The Impacts of Cash Accounting on Small UK Companies - Research Proposal Example

The Impacts of Cash Accounting on Small UK Companies By Table of Contents Table of Contents 2 Definition of cash accounting 4 Cash accounting vs Accrual accounting bases 5 The Background 6 The Rationale 6 Objectives 7 Literature review 7 Main implications for small companies 7 Main implications for micro entities 10 Effects in the UK 11 Effects on Directors’ Report 12 Cash accounting make statement simpler 13 Changes proposed to audit exemption levels 14 Research Methodology 15 Conclusion 19 The primary aim of the paper is mainly to analyze the effect of cash accounting on the small UK companies. The paper offers information concerning the discourse practices of the UK companies within the emerging capital market with regard to the variety of the company’s particular factors that contribute massive in the impact of the cash accounting on the small businesses. Small firms’ characteristics mainly distinguishes them from the corresponding larger organizations and it is more limited to the internal resource base, which provides less scope foe employing experts with the underlying specialist management skills. 19 Bibliography 20 Introduction This individual research proposal aims to assess the impact that the adoption of the cash accounting has on the small companies in UK. It tries to determine the effectiveness of the change of accounting method with respect to the various aspects of accounting as a profession. It enquires implications that the change in the reporting approach has on the various criteria of reporting of monetary statements. The big question is ‘why must we adopt an accounting method that prompts clashes with the going concern concept and the matching accounting principle?’ The main aim of any proposed accounting change always focuses on maintenance and improvement of quality of financial reporting for the sole purpose retaining confidence in the financial markets and the economy at large. The research is based on the following hypotheses: Cash accounting has implications on small companies in the United Kingdom. Cash accounting has implications cash accounting on UK micro entities of United Kingdom Cash accounting has general effects in the United Kingdom The adoption of cash accounting has implications on the Directors’’ Report in the annual reports prepared by the small, companies to the shareholders. The adoption of cash accounting has made the groundwork of the financial statements simpler The proposed cash accounting has effect on the audit exemption levels by the new UK GAAP. On 14th March 2013 the Financial Reporting Council issued FRS 102, providing succinct accounting and reporting requirements such as cash accounting for unlisted entities. The standard finalizes a fundamental modernization of UK and Irish accounting standards and was officially approved at a meeting of the FRC Board on 5th March 2013. Moreover during the recent economic decline, the contribution of the Financial Reporting Council has been unfelt in the UK’s small business sector particularly, in addressing issue of “Gong Concern”.  There are over three million sole traders in the UK and half million unincorporated partnerships. The introduction of the introduction of the cash accounting further fails to address the issue of going concern. The claim by the FRC that it reduces costs of preparing the financial statements is partly realistic and partly vague. Instead of providing a direct solution to high costs of financial statements, FRC has resorted to elimination approach. This cannot be accepted that the FRC seems to ignore the existence of those unincorporated businesses. To introduce cash accounting for the UK’s smaller businesses, the FRC and BIS issued its August 2011 paper and proposals which is a prospectus for mass deception and fraudulent accounting. The FRC has suggested that private accounts covering a recognizable gain and loss statement and balance sheet be detached by about 99% or so for all UK small businesses. The FRC paper requirement implies that its proposal is an indication, for around 95% of UK corporations will no longer experience development. The use of cash accounting implies that the submitted financial statements will not reflect “true and fair” figures. That is, the reported figures will be misleading, a form of fraudulence in the accounting and auditing field. Definition of cash accounting Cash accounting is an accounting method that doesnt record accruals but rather recognizes income or revenue only when payment is received and also recognizes expenses only when payment is made. This method does no emphasize there matching of revenues against expenses, making the comparisons of previous periods in a fixed accounting impossible. It is now clear from the definition of cash accounting that it clashes with another important principle of accounting, the matching concept. The accounting basis is however, preferred for small businesses as makes the recording of business transactions much simpler and easier. In addition, this method confers some advantage when it comes to the calculation and the subsequent remission of taxes to the tax collection authorities. A small company may decide to postpone the recording of incomes in its accounting books to the next tax year, while