
35LEAVITT WALMSLEY ASSOCIATES LTD |
BEST PRACTICE REPRESENTATIVE 2018
LWA started to plan for these changes
in 2014 in recognition of the fact that
they were cited as being “… the most
significant change in accountancy for
a generation”. We also worked with
our software provider, IRIS, one of the
country’s leading provider of accounts
production software, throughout 2016
to ensure their software reflected the
new rules correctly. We also produced
various online products with IRIS to help
practitioners using the software to better
understand how the software handles
the move across to the new rules.
Of course, times change, business
evolves and it follows, therefore, that
the accountancy profession has to
adapt accordingly. In 2017, the Financial
Reporting Council (FRC) announced
changes to the framework, the majority
of which will come into effect for
accounting periods commencing on
or after 1 January 2019. While these
revisions are largely editorial and
clarification issues, it is crucial that
accountants keep abreast of such
changes to ensure that the standard
of financial reporting in the UK and
Republic of Ireland remainshigh.
It is now important that the
accountancy profession has a period
of stability as frequent changes to the
rules are both unhelpful and costly
to practitioners and businesses. The
FRC have confirmed that significant
changes to accounting standards
issued by the International Accounting
Standards Board will not yet be
reflected in FRS 102. However, listed
companies (e.g. FTSE 100 companies)
must adopt IFRS 15,
Revenue from
Contracts with Customers
for periods
starting 1 January 2018 and IFRS
16,
Leases
for periods starting 1
January 2019
.
The 2014 version of
IFRS 9
Financial Instruments
must be
adopted for periods starting 1 January
2018. LWA welcomes the fact that
these significant new standards will
not be reflected in FRS 102 for the
foreseeablefuture.
Tax
Tax continues to be one of the most
complex areas of business. LWA has a
dedicated tax department which deals
with all forms of tax for its client base.
Where complex tax issues arise, such
as in a complicated capital gains tax
transaction or a specific tax issues in a
business sale, LWA utilises the services
of a number of highly regarded tax
professionals to help ensure the client
pays the correct amount of tax and
takes advantage of all relevant tax
reliefs available in the transaction.
The subject of Making Tax Digital
(MTD) is one of the most topical issues
in the accountancy and tax professions
at present. In the March 2015 budget,
plans were announced to abolish the
annual self-assessment tax return and
introduce MTD, which will involve
a new quarterly filing regime for
businesses and landlords. MTD has
received widespread criticism from the
accountancy and tax professions due
largely to the costs businesses at the
smaller end of the scale will incur and
the original and ambitious timescale
for implementation (which has now
been delayed).
LWA continues to keep abreast of
developments in this important area
as MTD will eventually affect the vast
majority of businesses of all sizes in
theUK.
Going ahead
Staying ahead of the competition and
developments in tax and accountancy
is a daily challenge. Embracing
that challenge and becoming more
innovative in the way that both LWA
and our clients work is a key driver to
both our and our clients’ success. In
the accountancy and tax professions,
2018 will be challenging, but LWA is
equipped with the skill and technical
expertise to overcome those challenges.
LWA has a team of
hard-working and
friendly accountants
serving clients all
over the UK
Of course,
times change,
business
evolves and it
follows,
therefore, that
the
accountancy
profession has
to adapt
accordingly
“
“