Financial reporting

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 / KPMG admits misconduct over BNY Mellon

The Financial Reporting Council (FRC) has announced that KPMG and partner Richard Hinton have admitted misconduct in connection with client asset reports prepared for BNY Mellon entities in 2011, and are now facing potential sanctions

Accounting / Big Four challenged over climate change reporting

Environmental lawyers ClientEarth have reported four companies to the Financial Reporting Council (FRC) over failures to address climate change trends and risks in their reports to shareholders, and have challenged their Big Four auditors to explain their approach

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 / Government tightens up director duty reporting rules

Changes to the reporting requirements for larger companies come into force in January 2019, as part of a revisions to the Companies Act 2006 (CA 2006) under The Companies (Miscellaneous Reporting) Regulations 2018 which extends reporting requirements to the strategic report, corporate governance and executive pay

Accounting / Charity accounts Part 2: annual report and disclosures

This article, the second in our series on charity accounts, will focus on what information should be included in the trustees; annual report as well as outlining compulsory and optional disclosure requirements

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 / Regulator warns on charities’ public benefit reporting

The Charity Commission is warning that too many charities are still failing to report adequately about what they do and how they spend their money, after its latest monitoring reviews of trustees’ annual reports and accounts showed only a modest improvement in the quality of public reporting

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