recording the expenses incurred by the business simultaneously (Sale, Salter, & Sharp, 2007 pp 59-98). The application of Cash accounting method should therefore not be left at the discretion of the accounting practitioners. The Financial Reporting Council ought to have not granted the small companies to optional mandate of choosing between cash accounting and the accrual accounting. Cash accounting vs Accrual accounting bases The cash accounting recognizes revenues when the actual payments is made while accrual accounting recognizes revenues when sales are made, hence the two methods record different transaction dates. In this regard, the accrual basis is better is provides the actual dates sequentially for transactions. This sequence indicates continuity, thus meeting the threshold of the business as a going concern. Cash accounting does not recognize expenses when incurred, but when the payments are made for such expenses. Thus, it fails to match the expenses and revenues to their particular periods, violating the matching principle of accounting (Sale, Salter, & Sharp, 2007 pp 59-98). The combination of these two clashes with the rules of accounting makes the adoption of the cash accounting method vague and an imprudent approach. FRS 102 on going concern: When preparing the financial statements, management of an entity makes an assessment of the ability of the entity to stay as a continuing business. An entity is a going concern not unless the management either intends to liquidate the entity or wants to cease to engage in business transactions or has no alternative that can be considered to be realistic. In the assessment of whether the going concern assumption is appropriate, the management takes into account all available data regarding the future date when the financial statements are certified for issue (Sale, Salter, & Sharp, 2007 pp 59-98). If the management is aware of material uncertainties relating to events or conditions while making its assessments, in making its assessment, then the entity is required to make a disclosure of such material uncertainties. It further provides that when fails to prepare its financial statements on the basis of going concern, the entity shall disclose such facts in addition to the actual basis upon which it prepared the financial statements and the reason behind such entity not being regarded as a going concern. The Background Following the introduction of a new directive that requires the small UK companies to use cash accounting method, and having evaluated the effect that cash accounting has on the quality of financial reports, it is decided to take a keen step to research on the various aspects of the proposed use of cash accounting. Even though it was totally agreed with the fact that the current UK GAAP is complex, the implementation of the cash accounting was not a better idea so far (Price Water House Coopers, 2010 pp 345-349). The motivation on undertaking this research was the fact that there has been sufficient knowledge of the nature clash that might have existed between cash accounting method and the matching and going concern concepts. The Rationale The introduction of any changes in the accounting procedure of Financial Reporting Council under the banner of FRS 102 should promote transparency, true and fair view of the fiscal reports. The introduction of cash accounting meant reduces disclosures hence the shareholders will not regard the small company reports as being transparent and as those which report the true and fair view of the small companies. Objectives The Key objectives of the individual research proposal include: To determine the main implications of cash accounting on small companies in the United Kingdom. To determine the main implications cash accounting on UK micro entities of United Kingdom To determine the general effect of cash accounting in the United Kingdom To analyze the effects of adoption of cash accounting on the Directors’’ Report in the annual reports prepared by the small, companies to the shareholders. To evaluate whether cash accounting has made the groundwork of the economic statements simpler To determine the changes proposed to audit exemption levels by the new UK GAAP. Literature review Main implications for small companies Initially, the small businesses used to prepare complete accounts with full disclosures regarding the material facts about the transactions benefiting shareholders (Price Water House Coopers, 2010 pp 345-349). But with the introduction of cash accounting, the disclosures are much simplified. The government of UK will not be allowed to introduce any other disclosure apart from the ones articulated in the directive (Price Water House Coopers, 2010 pp 345-349). Currently, the Companies Act-2006 and small business regulations require small firms to make additional disclosures to the five specified in the directive. The small business regulations are contained in the Companies Act, thus, they will be thrown away. Inevitably, there is possible risk that taxable profits that is, the current tax payable will vary for entities due to adoption of different accounting standards hence the small companies will end up reporting different profit figures. The accounting standards and the Company laws are likely to clash making the determination of profits to be