsidiaries
• Consolidated and individual company statements of cash flow
• Group and holding company profit and loss statements
• Statutory concessions and exemptions from consolidation for example
• Planned concession from audit for qualifying subsidiaries

Concluding points

• Future developments and plans – the future for UKGAAP (overview)
• Key contentious issues for advisors