Accounting

Accounting / Superdry finds £3.9m accounting error

Fashion brand Superdry has become the latest retailer to announce its reporting has contained accounting errors, with the company disclosing a £3.9m adjustment related to stock handling which has reduced profits for the second half of the year

Accounting / UK leads crackdown on suspicious transactions

Only one in five countries in Europe including the UK are fully compliant with the rules on suspicious transactions and order reporting (STORs) in financial services

Accounting / BSBC consults on tougher oversight of cryptoassets

The Basel Committee on Banking Supervision (BCBS) has issued a consultation on the design of a prudential treatment for cryptoassets to improve regulatory oversight

Accounting / Post Office pays £58m to settle IT accounting failures

The Post Office has agreed to pay £58m to settle a long running legal case brought by a group of sub postmasters who faced charges of fraud which they said were down to problems with a new computerised accounting system

Accounting / IFRS architect Paul Volcker dies

Paul Volcker, who played a major role in the setting up of the IFRS standard setter, the International Accounting Standard Board (IASB), and was a key player in US monetary policy for three decades, has died at the age of 92

Accounting / SQA faces accounting fraud probe

The Scottish Qualifications Authority (SQA) is under investigation over allegations of internal accounting fraud, with claims a six-figure sum could be involved

Accounting / Call for corporate reporting to focus on culture

Accountants need to respond to investor demands for more transparency and actionable insights from company reports, but have doubts about the potential for artificial intelligence (AI) to help with this analysis, research by EY has found

Accounting / Council tax abuse tops local government fraud figures

Levels of local government fraud are falling, largely because of a crackdown on fraudulent housing claims, although this still accounts for three quarters of the £253m fraud figure

Accounting / M&C Saatchi hikes accounting misstatement to £11.6m

M&C Saatchi is to make £11.6m of adjustments to its 2018 and 2019 financial results, and has appointed PwC to take over from KPMG as the advertising agency’s external auditor

Accounting / International reporting: IBOR Phase 2 and management commentary

Changes to the Interbank Offered Rate (IBOR) will impact IFRS 9 while a review of management commentary will tighten requirements around disclosures, the International Accounting Standards Board (IASB) has confirmed. Jeroen Van Doorsselaere explains

Accounting / Shohet: why accountancy firm rankings matter

Climbing the accountancy league table is a serious business, but the overall pattern of movement suggests an existential threat to the practice community, write Foulger Underwood’s Phil Shohet and Kevin Reed

Accounting / Ted Baker to investigate £20m inventory overstatement

Upmarket fashion brand Ted Baker is launching a review of its accounting methods after discovering the value of inventory held on its balance sheet has been overstated by some £20m

Accounting / Accounting updates: December 2019

This month’s accounting update includes 10-year ban for ex-BHS boss, £40m losses at Goals Soccer Centre, FRC demands corporate reporting improvements, CIMA updates ethics code, EU securities markets regulator prioritises IFRS 16, US part delays lease standard, CIPFA clarifies property investment rules, and college accounts direction is updated

Accounting / Wanted: audit & accounting technical writers at Croner-i

Croner-i has an exciting opportunity for two audit & accounting technical writers to join a lively team based in our Blackfriars London office

Accounting / Shareholders threaten legal action over Quindell ‘misleading’ reporting

Shareholders in AIM-listed Quindell, now known as Watchstone Group, have signalled plans for legal action over losses sustained as a result of what they claim were misleading statements or omissions in the company’s representations to the London Stock Exchange
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