Financial reporting

Accounting / Council tax abuse tops local government fraud figures

Levels of local government fraud are falling, largely because of a crackdown on fraudulent housing claims, although this still accounts for three quarters of the £253m fraud figure

Accounting / M&C Saatchi hikes accounting misstatement to £11.6m

M&C Saatchi is to make £11.6m of adjustments to its 2018 and 2019 financial results, and has appointed PwC to take over from KPMG as the advertising agency’s external auditor

Accounting / International reporting: IBOR Phase 2 and management commentary

Changes to the Interbank Offered Rate (IBOR) will impact IFRS 9 while a review of management commentary will tighten requirements around disclosures, the International Accounting Standards Board (IASB) has confirmed. Jeroen Van Doorsselaere explains

Accounting / Ted Baker to investigate £20m inventory overstatement

Upmarket fashion brand Ted Baker is launching a review of its accounting methods after discovering the value of inventory held on its balance sheet has been overstated by some £20m

Accounting / Accounting updates: December 2019

This month’s accounting update includes 10-year ban for ex-BHS boss, £40m losses at Goals Soccer Centre, FRC demands corporate reporting improvements, CIMA updates ethics code, EU securities markets regulator prioritises IFRS 16, US part delays lease standard, CIPFA clarifies property investment rules, and college accounts direction is updated

Accounting / Wanted: audit & accounting technical writers at Croner-i

Croner-i has an exciting opportunity for two audit & accounting technical writers to join a lively team based in our Blackfriars London office

Accounting / Shareholders threaten legal action over Quindell ‘misleading’ reporting

Shareholders in AIM-listed Quindell, now known as Watchstone Group, have signalled plans for legal action over losses sustained as a result of what they claim were misleading statements or omissions in the company’s representations to the London Stock Exchange

Accounting / De La Rue issues warning on material uncertainty

Listed bank note printer De La Rue has issued a warning in its half year report about going concern issues due to escalating operating losses and a threat to banking covenants

Accounting / Using AI to improve decision making in accounting

Artificial intelligence (AI) is not yet advanced enough to challenge judgmental accounting and auditing decisions made by humans, but it will not be long before the technology can do so. Pete Hirsch, chief technology officer at Blackline, examines the potential of AI

Accounting / CIPFA clarifies rules on local authority property investments

The Chartered Institute of Public Finance and Accountancy (CIPFA) has issued guidance outlining reporting requirements for investments in property by local authorities to increase accountability

Accounting / US part delays credit loss and lease accounting standards

The US Financial Accounting Standards Board (FASB) plans to defer certain effective dates for upcoming accounting standards on current expected credit losses (CECL), leases, hedging and long-duration insurance contracts

Tax / Vodafone hit by 'excessive' taxes on Indian business

Vodafone is warning that it may review its India business if it is not able to resolve outstanding regulatory issues with the Indian authorities

Accounting / FRC tells companies to improve IFRS 16 Leases disclosures

Companies applying the new standard on lease accounting are not providing sufficient information on its impact, according to the Financial Reporting Council’s (FRC) review of the first year of implementation of IFRS 16 Leases

Accounting / Nikkei hit by $29m transfer fraud

Japanese media giant Nikkei, which owns the Financial Times, has admitted it has been the victim of a $29m (£22.4m) money transfer fraud

Accounting / 10-year ban for ex-BHS director Dominic Chappell

Former BHS director Dominic Chappell has been disqualified for 10 years, and his father given a five-year ban, following an Insolvency Service investigation into a series of financial dealings involving the retail chain