There has been a steep fall in the financial penalties levied on accounting firms and auditors over the past year, down from £32m to £11.3m, with the Financial Reporting Council (FRC) making greater use of constructive engagement to address issues regarding poor work or breaches of standards

This month's exclusive Accountancy Daily CPD module focuses on how accountants and auditors will need to pay close attention to how revenue is treated in the accounts as companies prioritise generating revenue to overcome the pandemic

Luxury car manufacturer Aston Martin has revealed that an accounting error means the sports car specialist understated its 2019 losses by £15.3m

The Financial Reporting Council (FRC) has issued two exposure drafts proposing amendments to UK and Ireland accounting standards, in order to clarify issues when reporting either going concern issues or rent concessions

The insurance contracts standard requires important choices to be made that can have significant impact on company financial statements creating volatility in results, and need to reflect commercial practices, argue Shasat’s Michael Winkler and Sunil Kansal FCA

The International Accounting Standards Board (IASB) has issued an amendment to defer by one year the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1 Presentation of Financial Statements

The Treasury is consulting on plans for the Financial Conduct Authority (FCA) to regulate the promotion of certain types of cryptoassets for the first time, and to strengthen its role in approving financial promotions by unauthorised firms

With face-to-face meetings not an option currently, accountants need to look at other ways to verify client identities under money laundering regulations, says SmartSearch’s Martin Cheek

The Financial Reporting Council (FRC) has had a year of ‘significant progress’ in implementing its transformation into a new regulatory body, but has been hampered by the lack of legislation and recruitment challenges, according to its latest annual report and accounts

As the National Crime Agency reports increased fraud during the pandemic, accountants must be extra vigilant and take steps to help clients falling victim to Covid-19 scams, warns Anne Davis of the Institute of Financial Accountants

In July’s international accounting updates, Jeroen Van Doorsselaere considers what investors want from the financial instruments accounting standards and analyses feedback on proposals for the transition from IBOR to alternative reference rates

Facing many challenges, finance departments have been forced to rewrite the year-end playbook on the go, but lessons on priorities, clarity and effective communication can now be applied in the future, says BlackLine’s Andy Bottrill

The European Financial Reporting Group (EFRAG) is to begin preparatory work on the development of possible EU non-financial reporting standards in a revised non-financial reporting directive (NFRD)

Whether it is through artificial intelligence, using the cloud or simply picking up the phone to offer proactive advice, the role of an accountant is shifting towards strategic advice with an international outlook, argues Chris Downing, director at professional services firm Inspire

The International Accounting Standards Board (IASB) has issued amendments to IFRS 17, Insurance Contracts, including a two-year deferral of the start date, to address concerns and implementation challenges identified following its introduction in May 2017