Accounting standards

Accounting / Covid-19: charity SORP guidance issued

Charity trustees and preparers of charity accounts have been given new guidance by the SORP-making body, looking at the potential impact of the control measures to contain Covid-19 on their financial reporting, reports Pat Sweet

Accounting / Revised investment reporting standards delayed to September

The Financial Reporting Council (FRC) has issued revised Standards for Investment Reporting (SIRs) 1000 to 5000, and a new SIR 6000 dealing with reports on Quantified Financial Benefits Statements (QFBSs) published in accordance with the City Code

Accounting / Covid-19: Companies House extends accounts filing deadline

Companies House is granting a three-month extension for companies for filing company accounts, due to the current public health situation and the impact of coronavirus on staff who may be unwell or self-isolating, reports Pat Sweet

Accounting / FCA implements two-week moratorium on FTSE corporate reporting

The Financial Conduct Authority (FCA) has confirmed that there will be a moratorium on the publication of all FTSE listed company preliminary financial statements for at least two weeks due to covid-19

Accounting / Bank of England advice on liquidity reporting under IFRS 9

The Bank of England and Prudential Regulation Authority (PRA) has issued initial guidance on reporting expected credit loss (ECL) estimates under IFRS 9 Financial Instruments in wake of covid-19

Accounting / IASB seeks detailed disclosures on business acquisitions

The International Accounting Standards Board (IASB) is seeking views on potential changes to IFRS standards regarding business acquisitions, to make it easier for investors to assess the performance of any acquisitions

Accounting / Additional postponement for IFRS 17 insurance contracts

The International Accounting Standards Board (IASB) has announced a further one-year deferment of the implementation date for IFRS 17 Insurance Contracts, so the effective date for the standard will now be 2023

Accounting / FRC flags £94m error in Galliford Try accounts

A Financial Reporting Council (FRC) investigation has found that FTSE 250 builder Galliford Try overstated its assets by £94.3m, following errors in the way it recognised revenue on certain construction contracts

Accounting / FCA focuses on climate change disclosures

The Financial Conduct Authority (FCA) is consulting on climate-related disclosure requirements for premium listed issuers

Accounting / International reporting: IFRS 16, disclosures and IBOR progress

Jeroen Van Doorsselaere examines the latest developments in IFRS reporting from first year IFRS 16 Lease accounting implementation to plans for a new measure to define operating result before depreciation and amortisation (ORBDA) 

Accounting / Global ethics code must catch up with AI technology

The International Ethics Standards Board for Accountants (IESBA) is to update the code of ethics in response to the pace and magnitude of change caused by disruptive technological innovations

Accounting / Accounting updates: March 2020

In this month’s accounting updates, Deloitte fined £1.8m over Comet administration failures, FCA to investigate M&C Saatchi accounting errors, SORP charity accounting committee membership and Brexit transition guidance for accountants

Accounting / IPSASB consults on revenue and transfer expenses standards

The International Public Sector Accounting Standards Board (IPSASB) is consulting on three inter-connected exposure drafts which are intended to pioneer new approaches to accounting for some of the most significant transactions of public sector entities

Accounting / NMC Health hit by £258m accounting irregularities

FTSE 100 healthcare provider NMC Health has sacked its CEO and announced its CFO is on sick leave, after the company uncovered undisclosed loans to related parties amounting to $335m (£258m)

Accounting / How watertight are partnership agreements?

When partners are asked to leave their firm, frequently they will find little protection from their partnership agreements, even if they have been a high performer. Daniel Sutherland of law firm Fox Williams gives advice on how to challenge an expulsion decision
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