distributed to more complex. Significantly, there are unanswered questions still hangs over the disclosures included within the Financial Reporting Standard for Smaller Entities (FRSSE) (Wood, & Sangster, 2008 pp 231-245). The Companies Act currently requires amendments for the company’s stockholders and this could dramatically shorten the financial statements. The adoption of FRS 102 introduces an IFRS-based framework to all UK entities other than those applicable to the Financial Reporting Standard for Smaller Entities (FRSSE). FRS 102 is a proportional solution to financial reporting. It is an approach based on accounting principles that is applied to certain disclosure requirements, demanding information that enables users to evaluate the significance of transactions without mandatory prescriptive detail. Further, FRS 102 will improve the financial reporting of financial instruments (Wood, & Sangster, 2008 pp 231-245). Through reducing the number of disclosures that small companies will be required to make, FRS 102 will ease the burden of reporting for entities applying (Price Water House Coopers, 2010 pp 345-349). Evidently, the current UK GAAP has 3000 pages and the intention of the new directive is to introduce FRS 102 which is set out in a document of 350 pages, thus providing a succinct framework. This reduction in the volume of literature will make it easier for preparers, auditors, advisers and users to maintain familiarity with all the requirements. Based on these implications and the assessment made so far, there are underlying issues whose fate are not known, pending the introduction of the directive. The main reason for the introduction of the cash accounting among the small companies is reducing the costs involved in the preparation of the financial statements but does not address the dangers that this move would have on the individual shareholders (Wood, & Sangster, 2008 pp 231-245). The reduction of the number of disclosures would impact on the shareholders negatively as the management of these small companies may take advantage and engage in reporting financial statements that do not true and fair view of the business. I wish to propose that the government of UK should consider the simple-complicated issues that could arise from the reduction of the number of disclosures to be made, and to avoid excessive focus on costs solely. The following table sets out the statements which are broadly equivalent applicable in the current UK’s Generally Accepted Accounting Principles (GAAP) and the Financial Reporting Standards (FRS) (Wood, & Sangster, 2008 pp 231-245). Current UK GAAP FRS 102 Profit and loss account Income statement Statement of total recognized gains and losses Statement of comprehensive income (sometimes referred to a statement of other comprehensive income) Balance sheet Statement of financial position Cash flow statement Statement of cash flows Reconciliation of movements in Shareholders’ funds Statement of changes in equity Main implications for micro entities The introduction of cash accounting implies that the accounting forms for micro-entities will be dramatically simplified (Wood, & Sangster, 2008 pp 231-245). Currently, the government of UK has embarked on extensive consultations and advice on the plans which will see the accounting for micro-entities simplified. Following this move, the EC initially adopted an accounting directive proposal that could have allowed full exemption from application of accrual accounting to exclusive application of the accounting approach. However, a settlement proposal has been adopted by the EU states which will offer a limited exemption for micro entities, though this is not as comprehensive as the BIS paper (Wood, & Sangster, 2008 pp 231-245). The compromising proposal approved by the parliament of EU implies that the micro-entities will still adopt some elements of accrual accounting methods as they apply the cash accounting method as well. Micro entities may never account for accrued interest, prepayments, accrual or postponed income. This practice premises will be applicable on condition that these balances were not related in any way to the cost of raw materials or other consumables, value adjustments, tax or staff costs. As a result, they will only be required to prepare a copy of their statement of financial position (Bragg, 2004 pp 543-567). This financial statement will be submitted in addition to exposing the advances made to directors, the equity shares held in the entity and the promises made if any and will therefore omit the notes on accounting policies, Guarantees, commitments, and contingencies and ‘arrangements not in the statement of financial position, long-term and secured debts, post statement of financial position items, and related party transactions (Bragg, 2004 pp 543-567). The new accounting regime will necessitate the redefinition of the micro-entities as in the already outlined in this regard. An entity will be referred to as a micro-entity if it does not exceed two thirds of the following measures; a turnover of $ 700000, gross assets of $ 350000, and 10 employees (Wood, & Sangster, 2008 pp 231-245). The objective of promoting transparency and accountability will be hampered significantly as the external users of the accounting information such as the investors and the