Accounting standards

Accounting | Accounting for critical judgments under IAS 1

Critical judgments are frequently raised as an issue by the Financial Reporting Council in its annual Corporate Reporting Reviews as they are not clearly identified or explained. Rachel Farris FCA CTA, Croner-i, summarises the requirements around judgments set out in IAS 1

6 Jul 2022

Accounting | CPD module: accounting for cryptocurrencies

In this month’s exclusive Accountancy Daily CPD module we consider the key issues to consider when accounting for cryptocurrency, from accounting standard selection to valuations

4 Jul 2022

Accounting | The practicalities of transitioning to FRS 102

Steve Collings FCCA looks at transitioning to FRS 102, with a focus on the process, transitional adjustments, opening balance sheets, plus practical examples

29 Jun 2022

Accounting | SASB prepares for merger with sustainability standards board

The Sustainability Accounting Standards Board (SASB) will transfer all open standard-setting projects to the International Sustainability Standards Board (ISSB) by the end of June

22 Jun 2022

Accounting | IFRS 17 will hit public sector risk adjustments

The Government Actuary’s Department (GAD) is working with government departments and public sector organisations to clarify the new insurance reporting requirements

10 Jun 2022

IFRS

Accounting | IFAC calls for simplified approach to sustainability standards

Concerns about potential complexity of new sustainability standards has seen capital markets groups and accountants join forces to call for a simplified approach

7 Jun 2022

Accounting | FRC concludes FRS 101 review without changes

The Financial Reporting Council (FRC) has issued Amendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework 2021/22 cycle

23 May 2022

UK GAAP

Accounting | Sustainability standard baseline by late 2022

The International Sustainability Standards Board (ISSB) has outlined the necessary steps required to establish a comprehensive global baseline of sustainability disclosures by the end of 2022

19 May 2022

Accounting | FRC tips on improving complex discount rate reporting

The Financial Reporting Council (FRC) has published a review of the use and problems related to accounting for discount rates, including dealing with complexity

18 May 2022

Accounting | IFRS 17 Insurance Contracts approved for use in UK

The UK Endorsement Board (UKEB) has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies

17 May 2022

IFRS

Accounting | Sustainability standards must not create more reporting

The government plans to consult on endorsement plans for future sustainability standards by the end of the year but will aim to consolidate reporting requirements to reduce overlap

16 May 2022

Accounting | ISQM (UK) 1 and the risk assessment process

As firms begin to realise the fast approaching deadline of complying with new requirements under quality management standard ISQM (UK) 1, Helen MacNeill FCA and Sarah Baxendale FCA look in more detail at the risk assessment process

20 Apr 2022

Accounting | FRC plans outreach before finalising FRS 102 review

The Financial Reporting Council (FRC) plans to consult on possible amendments to UK GAAP in September following a series of roundtables with stakeholders

6 Apr 2022

UK GAAP

Accounting | Treasury to regulate cryptocurrency stablecoins

The government plans to regulate stablecoins cryptocurrency as part of a wider aim to make the UK a hub for digital payment companies

5 Apr 2022

Accounting | IFRS for SME rules on revenue recognition under review

At a meeting of the International Accounting Standards Board (IASB), members of the IFRS for SMEs working group discussed possible simplifications to the accounting rules

30 Mar 2022