Financial reporting

Accounting / Labour party to review auditing and accounting regime

The Labour party is commissioning an independent review of the corporate auditing and accounting regime in the UK, with shadow Chancellor John McDonnell declaring ‘no more Carillion scandals on Labour’s watch’

Accounting / Economic trends: council funding system faces overhaul

David Phillips and Neil Amin-Smith, economists at the Institute for Fiscal Studies (IFS) examine the plans for radical overhaul of the council funding system, the impact of the funding pilot on local authoritiy spending and question whether it is creating fairer distribution of funds for local authorities

Accounting / IFRS 16 Leases: tips and advice for utilities sector - part 3

In part three of this series on IFRS 16 Leases, Peter Westaway, senior manager audit at Deloitte, explains the key changes to lease reporting for utility companies under IFRS 16 

Accounting / Thousands of companies avoid disclosing ultimate ownership

Despite efforts to force companies to disclose their ownership through the PSC register, tens of thousands of British companies are still not complying with the rules brought in to counter fraud and money laundering

Accounting / Carillion: FRC slated as toothless regulator and Big Four ‘too cosy'

In a lacerating report on the collapse of Carillion, the joint Parliamentary select committee has castigated the ‘parasitical relationship’ between the Big Four, accused the Financial Reporting Council (FRC) of ‘toothlessness’ and called for a major overhaul of the statutory audit market and the regulatory regime

Accounting / Carillion slammed over late payments and hidden debt

Carillion has been branded a ‘notorious late payer’, despite signing up to the government’s prompt payment code, in evidence provided to the work and pensions and BEIS select committees’ inquiry into the collapsed outsourcer, reports Pat Sweet

Accounting / IFRS changes to IAS 8 Accounting Policies released

The IFRS Foundation has published a document providing an overview of its proposed amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, which are designed to simplify the application of accounting policy changes resulting from agenda decisions published by the IFRS interpretations committee

Accounting / MPs warn of MoD financial weaknesses

The Ministry of Defence (MoD) risks being up to £20bn short of the amount it requires to fund vital equipment because of unrealistic financial planning and a lack of controls, the public accounts committee (PAC) has warned

Accounting / Barclays chief fined £642k over whistleblowing incident

Barclays chief executive James Staley has landed a six-figure fine over his handling of a whistleblowing incident at the banking giant

Accounting / No amendments to FRS 101 Reduced Disclosure Framework in annual review

There are no changes to FRS 101 Reduced Disclosure Framework following the Financial Reporting Council’s (FRC’s) annual review of the standard, while the regulator says it will review the impact of IFRS 17 Insurance Contracts in more detail when a clearer picture of the endorsement of the standard is known

Accounting / Reporting: UN sustainable development goals (SDGs) explained

Louise Scott, PwC UK sustainability and climate change director, explains how the United Nations' sustainable development goals (SDGs) should be integral to annual reporting and considers how to integrate the challenging goals into annual sustainability reports

Accounting / William Hill CEO pay challenged

Bookmaker William Hill is the latest high profile organisation to face a shareholder storm over executive pay rates, with 30.71% voting against the FTSE 250 company’s renumeration report, largely on the basis of concerns over plans to boost the chief executive’s pay

Accounting / Brexit proofing contracts during transition period

Initial transition talks have started but there is little clarity about the future validity of contracts during the pre-Brexit period. Richard Smith and Stuart Pickford, partners at law firm Mayer Brown, consider how to Brexit proof contracts to avoid commercial disputes and identify potential pitfalls

Accounting / Late filing by charities leaves £42m in exposed donations

The Charity Commission has flagged accounting failures at a quarter of charities that failed to provide annual reports and accounts for two years or more, and subsequently went into default

Accounting / CICs will have to report director remuneration

The government has signalled its intention to change secondary legislation to require mandatory reporting on director remuneration at community interest companies (CICs) later this year, reports Pat Sweet