Accounting standards

Accounting / Pensions SORP 2018: what has changed?

The Pensions Statement of Recommended Practice (SORP) has been updated to bring it in line with the latest FRS 102 triennial review. Sarah Perrin ACA looks at the key changes including common investment funds, definition of a financial institution and material uncertainty

Accounting / Charity accounts part 3: SoFA presentation and disclosures

This article, the third in our series on charity accounts, will focus on the objectives of charities’ Statement of Financial Activities (SoFA), outlining what information is included, and what information should be disclosed under FRS 102 SORP

Accounting / LLP accounting: revenue recognition - part 3

In the third of a new series on accounting for limited liability partnerships (LLPs), Iain Storey of Price Bailey, explains what to consider when recognising the revenue of an LLP

Accounting / FRC Lab seeks participants for climate reporting project

The Financial Reporting Lab is looking for investors and companies to take part in a new project on the disclosure of climate change and workforce information

Accounting / EFRAG flags up IFRS 17 concerns

The European Financial Reporting Advisory Group (EFRAG) has written to the IASB to highlight certain aspects of IFRS 17 Insurance Contracts that its research with insurers has indicated merit further consideration, which include possible unexpected costs in implementation

Accounting / Charity accounts Part 1: framework and scope

This article, the first in our series on charity accounts, will focus on the framework of charity regulation and accounts outlining which charities are exempt from filing and audit examinations and providing details on Statements of Recommended Practice (SORP)

Accounting / IASB to reconsider amortisation of goodwill

The International Accounting Standards Board (IASB) has indicated it now plans to consider re-introducing amortisation of goodwill as part of its post-implementation review of IFRS 3 Business Combinations.

Accounting / Accounting updates: September 2018

In this month’s roundup of developments in accounting and financial reporting, LLP accounting SORP set for refresh, FRC revises guidance for preparing Strategic Reports, record accountancy ban for former AssetCo execs

Accounting / FASB updates accounting for cloud computing service arrangements

The Financial Accounting Standards Board (FASB) has issued an accounting standards update (ASU) which is designed to reduce the complexity of the accounting for costs of implementing a cloud computing service arrangement

Accounting / EFRAG responds to financial instruments discussion paper

The European Financial Reporting Advisory Group (EFRAG) is seeking feedback on its draft comment letter in response to the International Accounting Standards Board's (IASB) discussion paper 2018/1 Financial Instruments with Characteristics of Equity, which seeks to clarify the distinction between liabilities and equity

Accounting / US public sector accounting standard on financial instruments issued

The International Public Sector Accounting Standards Board (IPSASB) has released IPSAS 41, Financial Instruments, which it says substantially improves the relevance of information for financial assets and financial liabilities, addressing reporting issues which became evident during the 2008 financial crisis

Accounting / FASB proposes revisions to US credit losses standard

The Financial Accounting Standards Board (FASB) is consulting on proposals for amendments to the transition requirements and scope of the credit losses standard issued in 2016, with the aim of making implementation less complex

Accounting / Four regulators to review charity SORP committee and practice

The four charity regulators in the UK and Republic of Ireland are to hold a governance review of the constitution and composition of the charities statement of recommended practice (SORP) committee and the SORP making process, which handles charity accounting rules

Accounting / IFRS 16 Leases: discount rates and calculating net present value

Andrew Marshall FCA, senior technical partner at KPMG UK, considers the impact of discount rates when leases come onto the balance sheet under the new IFRS 16 Leases standard, effective from 1 January 2019

Accounting / FASB issues insurance standard for US reporters

The US Financial Accounting Standards Board (FASB) has issued the revised lease accounting standard, changing the way insurance contracts report under an Accounting Standards Update (ASU) that improves financial reporting for insurance companies that issue long-duration contracts, such as life insurance, disability income, long-term care, and annuities