Accounting standards

Accounting / Marshall: tips on IFRS 16 preparation and lease terms

As the half year financial reporting period approaches, Andrew Marshall FCA, senior technical partner at KPMG, examines the complexities of calculating lease terms, particularly for property, when reporting under IFRS 16 Leases

Accounting / SEC to relax reporting rules for smaller companies

The Securities and Exchange Commission (SEC) has opened a 60-day consultation on changes to the definitions of ‘accelerated filer’ and ‘large accelerated filer’ to reduce compliance costs for smaller reporting companies in the US

Accounting / Kraft Heinz admits $181m in accounting ‘misstatements’

US food giant Kraft Heinz has revealed it will have to restate almost three years’ worth of accounts after an internal review found ‘certain misstatements’ meaning an estimated $181m (£138m) will have to be restated

Accounting / FRC consults on revising standards for investment reporting (SIRs)

The Financial Reporting Council (FRC) is consulting on revisions to the Standards for Investment Reporting (SIRs) in order to meet the new regulatory requirements under the Prospectus Regulations, due to come into force this July

Accounting / Accounting updates: May 2019

In this month’s accounting updates, the PRA calls for greater climate change risk reporting while the IASB says it will not move into sustainability reporting standard setting, PwC reports significant accounting irregularities at Datalex, Garden Bridge Trust is slated, and CIPFA consults on first financial management code

Accounting / International reporting: IFRS and climate change

With climate change top of the agenda, the IASB considers its impact on IFRS disclosures, plus the effects of changes to interbank offered rates on financial reporting and IFRS 17 implementation. Jeroen Van Doorsselaere, VP of Wolters Kluwer Financial Services explains

Accounting / Accounting rules for academy schools updated

The Education and Skills Funding Agency (ESFA) has updated its detailed guidance for academy trusts and auditors on preparing and auditing academy trusts' annual financial statements, with revised information in the Academies Accounts Direction for the current financial year ending 31 August 2019

Accounting / Triennial review: FRS 102 (2018) and directors’ loans – part 3

In the third of a four-part series on FRS 102 (2018), Michelle Roberts ACA, senior technical writer at Croner-i, explains the treatment of directors’ loans below market or zero rates of interest

Accounting / Triennial review: FRS 102 (2018) and investment properties – part 2

In part two of our FRS 102 series, James Waller CA considers how the accounting treatment of investment properties will change with the triennial review amendments to FRS 102

Accounting / Consultation on consolidated global banking regulation standards

The Basel Committee on Banking Supervision (BCBS) is consulting on plans for a consolidated version of its global standards for the regulation and supervision of banks, with the aim of making the standards more accessible and promoting their consistent global interpretation and implementation

Accounting / International reporting: latest IFRS improve transparency and clarity

The latest International Financial Reporting Standards (IFRS) including IFRSs 9, 15 and 16, have focused on increasing transparency in financial statements, which has created more clarity and improved risk management, says Jeroen Van Doorsselaere, VP of Wolters Kluwer Financial Services

Accounting / Accounting updates: April 2019

This month’s roundup of accounting stories include new SRA rules for law firms, CIPFA’s first financial management code, IFRS 8 consultation responses, Kier’s accounting error, a football accounting foul, Metro asset risk, PwC’s £5.6bn Steinhoff probe, call for better public sector reporting in Scotland

Accounting / PwC review finds ‘significant’ accounting irregularities at Datalex

Irish travel software company Datalex has revealed a string of ‘significant accounting irregularities’, after it asked PwC to conduct an independent review of accounting issues relating to revenue recognition and the application of IFRS 15, which were first identified in January

Accounting / ESMA calls for wider EU scrutiny of non-financial reporting

The European Securities and Markets Authority (ESMA) has published its annual report on the enforcement and regulatory activities of accounting enforcers within the EU, and has indicated next year’s focus will continue to be on non-financial reporting as well as the implementation of new IFRS standards

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
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