Financial reporting

Accounting / PRAG updates pension scheme accounting guidance after Lloyds case

The Pensions Research Accountants Group (PRAG) has published guidance on how pension scheme accounts need to account for their equalisation liabilities for guaranteed minimum pensions (GMPs) following the Lloyds judgment on pension equality

Accounting / PwC probe finds £5.6bn of accounting errors at Steinhoff

A probe by PwC into accounting irregularities at South African retail giant Steinhoff International, which owns Poundland in the UK, has uncovered some €6.6bn (£5.6bn) of errors over an eight-year period

Accounting / Sub-postmasters win first trial over accounting IT issues

A group of over 500 former sub-postmasters (SPMs) have won an important first step in a series of trials relating to claims that the Post Office incorrectly and unfairly held them responsible for accounting discrepancies, which they held were due to failings with the Post Office’s Horizon IT system

Accounting / Error sees outsourcer Kier uncover more debt

Another large outsourcing company has revealed a potential accounting error, with construction specialist Kier Group forced to revise its debt up by £50m in its latest trading update, less than two months after it first provided the figures

Accounting / Five-a-side football business flags up accounting errors

Goals Soccer Centres, a Scottish company operating five-a-side football clubs across the UK, has revealed it now expects its 2018 full year results to be materially below expectations, after a business review identified a number of accounting errors

Accounting / IASB plans ‘game changer’ on financial reporting

Hans Hoogervorst, chair of the International Accounting Standards Board (IASB) has described its primary financial statements project as a ‘game changer’ in financial reporting

Accounting / Extension of beneficial ownership register to overseas territories delayed

Plans to extend the public register of beneficial ownership of overseas entities to cover offshore Crown dependencies and overseas territories will not happen before 2023 at the earliest, the government has confirmed

Accounting / Essentials: Brexit changes to company law for accountants

The government is passing substantive legislative changes to Companies Act 2006 (CA 2006) via statutory instrument and has issued guidance letters for accountants and auditors with advice on how to operate cross-border in the event of a no deal Brexit. James Waller CA, technical writer at Croner-i Tax and Accounting, explains the key considerations

Accounting / International reporting: materiality gets a make-over

Now that the International Accounting Standards Board (IASB) has a clear definition of materiality under IFRS, the next step is to incorporate it into new and existing accounting standards, says Jeroen Van Doorsselaere, VP of Wolters Kluwer Financial Services

Accounting / Marshall: proposed amendment to IAS 37 on onerous contracts

The introduction of IFRS 15, the new revenue recognition standard, has resulted in an unexpected interpretation problem concerning partial and full provision of contracts, which requires a review of IAS 37 provisioning rules. Andrew Marshall, senior technical partner at KPMG, examines potential clashes under the current interpretation

Accounting / Metro Bank probed over risk weighted asset errors

Metro Bank has revealed it is being probed by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) who are investigating the circumstances and events that led to the challenger bank making a significant adjustment to its accounting for risk weighted assets (RWA) last month

Accounting / IAASB seeking views on extended external reporting assurance

The International Auditing and Assurance Standards Board (IAASB) is seeking feedback on progress in developing draft guidance in the first phase of a project to develop guidelines for assurance on extended external reporting (EER)

Accounting / Scottish public sector must improve quality of reporting

Public sector bodies in Scotland need to improve the quality of their performance reporting by putting a greater focus on disclosures about sources of funding, key performance indicators and risks factors, all in the context of financial statements, says Audit Scotland

Accounting / Accounting updates: March 2019

In this month’s roundup of accounting and reporting developments, no deal Brexit advice for accountants, IFRS 9 causes HSBC’s net assets to drop £1.2bn, IFRS 16 set to pull £180bn onto FTSE 350 balance sheets, Kraft Heinz under spotlight over procurement accounting

Accounting / Project summaries on IFRS 8 and discount rates released

The IFRS Foundation has published two documents summarising work by the International Accounting Standards Board (IASB) on possible improvements to IFRS 8 Operating Segments and on discount rates in IFRS standards