Accounting standards

Accounting / Company forced to reinstate financials due to impact of IFRS 9 and IFRS 15

Technology company, Aspocomp, has had to adjust its 2018 opening statement of financial position due to the adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers, with €1m being added to the company’s net sales for 2017

Accounting / Revenue recognition changes see profits drop 17% at GE

US industrial conglomerate General Electric (GE) has restated earnings for 2016 and 2017 to reflect new accounting standards, reducing reported profits by 17% and disclosing a new tax charge of $1.2bn (£97m)

Accounting / IFRS 15 tips: preparing for June 2018 interim accounts

 Tony Perkins, audit partner at BDO, explains the pros and cons of the full retrospective or catch-up approach tin the transition to accounting for revenue recognition under the new IFRS 15 Revenue from Contracts with Customers focusing on issues for reporters preparing June 2018 interim accounts

Accounting / Divergent financial regulation costs $780bn a year

The current patchwork of global financial regulations is costing $780bn (£549bn) a year as a result of inconsistencies between different jurisdictions, with smaller institutions more likely to experience additional costs, according to research from the International Federation of Accountants (IFAC) and Business at OECD (BIAC)

Accounting / Airbus reports 20% hike in EBIT using IFRS 15 Revenue Recognition

Multinational aircraft and aerospace supplier Airbus has provided further details of the restatement of its 2017 financial figures to account for the implementation of IFRS 15 Revenue from contracts with customers, which will see a 20% increase in earnings before interest and taxes (EBIT) adjusted

Accounting / CDSB issues revised climate disclosure reporting framework

The Climate Disclosure Standards Board (CDSB) has released an updated version of the framework for reporting environmental information, natural capital and associated business impacts

Accounting / Revised Code takes into account IFRS 9 and IFRS 15 for local government

The joint board of the Chartered Institute of Public Finance and Accountancy and the Local Authority (Scotland) Accounts Advisory Committee (CIPFA/LASAAC), has issued the latest Code of Practice on Local Authority Accounting in the United Kingdom 2018/19

Accounting / ESMA to focus on IFRS 9 and IFRS 15 implementations

The European Securities and Markets Authority (ESMA) has indicated its focus continues to be on IFRS convergence, as it publishes its 2017 annual report on the enforcement and regulatory activities of accounting enforcers within the EU

Accounting / Accounting updates: April 2018

In this month’s roundup of developments in accounting and financial reporting, revised anti-money laundering rules for accountants extend focus on PEPs, charity SORP amendments, FD whistleblower flagged Carillion accounting mess

Accounting / Challenges of accounting for LLPs

Limited liability partnership (LLP) accounts create challenges over profits, revenue recognition and mergers, explains Sarah Perrin ACA

Accounting / IFRS rules on changing accounting policy under IAS 8 up for review

The International Accounting Standards Board (IASB) has issued a four-month consultation on minor amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, to improve the quality of financial reporting

Accounting / IFRS 16 Leases: top tips and advice for transition - part 2

In part two of this series on IFRS 16 Leases, Danielle Stewart, partner and head of financial reporting at RSM, outlines key practical tips for businesses as they prepare for the introduction of this fundamental change to the rules for lease accounting

Accounting / IFRS Taxonomy 2018 published

The IFRS Foundation has published IFRS Taxonomy 2018, covering a number of updates to the 2017 version of the taxonomy, which facilitates the electronic reporting of financial statements that comply with IFRS standards

Accounting / IFRS 16 Leases: complying with the standard - part 1

With under a year until its introduction, Calum Fuller looks at IFRS 16 Leases’ requirements and what businesses should do to comply

Accounting / Carillion accounts ‘work of fiction’

An MP has described KPMG’s last set of accounts for failed outsourcer Carillion as ‘a work of fiction’, while a leading investment group and shareholder in the company has asked audit committees at two other companies audited by KPMG to confirm the quality of the firm’s work