Christmas news and greetings from Just Audit!

Wishing all our clients, colleagues and contacts a wonderful seasonal break and a great 2018. Please read our latest news for December and sign up for more from us in 2018 if you don’t already get our newsletter to your inbox!


(Photo from our recent team bakery day!)

FRS102 round-up
The FRC’s exposure draft was issued as part of the first triennial review of FRS 102 and should be finalised any day now. It is expected to be applicable for accounting periods commencing on or after 1st January 2019, but will be possible to early adopt.

Some key changes:

  • ‘Undue cost or effort’ exemption for fair valuing investment property will be removed, but…
  • Investment properties rented to another group entity – an option to measure at cost less depreciation will be introduced
  • *Available immediately* Small entities only may measure shareholder directors’ loans to a company (this does not apply to loans made by a company) at transaction price, rather than at present value

The full exposure draft can be found HERE

Meet RJ (Reuben)
A new face at Just Audit
Reuben, known to all as RJ, is the newest member of the Just Audit team. He graduated 4 years ago with an accountancy degree and has spent many years working in accounting within the retail sector. He is supporting the team with audit work whilst also continuing his training and personal development. Outside of work, RJ enjoys spending time with his family and friends, dog Misha, and indulging his love of arts and crafts, travel and cooking.

Calculating holiday pay
A useful info source
In addition to legislation, a number of recent court judgments should be taken into account when calculating holiday pay for the 4 weeks of annual leave required by the EU Working Time Directive. Following these rulings, holiday pay should be based on an employee’s total average pay, including commission and special allowances, and not just on their basic rate salary.
Read the full article HERE
(Source: ACAS)

The Great Just Audit Bake Off!
Our recent team day out…
We had a great day out at the beautiful ‘seasoned’ cookery school which is part of the impressive Catton Hall in Staffordshire. We chose it as a central location for our team who live all over the UK. It was a great chance to get together – without our laptops – and have a totally different kind of productive day!