Financial reporting

Accounting / Guidance on holding company AGMs during Covid-19 pandemic

ICSA: The Chartered Governance Institute has published new guidance about company AGMs and the impact of Covid-19, which reflects the continuing impact of the coronavirus pandemic on companies’ ability to hold physical general meetings

Accounting / CVAs – retain or reform?

Increasing use of company voluntary arrangements (CVA) have come under fire as a vehicle to avoid debt burdens. Tania Clench, legal director at Cripps Pemberton Greenish, considers these criticisms, the impact of recent developments in insolvency law and potential future reforms

Accounting / Virtual and augmented reality may improve corporate reporting

The latest FRC Lab report, Virtual and Augmented Reality in corporate reporting, considers how virtual and augmented reality can be used to expand the scope and audience for corporate reporting

Accounting / Insolvency protection extended to April 2022 due to pandemic

The government has given businesses much-needed breathing space with extension of insolvency measures under the Corporate Insolvency and Governance Act to relieve pressure on businesses dealing with coronavirus

Accounting / Government invests £10m in green finance initiative

Leeds and London will be home to a new UK centre for global green finance and investment, energy minister Anne-Marie Trevelyan has announced

Accounting / ESFA updates budget forecast requirements for academy trusts

The Education and Skills Funding Agency has updated its guidance for academy trusts on submitting their budget forecast returns (BFR) this year

Accounting / International reporting: subsidiary accounts and banking standards

Jeroen Van Doorsselaere assesses the latest developments from the International Accounting Standards Board, including updates on how the banking sector has responded to the pandemic and the use of primary financial statements

Accounting / Luckin Coffee files for bankruptcy after accounting scandal

Luckin Coffee, China’s homegrown rival to Starbucks, has filed for chapter 15 bankruptcy in the US following accusations of accounting misstatements

Accounting / Early indications of Wates Principles reporting

Sir James Wates CBE, chairman of the Coalition group which introduced the Wates Principles for large private companies assesses the level of compliance and quality of reporting two years since the principles were introduced

Accounting / IASB issues going concern reporting guidance

The International Accounting Standards Board (IASB) has issued guidance on how to apply going concern judgments when finalising annual reports as covid-19 impacts revenue

Accounting / Pension scheme trustees challenged over climate change reporting

The Department for Work and Pensions (DWP) is consulting on proposed legislation requiring occupational pension schemes to improve their climate risk governance and reporting, which has come under fire from the sector’s regulator

Accounting / Local government investment failures prompt Prudential Code review

CIPFA is consulting on proposals to strengthen the Prudential Code, following growing concerns over local government commercial property investments which have seen councils take on disproportionate levels of commercial debt to generate yield

Accounting / EU mulls tougher corporate due diligence

MEPs are proposing tougher due diligence rules, requiring companies to identify, address and remedy their impact on human rights and the environment throughout their value chain, which would apply to all companies operating in the EU internal market, including those from outside the EU

Accounting / Treasury failing to monitor local government financial risks

The Treasury has been accused of a ‘laissez faire’ attitude towards the precarious financial position of local authorities, with the Public Accounts Committee (PAC) warning of ‘significant risk’ to government because of a lack of planning

Accounting / FRC/FCA advice for companies and auditors of financial accounts

The Financial Reporting Council (FRC) and the Financial Conduct Authority (FCA) have published updated guidance for companies and auditors to ensure high quality financial information continues to flow to users to support decision-making