Accounting

Accounting | Framework for sustainability standards board out for consultation

Plans for the creation of a new sustainability standards board are progressing as the trustees of the IFRS Foundation launch a consultation on proposed amendments to the constitution of the Foundation to set out a framework for the formation of a new International Sustainability Standards Board (ISSB)

5 May 2021

Accounting | Charity accounts: recognising grant income

Helena Wilkinson BSc DChA FCA and Iain Storey FCA at Price Bailey LLP explain the accounting for grant income in charities and consider grants subject to conditions or restrictions

5 May 2021

Accounting standards

Financial reporting

Accounting | SEC fines Under Armour Inc $9m over disclosure failures

The US Securities and Exchange Commission (SEC) has charged sports apparel manufacturer Under Armour Inc with misleading investors about the bases of its revenue growth and failing to disclose known uncertainties concerning its future revenue prospects

5 May 2021

Financial reporting

Accounting | Legal updates: May 2021

In this month’s round-up of cases, Sophie Brookes, partner at law firm Gateley, examines the basis for LLP disqualifications in Bell Pottinger, refusal to access register of members and why buyer was wrong to refuse to release monies from retention account

4 May 2021

Law and regulation

Accounting | SASB and IIRC merger to create Value Reporting Foundation

The Sustainability Accounting Standards Board (SASB) and the International Integrated Reporting Council (IIRC) have confirmed that they are working on plans to merge the bodies with the creation of the Value Reporting Foundation

28 Apr 2021

Financial reporting

Accounting | CFOs need to embrace ESG reporting, says Gartner

CFOs who improve their organisation’s environmental, social and governance (ESG) reporting for investors will see improved access to capital, stock performance, and customer loyalty, according to Gartner

28 Apr 2021

Financial reporting

Accounting | Post Office sub postmasters cleared of accounting fraud

The Court of Appeal has quashed the convictions of 39 post office submasters who were wrongly accused of fraudulent accounting due to problems with the Horizon IT system

26 Apr 2021

Financial reporting

Accounting | IASB consults on update to IFRS Taxonomy

The International Accounting Standards Board (IASB) has published a proposed update to the IFRS Taxonomy 2021 amending a number of IFRS standards

23 Apr 2021

Accounting | ACCA launches Rethinking Sustainable Business hub for Earth Day

The Association of Chartered Certified Accountants (ACCA) has launched a business hub coinciding with Earth Day which will provide a central resource on sustainability issues for accountants

22 Apr 2021

Financial reporting

Corporate governance

Accounting | Practical planning for solvent exit and liquidation

Exiting a business can be a difficult time for owners, but there are times when the financial arguments stack up and potential buyers provide the investment motivation. Russell Payne, director at ReSolve, provides tips and advice

22 Apr 2021

Financial reporting

Accounting | FRC proposes extending Covid-19 related rent concessions

The Financial Reporting Council (FRC) has issued an exposure draft that proposes to extend the application period of requirements that cover the accounting treatment of temporary rent concessions occurring as a direct consequence of the Covid-19 pandemic by one year

21 Apr 2021

Accounting | Nearly half of world’s biggest companies factor cost of carbon into business plans

The latest research from Carbon Disclosure Project (CDP) reveals that nearly half of the world’s 500 biggest companies are now factoring carbon accounting into their businesses plans

21 Apr 2021

Financial reporting

Accounting | IASB sets out plans for IFRS for SMEs standard

The International Accounting Standards Board (IASB) is to go ahead with plans to reform the IFRS for SMEs standard to provide updates reflecting the last IFRS standards

20 Apr 2021

Accounting | Legal claims set to spike after businesses shun litigation

UK businesses have avoided using litigation to resolve commercial disputes during the Covid-19 pandemic, instead turning to negotiation and mediation, according to research by EY

19 Apr 2021

Law and regulation

Accounting | Financial firms need to invest in RegTech

Financial firms and regulators need to step up and embrace the use of regulatory technologoy (RegTech) to improve compliance standards and reduce financial crime

19 Apr 2021

Financial reporting

Accounting | The rise of ESG litigation and the importance of being prepared

The increasing importance of environmental, social and governance (ESG) as a staple of company reporting raises risks for businesses as misreporting can result in litigation, warns James Whitaker, partner at Mayer Brown

19 Apr 2021

Financial reporting

Technical Alerts

Accountancy & Audit | IASB clarifies the accounting for deferred tax on leases and decommissioning obligations

Accountancy & Audit | Final deadline for comment on post-implementation review of IFRS 10, 11 and 12

Accountancy & Audit | EFRAG publishes April update

Accountancy & Audit | HMT adds historical guidance for penalties for breaches of financial sanctions

Accountancy & Audit | EFRAG Update April 2021

Accountancy & Audit | UKEB consults on IFRS 17: insurance contracts

Accountancy & Audit | Financial Services Bill receives Royal Assent

Accountancy & Audit | SASB and IIRC merger to create Value Reporting Foundation

Accountancy & Audit | UKEB publishes response to IASB ED Lease Liability in a Sale and Leaseback

Accountancy & Audit | HMT reports on insolvency changes for payment and electronic money institutions

Accountancy & Audit | IFRS Foundation Trustees publish institutional arrangements for proposed new sustainability standards board

Accountancy & Audit | April 2021 IASB Update published and work plan updated

Accountancy & Audit | Final deadline for comment on Covid-19-Related Rent Concessions beyond 30 June 2021

Accountancy & Audit | FRC announces Advisory Panel appointments

Accountancy & Audit | UKEB consults on proposed amendment to IFRS 16

Accountancy & Audit | EFRAG to develop sustainability reporting directive