lenders value and rely on these notes to make informed decisions (Bragg, 2004 pp 543-567). Hence, the overall picture of the financial statements will be vague, insufficient and misleading (Wood, & Sangster, 2008 pp 231-245). The assessments have failed to weigh the repercussions of neglecting these notes while reporting the financial statements. I wish to propose that the body charged with the responsibility of implementing the new directive to consider the importance that the five omitted notes. The government of UK should therefore reconsider its stand and avoid the blind adoption of the exemptions, upon which my honest humble opinion is that these exemptions should be rejected at all cost (Wood, & Sangster, 2008 pp 231-245). . However, the restricted exemption for micro entities is possible since it is most likely to have much less significant impact than predicted given the range of the simplification now recommended for all small companies when the proposals were formerly mooted (Wood, & Sangster, 2008 pp 231-245). Effects in the UK The EC Accounting Directives forms the critical component of the Company Law in UK. In preparation for the adoption of the EU directive, the 4th and 7th will have to be merged into a single directive. In order to achieve this, the government of UK will be expected to legislate on these reforms and transform them into law through proper legislation for the sake of companies registered within the sovereignty UK government (Gee, 2006 pp 234-431). The government of UK will not be permitted anymore to attach any extra disclosure necessary for small companies to those involved in the draft Directive (Bragg, 2004 pp 543-567). The reason being that the draft Accounting Directive will need ‘maximum harmonization (Wood, & Sangster, 2008 pp 231-245). The replacement of UK GAAP implies that the accountants will have to retrain in order to be conversant with the new proposed new accounting standards. The IASB intends to implement IFRS for SMEs on a three–year cycle. Subsequently, the FRC will have to consider whether to make corresponding changes to FRS 102 through proper consultations (Wood, & Sangster, 2008 pp 231-245). This will lead to stability periods between each potential revision, instead of the possibility of changes being made annually, thus, reducing the costs of education and training (Bragg, 2004 pp 543-567). Effects on Directors’ Report Directors’ report is a documented prepared by the Board of Directors of a company under the dictates of legal (Gee, 2006 pp 234-431). It highlights the major activities of the company, reflects on the fair review of the current and future prospects of the business; the information on the sale, purchase or valuation of assets; the recommended dividends; the number of employees; names of directors and the interests they earn from the company; and the details of political or charitable donations made by the company (Wood, & Sangster, 2008 pp 231-245). The Companies Act and the Regulations mandated current small companies to include a directors’ report within their full accounts. Information concerning the purchase of an entity’s own shares is the only disclosure that would still be asked and all of this would be swept away under the new regime. The draft directive entails the preparation of a ‘management report’ , a provision similar to that of the business review that is currently compiled and documented in the Companies Act of the government of UK. However, the current regime requires that small companies must not prepare a business review (Wood, & Sangster, 2008 pp 231-245). But upon the adoption of the new regime, the small companies will have to a management report. The adoption of the new regime will be a form of duplication as the very provision is similar to that contained in the current Companies Act (Bragg, 2004 pp 543-567). The government has no reason at all to adopt the new regime with regards to the aspect of the provision of the management report. I therefore propose that the government should consider adjusting the current Companies Act to that regard (Wood, & Sangster, 2008 pp 231-245). The government should maintain and update the UK accounting standards that are not based on the International Financial Reporting Standards as there is valid evidence that the majority of UK citizens were against the introduction of this new regime. Cash accounting make statement simpler The current regime, the accrual method, requires the preparation of complete accounts in agreement with the Companies Act for the company’s shareholders (Bragg, 2004 pp 543-567). However, for purposes of registration, small companies may prepare a set of abbreviated accounts. Nevertheless, under the new regime, the full accounts will be simplified significantly. The UK government will be granted the authority and responsibility of exempting its small firms from the need of filing the abridged income statement (Bragg, 2004 pp 543-567). Notably, if the government takes advantage of this option, then this aspect of the new regime will be similar but not the same to the abbreviated accounts that are currently prepared by small firms. The companies Act currently demands disclosure of detailed information regarding share capital, non-current assets, and sums expressed in foreign currencies within the notes to the abbreviated