Accounting standards

Accounting / Charity Commission and ACCA sign referral agreement

The Charity Commission has signed an agreement with ACCA allowing the regulator to refer cases of poor professional practice by accountants and finance professionals to the professional body, the first such arrangement in the accountancy sector

Accounting / IASB amends IAS 1 to clarify debt classification

The International Accounting Standards Board (IASB) has issued limited amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current, to promote greater consistency

Accounting / Carillion collapse creates hospital cost overruns

One year on from the collapse of Carillion, the National Audit Office (NAO) has published a report revealing substantial cost and time overruns on progress on two hospitals which the outsourcer was building at the time

Accounting / International reporting: 2020 and beyond

With the International Accounting Standards Board (IASB) focusing on disclosures, management commentary and improving the quality of financial reporting in 2020, Jeroen Van Doorsselaere examines the IFRS standard setter’s work plan

Accounting / Brydon review will see audit remit extended to fraud

A major overhaul of audit following the Brydon report will see the creation of a separate corporate auditing profession, greater focus on fraud detection during audits, and the replacement of the ‘true and fair’ concept

Accounting / One in three Scottish councils improve financial reporting

Scottish councils have made ‘some improvement’ to transparency in financial reporting, Audit Scotland report shows

Accounting / Marshall: transition disclosures under IFRS 16 Leases

As the first full year reporting deadline for IFRS 16 Leases approaches, Andrew Marshall FCA, senior technical partner at KPMG, sets out the key issues to consider when finalising accounts

Accounting / Smith & Williamson revenues up 10% ahead of Tilney merger

Top 10 fund management and accounting group Smith & Williamson has reported a 10.3% hike in operating income for the first six months of the 2019/20 financial year, which also saw the firm announce a strategic merger with Tilney Group to create a £1.8bn business.

Accounting / Superdry finds £3.9m accounting error

Fashion brand Superdry has become the latest retailer to announce its reporting has contained accounting errors, with the company disclosing a £3.9m adjustment related to stock handling which has reduced profits for the second half of the year

Accounting / UK leads crackdown on suspicious transactions

Only one in five countries in Europe including the UK are fully compliant with the rules on suspicious transactions and order reporting (STORs) in financial services

Accounting / Post Office pays £58m to settle IT accounting failures

The Post Office has agreed to pay £58m to settle a long running legal case brought by a group of sub postmasters who faced charges of fraud which they said were down to problems with a new computerised accounting system

Accounting / SQA faces accounting fraud probe

The Scottish Qualifications Authority (SQA) is under investigation over allegations of internal accounting fraud, with claims a six-figure sum could be involved

Accounting / Call for corporate reporting to focus on culture

Accountants need to respond to investor demands for more transparency and actionable insights from company reports, but have doubts about the potential for artificial intelligence (AI) to help with this analysis, research by EY has found

Accounting / International reporting: IBOR Phase 2 and management commentary

Changes to the Interbank Offered Rate (IBOR) will impact IFRS 9 while a review of management commentary will tighten requirements around disclosures, the International Accounting Standards Board (IASB) has confirmed. Jeroen Van Doorsselaere explains

Accounting / Ted Baker to investigate £20m inventory overstatement

Upmarket fashion brand Ted Baker is launching a review of its accounting methods after discovering the value of inventory held on its balance sheet has been overstated by some £20m