Accounting standards

Accounting / EFRAG consults on IFRS 3 amendments

The European Financial Reporting Advisory Group (EFRAG) has issued a draft endorsement advice letter relating to the endorsement for use in the EU of Definition of a Business (Amendments to IFRS 3 Business Combinations).

Accounting / IVSC consults on non-financial liabilities standard

The International Valuation Standards Council (IVSC) has launched a consultation on a proposed new standard, IVS 220 Non-Financial Liabilities, which provides guidance on valuing for goods and services rather than financial assets

Accounting / LLP SORP 2018: what it means for limited liability partnerships

The latest version of the LLP SORP 2018, released in December, updates the LLP accounting rules to meet the requirements of the FRS 102 Triennial Review. James Waller, technical writer, audit and accounting at Croner-i, examines the key changes

Accounting / Accounting updates: January 2019

In this month’s roundup of accounting and reporting developments, IFRS 16 Leases effective date hits balance sheet, SEC fines Hertz Global $16m over accounting misstatement, crackdown on abuse of Scottish partnerships for money laundering

Accounting / EFRAG consults on material amendments to IAS 1 and 8

The European Financial Reporting Advisory Group (EFRAG) has issued an invitation to comment on the proposed definition of material in amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

Accounting / FRS 105 micro accounting: what entities qualify – part one

In the first of a two-part series on the FRS 105 micro-entity accounting regime, Anne Cowley ACA, senior technical writer at Croner-i, outlines which entities can qualify and how the rules change a company’s accounts

Accounting / IFRS 16 Leases effective date hits balance sheet

IFRS 16 Leases is effective for annual reporting periods beginning on or after 1 January 2019, effectively bringing leases onto the balance sheet for the first time, hitting sectors with multiple mid and long-term leases

Accounting / SEC fines Hertz Global $16m over accounting misstatement

Hertz Global Holdings has agreed to pay a $16m fine, set by the Securities and Exchange Commission (SEC), to settle a case over accounting misstatement which saw the company reduce its previously reported pre-tax income by $235m

Accounting / Charity review finds drop in reporting standards

A review by the Charity Commission of charity’s public reporting has shown a decrease in the number that meet the basic benchmark for audit quality, the first time that such reviews have found a ‘significant deterioration’

Accounting / Legal updates: January 2019

Our monthly roundup of significant accounting cases features Court of Appeal decision in Global Corporate Ltd v Hale over dividends, misrepresentation claim against Nottingham Forest Football Club sale and six-year ban under s386 of Companies Act. Sophie Brookes, partner at Gateley plc, examines the rulings

Accounting / International reporting: what 2019 holds for IFRS

If 2018 was significant for the International Accounting Standards Board with the introduction of IFRS 9 and IFRS 15, 2019 will sees IFRS 16 Leases come into effect, continuing work on improving the disclosure requirements and more work on clarify the delayed insurance contracts standard, IFRS 17. Jeroen Van Doorsselaere, VP of Wolters Kluwer Financial Services, looks at the key issues for international reporters in the year ahead

Accounting / Quick tips: accounting under IFRS 16 Leases

Paul Lippitt, principal consultant at fleet leasing company Lex Autolease, outlines seven steps to ensure smooth implementation of IRFS 16 Leases, effective for accounting periods starting 1 January 2019

Accounting / CCAB publishes revised LLP SORP

The Consultative Committee of Accountancy Bodies (CCAB) has published an updated version of the statement of recommended practice – accounting by limited liability partnerships (LLPs SORP), designed to take into account revisions to FRS 102

Accounting / IFRS 16 Leases: tips and advice for aviation sector - part 8

The latest in our series on the lease accounting rule changes under IFRS 16 Leases focuses on the implications for the aviation sector, the impact on cash flow and arguments for renegotiating lease contracts. Steven Fox, head of corporate solutions at MRI Software, explains

Accounting / FRC details advisory group for corporate reporting project

The Financial Reporting Council (FRC), which is currently under fire after the Kingman review recommended its abolition, has announced the composition of the advisory group for a major project on the future of corporate reporting