accounts (Gee, 2006 pp 234-431). On the contrary, the new regime is likely to eliminate such disclosures. However, the new regime will replace these disclosures with the details of the events following the preparation of statement of financial position, and the addition of related party transactions (Bragg, 2004 pp 543-567). The draft directive demands the detailed information relating to debtors and creditors that will appear on the face of the statement of the financial position (Gee, 2006 pp 234-431). The question of whether the new regime will be more or less effective than the current regime, with respect to such disclosure shall be dependent on the kind of balances that such small companies shall have had at any given point in time (Bragg, 2004 pp 543-567). A closer examination of the new regime with regards to simplicity of financial statements, the government of UK has no pressing reason to adopt the new regime. I would therefore propose that the UK government make adjustments to the current disclosures to include those found in the new regime (Bragg, 2004 pp 543-567). Changes proposed to audit exemption levels A few years ago, the government of UK decided to free most of the small companies from the audit obligation (Hastie, 2006 pp 47-54). But with the introduction of cash accounting coupled with the demands of the FRS 102, the exemption does not seem to be in existence in future within the paradigms of EU law (Bragg, 2004 pp 543-567). However, BIS is currently discussing possibility of continuing with this exemption for the small companies (Hastie, 2006 pp 47-54). For instance, small companies will furthermore be asked to have an audit (Gee, 2006 pp 234-431). This is despite being subsidiaries in large groups. Small companies will be completely exempt from an audit from an EU company law view which is stated in the draft Directive (Hastie, 2006 pp 47-54). The exemption would mean compromising the maximum harmonization model that so far required, hence UK government could elect to grasp an audit qualification for certain small companies as the exemption does not seem to be a maximum harmonization model (Bragg, 2004 pp 543-567). The realization of the Directive in the UK would be possible based on the advice and consultation of the BIS paper (Hastie, 2006 pp 47-54). Research Methodology The report mainly utilize both quantitative and qualitative research methods in the analysis of the underlying effect of cash accounting on the prevailing small UK companies (Wood, & Sangster, 2008 pp 231-245). This mainly aims at gathering and comparing the fundamental information from a single method of data gathering strengthened by one methodology with the corresponding diverse method strengthened by another methodology (Wood, & Sangster, 2008 pp 231-245). The process of comparison of cash accounting and corresponding accrual accounting depicts cash accounting to be fundamental for the prevailing UK small business (Bragg, 2004 pp 543-567). Thus, the report will gather adequate data in regard to qualitative and corresponding quantitative information that is significant to offering evidence that cash accounting that contribute massively to small business especially the unincorporated business sectors (Wood, & Sangster, 2008 pp 231-245). Even though accrual accounting plays an extremely significant role in regard to advancement of the prevailing economic in the present business universe, the cash accounting still possess massive effect on the UK business in regard to the analysis of the underlying qualitative and corresponding quantitative data (Hastie, 2006 pp 47-54). Addressing of the prevailing research questions entails development of the research design in the generation of both quantitative and qualitative data that are relevant to the underlying research objectives (Wood, & Sangster, 2008 pp 231-245). The three main stages of obtaining qualitative and quantitative data entail involvement of the focus group and interviews with knowledgeable informants, telephone survey of the small business owners and undertaking of face to face interview sample of twenty seven business managers (Hastie, 2006 pp 47-54). Every stage mainly discusses sampling, data generation and corresponding data analysis (Bragg, 2004 pp 543-567). Focus group and corresponding interviews with the underlying knowledgeable informants is will be utilize due to the limited evidence base in regard to the small business managers tax payment practices. It is significant to scope out the prevailing fundamental issues before carrying out the main study (Hastie, 2006 pp 47-54). In order to identify the issues the study would address the focus group of private sector accountants and corresponding tax specialists and interviews with the existing ten vital informants (Bragg, 2004 pp 543-567). The fundamental issues within the focus group participants entail feeding the data into the design of the research instruments in regards to both the telephone survey and the face-face interview study (Hastie, 2006 pp 47-54). Telephone survey will be utilized in gathering data from massive business owners in order to enable generalization across the small business population and to particular segments of that population (Hastie, 2006 pp 47-54). The small businesses in regard to examination of the issues will apply