Consultations

Accounting / Treasury consults on public sector financial reporting rules

The Treasury is consulting on revisions to the government financial reporting manual (FReM) to improve the quality and transparency of public sector annual reports

Accounting / Accounting deadlines: Sep - Dec 2019

The key accounting deadline is 30 September for annual returns for private companies for periods ending 31 December 2018, and for public companies with periods ending 31 March 2019 to be filed at Companies House, while December marks year end reporting for academy school trusts

Accounting / EFRAG launches crypto-assets research to tighten accounting rules

The European Financial Reporting Advisory Group (EFRAG) is seeking input from crypto-assets experts, as part of a research project looking to address current gaps in accounting standards

Accounting / Overhaul of charity SORP committee sees change of membership

There is to be a major overhaul of the way the charity accounting rules under the Charity SORP framework are developed with a new, smaller SORP committee, following a highly critical government review

Accounting / Accounting updates: September 2019

This month’s roundup of accounting stories includes accounting errors at Renolds and Eddie Stobart Logistics, Goals ex-CFO faces questions, Companies House updates, a university launches an app to translate financial reports, and consultations over insurance contracts, lease accounting, investment property and valuations

Accounting / IPSASB consults on public sector accounting for financial instruments

The International Public Sector Accounting Standards Board (IPSASB) is consulting on amendments to IPSAS 41, Financial Instruments to clarify how to account for a number of important categories of financial instruments that are specific to the public sector

Accounting / FRC consults on draft feedback on IFRS 17 pre-release amendments

The Financial Reporting Council (FRC) has released a draft of its proposed responses to IASB’s pre-implementation consultation on complex amendments to IFRS 17 Insurance Contracts even before the standard has been released

Accounting / US standard setter consults on delay to lease accounting standard

The US Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that would grant private companies, not-for-profit organisations, and certain small public companies additional time to implement the new standard on leases, current expected credit losses (CECL) and hedging

Accounting / US standard setter set to delay lease accounting rule change

The Financial Accounting Standards Board (FASB) is considering deferring the implementation date for the new lease accounting standard by a year for private companies and non-profits in the US

Accounting / IVSC consults on valuation of financial instruments

The International Valuation Standards Council (IVSC) is consulting on how to modify and enhance its standard for the valuation of financial instruments, given current concerns around inconsistencies and poor quality in international standards

Accounting / Consultations – IFRS and UK GAAP: Aug-Nov 2019

This month’s accounting and audit consultations from the International Accounting Standards Board (IASB) and Financial Reporting Council (FRC) include narrow-scope amendments to tax treatments and disclosure policy under IAS 1, IFRS annual improvements and carbon reporting taxonomy

Accounting / FRC consults on energy reporting taxonomy

The Financial Reporting Council is consulting on an additional taxonomy to reflect the new reporting requirements for energy and carbon data introduced on 1 April 2019

Accounting / Consultation on investment property under IFRS for SMEs

The IFRS Foundation has issued a draft Q&A for comment on the application of the IFRS for SMEs standard relating to investment property exemptions on first adoption of the accounting rules

Accounting / IASB consults on IAS 1 focus on materiality in accounting policy disclosures

The International Accounting Standards Board (IASB) has published proposed narrow-scope amendments to IAS 1 Presentation of Financial Statements to help companies improve their accounting policy disclosures for users of financial statements

Accounting / Accounting updates: August 2019

In this month’s accounting updates, misstatements at AIM-listed Renold and Eddie Stobart Logistics, deferred prosecution for Serco, late filing penalty change at Companies House, revised ethics code, FRC flags problems with half of annual reports reviewed, IASB consults on insurance contracts and prioritises intangibles, while one third of local councils are at risk of financial failure
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