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UITF and FRC Abstracts

UITF Abstracts were formerly issued where unsatisfactory or conflicting interpretations had developed (or seem likely to develop) about a requirement of an accounting standard or the Companies Act.

The UITF sought to arrive at a consensus on the accounting treatment that should be adopted, in such cases, in the context of the ASB's then declared aim of relying on principles rather than detailed prescription.  

Following the reorganisation of the FRC in July 2012 the FRC took over the role of issuing Abstracts and adopted all extant UITF Abstracts.  Compliance with FRC (and UITF) Abstracts is necessary (other than in exceptional circumstances) in accounts that claim to give a true and fair view.

 UITF Abstract 48 (December 2010)
Accounting implications of the replacement of the retail prices index with the consumer prices index for retirement benefits

 UITF Abstract 47 (IFRIC Interpretation 19) (July 2010)
Extinguishing Financial Liabilities with Equity Instruments (IFRIC Interpretation 19)

 UITF Abstract 46 (IFRIC Interpretation 16) (October 2008)
Hedges of a Net Investment in a Foreign Operation

 UITF Abstract 45 (IFRIC Interpretation 6) (February 2007)
Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment

 UITF Abstract 44 (February 2007)
FRS 20 (IFRS 2) - Group and Treasury Share Transactions

 UITF Abstract 43 (October 2006)
The interpretation of equivalence for the purposes of section 228A of the Companies Act 1985

 UITF Abstract 42 (April 2006)
Reassessment of Embedded Derivatives

 UITF Abstract 41 (April 2006)
Scope of FRS 20 (IFRS 2)

 UITF Abstract 40 March 2005
Revenue recognition and service contracts

 UITF Abstract 39 (IFRIC Interpretation 2) (February 2005)
Members' Shares in Co-operative Entities and Similar Instruments

 UITF Abstract 38 (December 2003)
Accounting for ESOP trusts

 UITF Abstract 37 (October 2003)
Purchases and sales of own shares

 UITF Abstract 36 (March 2003)
Contracts for sales of capacity

 UITF Abstract 35 (May 2002)
Death-in-service and incapacity benefits

 UITF Abstract 34 (May 2002)
Pre-contract costs

 UITF Abstract 33 (February 2002)
Obligations in capital instruments

 UITF Abstract 32 (December 2001)
Employee benefit trusts and other intermediate payment arrangements

 UITF Abstract 31 (October 2001)
Exchanges of businesses or other non-monetary assets for an interest in a subsidiary, joint venture or associate

 UITF Abstract 30 (March 2001)
Date of award to employees of shares or rights to shares

 UITF Abstract 29 (February 2001)
Website development costs

 UITF Abstract 28 (February 2001)
Operating lease incentives

 UITF Abstract 27 (December 2000)
Revision to estimates of the useful economic life of goodwill and intangible assets

 UITF Abstract 26 (November 2000)
Barter transactions for advertising

 UITF Abstract 25 (July 2000)
National Insurance contributions on share option gains

 UITF Abstract 24 (June 2000)
Accounting for start-up costs

 UITF Abstract 23 (May 2000)
Application of the transitional rules in FRS 15

 UITF Abstract 22 (June 1998)
The acquisition of a Lloyd's business

 UITF Abstract 21 (March 1998)
Accounting issues arising from the proposed introduction of the euro

UITF Abstract 20
Year 2000 issues: accounting and disclosures.
(Withdrawn by UITF Abstract dated 27 July 2000)
 UITF Information Sheet 41

 UITF Abstract 19 (February 1998)
Tax on gains and losses on foreign currency borrowings that hedge an investment in a foreign enterprise

 UITF Abstract 18 (May 1997)
Pensions costs following the 1997 tax changes in respect of dividend income

 UITF Abstract 17 (revised 2003)
Employee share schemes

UITF Abstract 16
Income and expenses subject to non-standard rates of tax.
Superseded by:
 FRS 16

 UITF Abstract 15 (revised 1999)
Disclosure of substantial acquisitions

UITF Abstract 14
Disclosure of changes in accounting policy.
Superseded by:
 FRS 18

UITF Abstract 13
Accounting for ESOP Trusts.
Superseded by:
 UITF Abstract 38

UITF Abstract 12
Superseded by:
 UITF Abstract 28

 UITF Abstract 11 (September 1994)
Capital instruments: issuer call options

UITF Abstract 10
Disclosure of directors’ share options.
Withdrawn by UITF Abstract dated 19 December 2002. See:
 UITF Information Sheet 57

 UITF Abstract 9 (June 1993)
Accounting for operations in hyper-inflationary economies

UITF Abstract 8
Repurchase of own debt.
Superseded by:
 FRS 4

UITF Abstract 7
Superseded by:
 FRS 18

 UITF Abstract 6 (November 1992)
Accounting for post-retirement benefits other than pensions

 UITF Abstract 5 (July 1992)
Transfers from current assets to fixed assets

 UITF Abstract 4 (July 1992)
Presentation of long-term debtors in current assets

UITF Abstract 3
Issued on 28 January 2004
Treatment of goodwill on disposal of a business

UITF Abstract 2
Issued on 28 January 2004
Restructuring costs

UITF Abstract 1
Issued on 28 January 2004
Convertible bonds – supplemental interest/premium

 UITF Abstract List (July 2010)
List of UITF Abstracts

 UITF Abstract Foreword (Revised June 2010)
Foreword to UITF Abstracts
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