Financial reporting

Accounting / Navigating IFRS: judgments and estimates under IAS 1 – part 1

In our new series on IFRS, Glynnis Carthy CA(SA), technical writer at Croner-i, explains the importance of reporting accurate disclosures and their material impact in IAS 1 Presentation of Financial Statements

Accounting / Man City faces €30m fine over fair play rules

Premier League club, Manchester City, faces a two-year ban and multimillion pound fine relating to overstatement of sponsorship revenue in its accounts in contravention of fair play rules

Accounting / FRC warning on coronavirus risk to audits in China

The Financial Reporting Council (FRC) has contacted the Big Four firms to ask what contingency plans they have in place to handle audits for clients with offices in China, while ACCA postpones March exams in China

Accounting / Brexit transition guidance for accountants released

The Financial Reporting Council (FRC) and Department for Business, Energy and Industrial Strategy (BEIS) have published guidance for accountants and auditors confirming that there will be no substantive changes during the transition period post Brexit

Accounting / Bank of England to adjust bank stress tests for IFRS 9

The Bank of England is looking to adjust its stress tests for banks, following the introduction of IFRS 9 expected credit loss accounting (ECL), which has led to impairment losses being recognised earlier than previously

Accounting / Government slammed over prison building cost overruns

Government plans to provide and maintain safe, secure and decent prisons have run into cost overruns and delays, and its flagship initiatives have not delivered, according to a National Audit Office (NAO) report

Accounting / NHS finances reliant on short-term fixes, warns NAO

The National Audit Office (NAO) has warned that short-term fixes have left the NHS ‘seriously financially unstable’

Accounting / The jeopardy of software licences under IFRS 16

Robin Fry, director of Cerno, outlines the hidden risks when reporting software licence liabilities under IFRS 16 Leases, from right-of-use considerations, to assets versus liabilities and accounting for under-licensing charges

Accounting / Autonomy founder given bail at extradition hearing

Mike Lynch, the founder of IT software company Autonomy, has been freed on bail following an extradition hearing over HP case 

Accounting / International reporting: current or non-current liabilities

2020 will see differences in regulatory and financial reporting requirements emerge, as IFRS 9 crosses paths with Basel III and the European single electronic format, explains Jeroen Van Doorsselaere

Accounting / SEC consults on simplified reporting disclosure

The US Securities and Exchange Commission (SEC) plans to overhaul and simplify certain corporate financial disclosure requirements

Accounting / Airbus fined £3bn over ‘endemic’ corruption

French aerospace company Airbus is to pay over €3.5bn (£2.96bn) in fines globally to settle corruption charges, including almost €1bn to the Serious Fraud Office (SFO) as part of a record-breaking deferred prosecution agreement (DPA)

Accounting / Accounting updates: February 2020

This month’s roundup of accounting stories includes amendments to IAS 1, MoD’s financial blunder, Ted Baker and Dixons Carphone errors, Carillion hospital overruns, and ACCA/Charity Commission conduct agreement

Accounting / FCA to investigate M&C Saatchi accounting errors

The Financial Conduct Authority (FCA) has launched an investigation at leading advertising agency M&C Saatchi, which was forced to make £11.6m of adjustments to its 2018 and 2019 financial results at the end of last year after external auditor KPMG flagged up accounting issues

Accounting / Why charity accounts should tell the story better

Transparent financial reporting in annual charity accounts produces more meaningful information and underpins their long-term stability, but how do you achieve this? Jonathan Orchard, partner, Sayer Vincent examines the key issues to consider when finalising charity accounts