Accounting standards

Accounting / Streamlined energy and carbon reporting to be mandatory

Large companies will be required to adopt a streamlined energy and carbon reporting (SECR) framework from April 2019 which will see them include details of energy use, carbon emissions and their energy efficiency measures in their annual report, as part of the government’s drive for business and industry to cut energy use by at least 20% by 2030

Accounting / Global insurers see costs of IFRS 17 implementation balloon

Global insurers have significantly underestimated the costs of moving toward a new accounting regulation, IFRS 17 Insurance Contracts, with more than a third now budgeting over €50m (£44.2m) for implementation, according to research from Deloitte

Accounting / 2018 Revised Pension SORP: briefing note

A revised and refreshed version of the accounting rules for the pension sector, the Pension SORP, has been released to take into account recent amendments to FRS 102. Here the Pensions Research Accounting Group (PRAG) provides a briefing note on the significant changes

Accounting / Pensions SORP revised: what you need to know

The Pensions SORP  - Statement of Recommended Practice - has been updated to take account of changes to FRS 102 and various legislative amendments to pension rules. Shona Harvie, partner in the pension funds group at Crowe UK and chair of PRAG explains the key revisions effective from 2019

Tax / FB 2018-19: HMRC amends CIR rules to reflect IFRS 16 Leases standard

The government has published draft legislation requiring companies adopting IFRS 16 Leases to continue to classify leases as either financial or operating leases for the purposes of Corporate Interest Restriction (CIR) rules

Accounting / IFRS 16 Leases: tips and advice for construction companies - part 5

Rebecca Farmer, partner at EY, considers the complex accounting issues facing construction companies when applying the new lease standard, IFRS 16 Lease, offering tips and advice on dealing with control issues, specialised materials and judgment calls

Accounting / FCA publishes rules for extension of regulation regime

The Financial Conduct Authority (FCA) has published its near final rules on the extension of the senior managers and certification regime (SM&CR) to almost all regulated firms so that firms can understand what steps they need to take to prepare for its implementation

Accounting / CIPFA plans index to measure local authority ‘financial resilience’

CIPFA is consulting on plans to launch an index to provide a meaningful measure of local authority financial resilience to reassure to councils who are financially stable and prompt challenge where it may be needed

Accounting / NI and Ireland to join 2019 Charity SORP standard setting body

The Charity Commission plans to start working on a new Charity SORP next year and will involve representatives from regulators from Northern Ireland and Republic of Ireland for the first time

Accounting / Accounting updates: July 2018

In this month’s roundup of developments in accounting and financial reporting, government plans to endorse IFRS and maintain FRC as regulator post-Brexit, calls for CVA overhaul to protect company creditors, potential EY ‘conflict of interest’ in Carillion inquiry

Accounting / ICAEW claims public finances ‘even worse’ than Chancellor admits

The UK’s public finances are ‘even worse’ than the Chancellor’s assessment in last year’s budget, as figures from the Whole of Government Accounts are released, according to a senior figure within the ICAEW

Accounting / SEC extends disclosure exemption for smaller public companies

The US Securities and Exchange Commission (SEC) is planning to amend the smaller reporting company (SRC) definition for listed companies to expand the number of companies that qualify for certain reporting disclosure exemptions

Accounting / IASB consults on review of IAS 32 rules on equity reporting

The International Accounting Standards Board (IASB) is consulting on ways to improve the classification of financial instruments and equity in financial statements

Accounting / PRAG publishes updated SORP for pension accounting

The Pensions Research Accountants Group (PRAG) has revised the accounting framework for pension schemes with the publication of the Pensions SORP (Statement of Recommended Practice) 2018 to bring guidance in line with the latest version of FRS 102

Accounting / Charity annual returns to report international funding sources

The Charity Commission is making changes to the charity annual return 2018 to improve transparency about overseas funding sources and revenue from non-UK donors