UITF information sheet 92: residents' management companies financial statements, ICAEW REP 167/12, November 2012

Object Type: Asset
In Folder: ICAEW Representations, 2012

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UITF information sheet 92: residents' management companies financial statements, ICAEW REP 167/12, November 2012

Memorandum of comment from ICAEW responding to UITF Information Sheet 92 on residents' management companies (RMCs) financial statements. The submission discusses UK GAAP principles, especially Application Note G to FRS 5 on agent versus principal, argues for a presumption that RMCs act as principal, and examines accounting for service charge cash and the need for transparency; considers segregation of service charge transactions and balances; supports limiting scope to RMCs; comments on effective date and calls for further sector guidance. (AI generated description)

Dublin Core Metadata

title: UITF information sheet 92: residents' management companies financial statements, ICAEW REP 167/12, November 2012

creator: John Boulton

creator: Financial Reporting Faculty

creator: ICAEW

subject: Property and construction

subject: Property residential

subject: Business sectors

subject: Financial reporting and accounting standards

subject: UK GAAP

subject: Accounting for receivables

subject: Accounting for payables

subject: Accounting topics

subject: Accounting for assets

subject: Accounting for revenue

description: Memorandum of comment from ICAEW responding to UITF Information Sheet 92 on residents' management companies (RMCs) financial statements. The submission discusses UK GAAP principles, especially Application Note G to FRS 5 on agent versus principal, argues for a presumption that RMCs act as principal, and examines accounting for service charge cash and the need for transparency; considers segregation of service charge transactions and balances; supports limiting scope to RMCs; comments on effective date and calls for further sector guidance. (AI generated description)

publisher: ICAEW

contributor: Urgent Issues Task Force

contributor: Financial Reporting Council

contributor: Accounting Council

date: 2012-11

type: Text

format: pdf

identifier: ICAEW REP 167/12

language: en

relation: ICAEW Representation

ICAEW Metadata

Content Type: Representation

Internal Reference: 20121100-UITF-Information-Sheet-92-Residents-Management-Companies-Financial-Statements-Financial-Reporting-Faculty-ICAEW-REP-167-12

Notes: 20251030 metadata NK

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