Financial reporting

Tax / Covid-19: football clubs fight to keep going as grounds remain closed

Football clubs are coming under increasing pressure to cut top players’ multimillion pound wages as support staff at clubs are put on the government’s 80% furlough scheme, and EFL clubs are already struggling to pay March salaries

Accounting / Covid-19: charity SORP guidance issued

Charity trustees and preparers of charity accounts have been given new guidance by the SORP-making body, looking at the potential impact of the control measures to contain Covid-19 on their financial reporting, reports Pat Sweet

Accounting / Covid-19: banks suspend £15bn in dividend payments

In response to a request from the Prudential Regulation Authority (PRA) the UK’s seven largest banks are to suspend £15bn of dividend payments to shareholders and halt buybacks on ordinary shares until the end of 2020, and will also cancel payments of any outstanding 2019 dividends

Accounting / Fraud and money laundering - NEW CPD module

This month's exclusive Accountancy Daily CPD module focuses on how to deal with potential fraud and money laundering situations, which is even more crucial in face of heightened risk during covid-19 crisis

Accounting / SEC zooms in on mistaken identity over video app

The US Securities and Exchange Commission (SEC) has stepped in to address a case of mistaken identity which has seen investors put money into a little known Chinese tech firm, Zoom Technologies, in the mistaken belief that it is behind the Zoom, the video conferencing app which is going through the roof as a result of coronavirus working from home rules

Accounting / Revised investment reporting standards delayed to September

The Financial Reporting Council (FRC) has issued revised Standards for Investment Reporting (SIRs) 1000 to 5000, and a new SIR 6000 dealing with reports on Quantified Financial Benefits Statements (QFBSs) published in accordance with the City Code

Tax / Covid-19: non-essential shops closed but not exhaustive list

The Prime Minister has announced the early steps towards mandatory lockdown with all non-essential shops closed and provision for unlimited penalites for business owners who breach the rules. Sara White reports

Accounting / Covid-19: companies risk breaching banking covenants

Amid a deluge of profit warnings and slashed dividends, UK corporates face breaking banking covenants as they struggle to deal with the impact of covid-19

Accounting / Covid-19: Covid Corporate Financing Facility available

The Bank of England has set out details of how the Covid Corporate Financing Facility (CCFF) will work for listed FTSE companies, which opened to new applications from 23 March

Tax / Coronavirus Business Interruption Loan Scheme open for applications

Businesses will be able to access government support valued at £330bn through the Coronavirus Business Interruption Loan Scheme for SMEs and Covid Corporate Financing Facility for the largest corporations from 23 March

Accounting / FCA implements two-week moratorium on FTSE corporate reporting

The Financial Conduct Authority (FCA) has confirmed that there will be a moratorium on the publication of all FTSE listed company preliminary financial statements for at least two weeks due to covid-19

Accounting / Bank of England advice on liquidity reporting under IFRS 9

The Bank of England and Prudential Regulation Authority (PRA) has issued initial guidance on reporting expected credit loss (ECL) estimates under IFRS 9 Financial Instruments in wake of covid-19

Accounting / IASB seeks detailed disclosures on business acquisitions

The International Accounting Standards Board (IASB) is seeking views on potential changes to IFRS standards regarding business acquisitions, to make it easier for investors to assess the performance of any acquisitions

Accounting / Additional postponement for IFRS 17 insurance contracts

The International Accounting Standards Board (IASB) has announced a further one-year deferment of the implementation date for IFRS 17 Insurance Contracts, so the effective date for the standard will now be 2023

Accounting / FRC flags £94m error in Galliford Try accounts

A Financial Reporting Council (FRC) investigation has found that FTSE 250 builder Galliford Try overstated its assets by £94.3m, following errors in the way it recognised revenue on certain construction contracts
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