Accounting standards

Accounting / IIRC publishes revisions to International <IR> Framework to enable enhanced reporting

The International Integrated Reporting Council (IIRC) has published revisions to the International <IR> Framework to enable more decision-useful reporting

Accounting / Accountex London 2021 show postponed

Continuing Covid-19 restrictions have seen Accountex London – the UK’s flagship accounting and finance conference and exhibition – postponed until May 2022

Accounting / International reporting: the Covid-19 impact and opportunities ahead

To some last year’s travails were a first test for the changed IFRS standards that took on new forms after the 2008 crisis. Others, meanwhile, were calling out for exceptional measures, as opposed to trusting in the standard frameworks. Jeroen Van Doorsselaere explains

Accounting / UK standards Endorsement Board starts work

The UK Endorsement Board (UKEB), the body tasked with endorsing and adopting international accounting standards now that the UK has left the EU, has officially launched

Accounting / Accounting updates: 2020 highlights

In a round-up of the biggest accounting stories of the year, we look at accounting and disclosure errors, financial and non-financial reporting standard reviews, Brexit transition planning and FRC warning on cashflow errors

Accounting / WPP and Deloitte find accounting standards errors

WPP, the world’s biggest advertising group, is to restate its financial statements from 2017 to 2019, after discovering its most recently reported statutory losses were under-stated by £301m

Accounting / Consultation on changes to UK investment firm regulation

The Financial Conduct Authority (FCA) has published its first consultation on a new prudential regime for UK investment firms, which includes significantly enhanced capital requirements

Accounting / Tips and advice on preparing parochial church council accounts

The preparation of accounts that reflect the finances of a Parochial Church Council is unique in itself but throw into the mix ‘who owns what’, and complex rules on what can and cannot be capitalised, means accountants need to be careful. Helen Ford FCCA, accounts senior at Butler & Co explains

Accounting / IASB reviews group accounting standards

The International Accounting Standards Board (IASB) is seeking feedback on three IFRS standards for group accounting, in order to assess their usefulness to users of financial statements, the ease of implementation and any unexpected costs of application

Accounting / General Electric hit with $200m penalty over disclosure failures

US industrial giant General Electric (GE) is to pay a $200m (£150m) penalty to settle charges brought by the Securities and Exchange Commission over disclosure failures in its power and insurance businesses

Accounting / BEIS consults on major Companies House overhaul

The Department for Business, Energy and Industrial Strategy (BEIS) has launched three consultations on reforms to Companies House, designed to improve the integrity of the information available about companies and strengthen its ability to tackle fraud

Accounting / IFRS 17: amendments to accounting insurance standard problematic

Recent tweaks to IFRS 17 Insurance Contracts have provided some much needed clarity, but there is still room for interpretation and a financial hit when insurance companies first adopt the accounting standard in 2023, warn Michael Winkler and Sunil Kansal FCA of Shasat Consulting

Accounting / Call to enhance IAS 37 disclosures for pollution clean-ups

Ambiguities in the existing international accounting standards have resulted in a lack of transparency about the decommissioning and clean-up costs incurred by pollution-prone industries, resulting in potential liabilities for taxpayers, according to ICAS

Accounting / FRC consults on property and plant exemption in FRS 101

The Financial Reporting Council (FRC) is consulting on minor amendments to FRS 101 Reduced Disclosure Framework as part of the 2020/21 review cycle to keep it in line with IFRS

Accounting / IASB set to amend IFRS 3 for M&As under common control

The International Accounting Standards Board (IASB) is consulting on possible new accounting requirements under current IFRS 3 standard for mergers and acquisitions involving companies within the same group