Accounting / International reporting: IFRS 16 ‘sweep’ issues

In October’s international accounting update, Jeroen Van Doorsselaere considers the so-called ‘sweep’ issue of IFRS 16, ongoing discussions around the all-important management commentary and Phase 2 of the interest rate benchmark reforms

Insight / Greater Manchester to enter Tier 3 without Covid support deal

Greater Manchester leaders were unable to reach an agreement with government by midday, therefore Tier 3 ‘very high alert’ Covid restrictions will proceed without an agreement  

Insight / Wales, Ireland opt for tighter Covid-19 measures

Businesses and workers in Wales and Ireland are bracing themselves for tighter restrictions on activities as both administrations introduce lockdowns to halt the growing number of coronavirus infections and slow the progress of the pandemic

Insight / BA fined record £20m for data breach

British Airways has been fined a record £20m by the Information Commissioner’s Office (ICO) for failing to protect the personal and financial details of more than 400,000 of its customers

Tax / Business warned ‘time is running out’ over Brexit planning

With around 50 working days until the end of the Brexit transition period, at which point the UK will leave the EU customs union and single market, the government is to urge business leaders to accelerate preparations for an Australia-style exit

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors - Part 2

To assist accountants, tax advisers and auditors in dealing with the coronavirus crisis, all our related covid-19 coverage will be available here as soon as new announcements are made, plus expert analysis

Tax / Q&A: homeworking tax implications

In our regular Q&A series, Croner Taxwise, tax adviser, Ibrahim Nalla, explains the tax implications of buying a brand-new office pod to be installed in a company director’s garden, how will the company and director be affected?

Insight / CFOs predict recovery not till summer 2021

CFOs are not expecting a ‘return to normal’ to pre-pandemic levels for business until next summer at the earliest, although most are expecting to take back the bulk of furloughed staff in the meantime, according to research by Deloitte

Technical Alerts

19 Oct 2020

Audit / EXCLUSIVE: interview with Mazars UK head of audit

Head of audit at Mazars UK, Bob Neate, has his say on audit reform in the UK – explaining how he expects smaller firms to follow the Big Four in splitting operations and the benefits of more players through joint audit - as ‘everyone accepts that competition enhances quality’, Zak Jakubowski reports

Insight / Furlough cash: personal risks loom for PAYE/NIC payment failure

Directors using funds from job retention scheme to boost cashflow rather than meet tax liabilities risk being personally liable for penalties, say RSM’s Susan Ball and Jamie Wilson

Tax / Furlough overclaim probe threat as deadline expires

With HMRC writing to thousands of businesses warning them of investigation risk if they have incorrectly or fraudulently claimed job support grants, now is the time to get records in order, writes Philip Smith

Tax / HMRC’s tax gap estimate branded ‘misleading’

HMRC’s reporting of the ‘tax gap’ has been labelled as ‘misleading’ by the public accounts committee (PAC), which says the department should explain the limitations of its approach to calculating the difference between the tax that should be paid on the UK’s economic activity and the amount actually collected

Audit / SEC makes auditor independence requirements more flexible

The Securities and Exchange Commission (SEC) has announced it is to relax some of its auditor independence requirements in a bid to reduce the number of technical rule violations and increase the pool of audit firms from which companies can select

Audit / Big Four’s non-audit fees for clients fall 20%

Audit income at the Big Four firms rose sharply last year, but was accompanied by a marked drop in fees from non-audit work for audit clients, ahead of the requirement for formal separation of activities, according to the latest Financial Reporting Council (FRC) analysis

Insight / Government plans to ensure cash remains available

The government is holding a six-week consultation on plans to protect access to cash throughout the UK, which would include offering cashback at shops without consumers having to make a purchase

Technical Alerts

16 Oct 2020

Insight / Brexit and Covid-19 should not deter investment into UK

Despite short-term issues around the government’s handling of coronavirus and Brexit negotiations, Butterfield’s Nir Sadeh believes the UK remains attractive to investors

Insight / Boris on Brexit: ‘we should get ready’ for no trade deal with EU

Prime Minister Boris Johnson advises the nation to get ready for no trade deal Brexit (Australia style trade deal) with the EU as the UK could not reach the ‘Canada style’ arrangement it was pushing for

Accounting / KPMG delays results in face of ‘significant uncertainty’

KPMG has become the second of the Big Four to delay publication of its annual results and details of partners’ pay until it has a clearer view of the impact of Covid-19

Insight / Black History Month: building blocks for real inclusion

EY’s Mduduzi Mswabuki explains the steps his firm is taking to create a place where everyone feels they truly belong, including the importance of allies and sponsorship

Insight / People in the news: RSM, Mercer & Hole, ICAEW

In this week’s accountancy career moves, two partners promotions at RSM, two directors named at Mercer & Hole, vice president elected at ICAEW, and CFO appointed at Deutsche Finance International

Tax / Relocating Scots warned about tax implications

Young Scots who normally live and work in London and other UK cities, but who have given up expensive accommodation and relocated back home during the pandemic could face bigger tax bills, Blick Rothenberg is warning

Insight / FRC names interim chair

Keith Skeoch has been appointed as interim chair of the Financial Reporting Council (FRC), following the sudden departure of the former postholder, Simon Dingemans, in May this year

Accounting / FRC advice to make Section 172 statements useful

The Financial Reporting Council (FRC) Lab has published a set of tips to help companies with preparing the Section 172 statement reflecting the board’s consideration of stakeholders in pursuit of the success of the company, after speaking to institutional and retail investors and other stakeholders about what they consider useful reporting

Technical Alerts