Accounting

Accounting / Beyond the red flags – the alternative fraud triangle

The level of fraud in businesses is growing exponentially but the only way to get to grips with the scale of the problem is to drill down to the fundamental reasons why it happens and risk factors for finance departments, says Arun Chauhan, founder and managing partner of Tenet Compliance & Litigation

Accounting / CIPFA consults on first-ever financial management code

CIPFA is consulting on a proposed new financial management code (FM code), which aims to drive improvement in financial management for all local authorities in the UK, marking the first time many areas of local government financial management have been codified

Accounting / Law firms probed on anti money laundering compliance

Solicitors’ firms are to be inspected to ensure they are meeting anti-money laundering obligations, with the Solicitors Regulation Authority (SRA) revealing it will be carrying out checks on a sample of 400 law firms

Accounting / Solicitors Regulation Authority to introduce new accounts rules

The Solicitors Regulation Authority (SRA) has confirmed new regulations, which include simpler accounting rules for client monies under the SRA Accounts Rules, due to come into effect on 25 November 2019

Accounting / FCA fines UBS £27.6m for reporting failures

Swiss bank UBS has been fined £27.6m by the Financial Conduct Authority (FCA) for failings relating to 135.8m transaction reports filed over a ten-year period, which breached the regulator’s rules regarding the information required to identify potential market abuse and financial crime

Accounting / PRAG updates pension scheme accounting guidance after Lloyds case

The Pensions Research Accountants Group (PRAG) has published guidance on how pension scheme accounts need to account for their equalisation liabilities for guaranteed minimum pensions (GMPs) following the Lloyds judgment on pension equality

Accounting / PwC probe finds £5.6bn of accounting errors at Steinhoff

A probe by PwC into accounting irregularities at South African retail giant Steinhoff International, which owns Poundland in the UK, has uncovered some €6.6bn (£5.6bn) of errors over an eight-year period

Accounting / Sub-postmasters win first trial over accounting IT issues

A group of over 500 former sub-postmasters (SPMs) have won an important first step in a series of trials relating to claims that the Post Office incorrectly and unfairly held them responsible for accounting discrepancies, which they held were due to failings with the Post Office’s Horizon IT system

Tax / Facing up to the tax challenges of the global digital economy

An overhaul of the taxation of highly digitised multinationals would challenge long-held conventions on taxable presence and profit allocation if OECD proposals were to go ahead. Jeff VanderWolk, partner at Squire Patton Boggs, examines the viability of the latest OECD consultation on the tax challenges of the digitalisation of the economy

Accounting / Error sees outsourcer Kier uncover more debt

Another large outsourcing company has revealed a potential accounting error, with construction specialist Kier Group forced to revise its debt up by £50m in its latest trading update, less than two months after it first provided the figures

Accounting / Five-a-side football business flags up accounting errors

Goals Soccer Centres, a Scottish company operating five-a-side football clubs across the UK, has revealed it now expects its 2018 full year results to be materially below expectations, after a business review identified a number of accounting errors

Accounting / IASB plans ‘game changer’ on financial reporting

Hans Hoogervorst, chair of the International Accounting Standards Board (IASB) has described its primary financial statements project as a ‘game changer’ in financial reporting

Accounting / Extension of beneficial ownership register to overseas territories delayed

Plans to extend the public register of beneficial ownership of overseas entities to cover offshore Crown dependencies and overseas territories will not happen before 2023 at the earliest, the government has confirmed

Accounting / What happens when no one trusts the numbers?

Financial discrepancies in month end reporting and inaccurate financial data is a major risk and reputational issue for CFOs and finance directors so why does the C-suite trust the numbers, asks Mario Spanicciati, chief strategy officer at BlackLine

Accounting / Essentials: Brexit changes to company law for accountants

The government is passing substantive legislative changes to Companies Act 2006 (CA 2006) via statutory instrument and has issued guidance letters for accountants and auditors with advice on how to operate cross-border in the event of a no deal Brexit. James Waller CA, technical writer at Croner-i Tax and Accounting, explains the key considerations
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