descriptive data in determining the value within the process of constructing a good picture of how method and timing of the tax payment impinges upon the business cash flow and how the corresponding small business owners address the issues (Wood, & Sangster, 2008 pp 231-245). The survey of the small businesses ought to meet certain criteria. The criteria encompass employment that businesses ought to employ fewer than fifty populaces at the time of the interview (Bragg, 2004 pp 543-567). The turnover ought to have earned less than £1.5 million during their previous accounting period and the businesses ought to be legally independent entities (Hastie, 2006 pp 47-54). The businesses within the underlying five broad sectors mainly entailed primary, construction, consumer services, manufacturing and corresponding business services. Moreover, the businesses ought to be situated within the four countries of the UK (Hastie, 2006 pp 47-54). For the prevailing telephone survey, the underlying target quotas will be established for the businesses by the prevailing sector and employment size. The underlying quotas are established in order to ensure that adequate subsample numbers would be sought for every size and corresponding sector combination (Wood, & Sangster, 2008 pp 231-245). It also ensure the weighing fractions that is applied to particular cases thus generating the outcomes that are not huge and probably resulting to an unpreventable results (Hastie, 2006 pp 47-54). Business owner respondents will be identified via application of the commercial database that normally offer details regarding the principals names, addresses, business names, industry, telephone contacts , employment and the corresponding turnover (Wood, & Sangster, 2008 pp 231-245). The checks mainly ensured that the prevailing business meets the satisfied the required criteria that is stipulated above thus enabling the conduction of the interviews. Market research business is normally contracted to carry out the telephone interviews. The entire response rate is projected to be at 60% and the corresponding telephone interviews ought to take twenty one minutes (Hastie, 2006 pp 47-54). Face-to-face interview sample mainly serve the purpose of offering qualitative data on regarding the business owners’ cash administration and corresponding tax payment practices, the underlying motives for the practices and experiences of making tax payments (Wood, & Sangster, 2008 pp 231-245). The main objective of the prevailing phase of the study is not to come up with statistically generalizable outcomes but to enhance comprehension of the business owners’ practices in regard to the effects of the cash accounting on the small UK companies thus offering deeper insights into how and why owners acted in response to the underlying circumstances (Hastie, 2006 pp 47-54). The selection criteria for the inclusion within the face-to-face interview sample are broadly the same to those for the telephone survey with the exception (Hastie, 2006 pp 47-54). The face-to-face interview sample will be constructed utilizing a variety of the data sources namely the Kingston Chamber of Commerce, Wandsworth Council, The FAME database, Forum for the Private Business and Personal contacts (Gee, 2006 pp 234-431). The quantitative data is mainly analyzed via SPSS 12 and STATA by offering UK small business population estimates (Hastie, 2006 pp 47-54). The data will be mainly engrossed up utilizing weighs derived from the DTI business stock figures. Accomplishing of specific sectors and size sub samples that are inevitably implies that the underlying findings from smaller businesses are weighted more heavily and the larger businesses weighted less heavily that their presence within the sample (Hastie, 2006 pp 47-54). The qualitative data is mainly analyzed for the prevailing fundamental themes. The purposes are to explore the impacts of the cash accounting on small UK companies (Gee, 2006 pp 234-431). Conclusion The primary aim of the paper is mainly to analyze the effect of cash accounting on the small UK companies. The paper offers information concerning the discourse practices of the UK companies within the emerging capital market with regard to the variety of the company’s particular factors that contribute massive in the impact of the cash accounting on the small businesses. Small firms’ characteristics mainly distinguishes them from the corresponding larger organizations and it is more limited to the internal resource base, which provides less scope foe employing experts with the underlying specialist management skills. Taking into consideration of the combined quantitaive and qualitative methods and data is significant in making comparaive advantages and recognizing the strong fences of good accounting practices. Quantitaive methods mainly produce data that can be aggregataed and analyzed in describing and prediction the associations whilst qualitative research utilizes socila analytical frameworks in interpreting observation patterns and corresponding trends in regard to utilization of the cash accounting methods by the small busineses in UK. The adoption of cash accounting for this small companies will lead to reduced disclosures with these firms resorting to abridged financial statements. 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