Accounting standards

Accounting / IFRS 16 Leases: tips and advice for utilities sector - part 3

In part three of this series on IFRS 16 Leases, Peter Westaway, senior manager audit at Deloitte, explains the key changes to lease reporting for utility companies under IFRS 16 

Accounting / IFRS changes to IAS 8 Accounting Policies released

The IFRS Foundation has published a document providing an overview of its proposed amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which are designed to simplify the application of accounting policy changes resulting from agenda decisions published by the IFRS interpretations committee

Accounting / No amendments to FRS 101 Reduced Disclosure Framework in annual review

There are no changes to FRS 101 Reduced Disclosure Framework following the Financial Reporting Council’s (FRC’s) annual review of the standard, while the regulator says it will review the impact of IFRS 17 Insurance Contracts in more detail when a clearer picture of the endorsement of the standard is known

Accounting / Reporting: UN sustainable development goals (SDGs) explained

Louise Scott, PwC UK sustainability and climate change director, explains how the United Nations' sustainable development goals (SDGs) should be integral to annual reporting and considers how to integrate the challenging goals into annual sustainability reports

Accounting / CICs will have to report director remuneration

The government has signalled its intention to change secondary legislation to require mandatory reporting on director remuneration at community interest companies (CICs) later this year, reports Pat Sweet

Accounting / Korean regulator investigates Samsung BioLogics accounting

Samsung BioLogics has become embroiled in a war of words with the Korean regulator the Financial Supervisory Service (FSS) after claims the multinational employed fraudulent methods in accounting for a subsidiary, Samsung Bioepis, which saw $6bn (£4.3bn) wiped from the ’s pharmaceutical company’s value

Accounting / Accounting updates: May 2018

In this month’s roundup of developments in accounting and financial reporting, Air Partner forced to deal with £3.3m accounting error, IASB refreshes Conceptual Framework for IFRS users, US GAAP rules on revenue recognition hit GE profits

Accounting / Volkswagen profits dip 3.6% after adopting IFRS 9

Automotive giant Volkswagen is the latest company to report a dip in profits in the first quarter of the year as a result of switching to a new IFRS 9 Financial Instruments to report derivatives

Accounting / Marshall: too much disclosure in financial statements

Investors should not have to sift through excessive disclosures and poorly presented information to find the real value in financial statements, says Andrew Marshall, senior technical partner at KPMG

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