Accountancy Daily

Accounting / International reporting: forward-looking financial statements

In September’s international accounting updates, Jeroen Van Doorsselaere considers what lies ahead for CFOs and asks whether they now need to be a jack of all trades

Insight / Covid-19: UK risks 49,000 cases a day unless infection rates slow

England's chief medical officer and the government's top scientific adviser warn that Covid cases are ‘doubling every seven days’ in Downing Street Coronavirus briefing

Insight / Companies House powers boosted to tackle £137bn dirty money deficit

Companies House will be given greater powers to query, investigate and remove false information in the registration of company directors, in efforts to reduce the potential £137bn lost globally to financial crime, according to Transparency International UK

Insight / Government urged to extend furlough support

With six weeks to go until the coronavirus job retention scheme (CJRS) finishes, while HMRC figures show a steady decline in the number of workers on furlough, pressure is growing for the government to extend the support beyond the end of October

Insight / £500 self isolation payments for lower income employees

The government has announced a legal requirement on people to self-isolate when instructed by NHS Test and Trace, with fines for those who fail to do so and for any businesses which threaten self-isolating staff with redundancy

Insight / Covid-19: Pensions Regulator removes DC reporting exemptions

The Pensions Regulator (TPR) has updated its Covid-19 guidance, and from the start of next year defined contribution (DC) schemes and providers will need to report late contribution payments no later than 90 days after the due date, removing the exemption available earlier in the pandemic

Accounting / Push for standardised carbon accounting

The Partnership for Carbon Accounting Financials (PCAF), an industry-led partnership to standardise carbon accounting for the financial sector, has launched a UK coalition to further promote measurement and disclosure of carbon emissions in the finance sector

Technical Alerts

18 Sep 2020

Insight / Changing face of office life

During the pandemic, firms were forced to work remotely, but how do you run a people business without human contact? Smith & Williamson’s Giles Murphy predicts the death of the office could be exaggerated

Audit / Call for Treasury to ensure cash access

The National Audit Office (NAO) is calling on the Treasury to launch a coordinated effort to safeguard access to cash, as Covid-19 has accelerated the move to online transactions, and there is a risk that vulnerable people who rely on paying money will be excluded

Insight / FCA mulls cannabis company listings

The Financial Conduct Authority (FCA) is considering its approach to overseas-based cannabis companies interested in listing in the UK

Insight / US rapper fined over bogus cryptocurrency

The Securities and Exchange Commission (SEC) has brought charges against a US rapper, a film producer and three others over allegations they promoted unregistered and fraudulent initial coin offerings (ICOs) using celebrity endorsements 

Insight / People in the news: RSM, Personal Finance Society, Government

In this week’s accountancy career moves, partners appointed at RSM and McGuireWoods, president named at the Personal Finance Society, and CFO appointments at Paysafe Group, Energy Assets Group

Insight / PwC pledges to reach net zero emissions by 2030

PwC has committed to achieving net zero greenhouse gas (GHG) emissions across its global network within the next ten years, and will be taking action to support its suppliers and clients in tackling their impact on the climate 

Insight / UK Accounting Standards Endorsement Body names chair

Ex-PwC partner Pauline Wallace has been named as the first chair of the new UK Accounting Standards Endorsement Board (UKEB), the body tasked with endorsing and adopting international accounting standards once the UK leaves the EU

Technical Alerts

17 Sep 2020

Insight / How remote working poses fraud threat

As working from home becomes the new normal, Weng Yee Ng and Charlie Patrick of Forensic Risk Alliance assess the growing threat of fraud in the finance sector

Insight / Infection rates see government mull Covid lockdown

As coronavirus infection rates rise, the government has signalled it is considering a range of new restrictions to halt the progress of the pandemic, with a two-week return to national lockdown the most extreme

Accounting / Deloitte fined £15m over Autonomy auditing failures

Deloitte has been fined a record £15m and severely reprimanded by the Financial Reporting Council (FRC) for ‘serious and serial failures’ in its auditing of software company Autonomy, including ‘numerous’ examples of misconduct and a lack of professional scepticism

Audit / Audit firms report split progress

As Deloitte reveals plans to implement FRC audit firm split, Accountancy Daily reviews progress ahead of October deadline

Insight / Pandemic support suppresses insolvency rates

Overall numbers of company and individual insolvencies remained low in August 2020, largely as a result of the government measures put in place in response to the coronavirus pandemic, but look set to rise sharply as support schemes end

Audit / IAASB to examine going concern ‘expectation gap’

The International Auditing and Assurance Standards Board (IAASB) has opened a consultation on fraud and going concern in audits, in response to concerns raised by high-profile corporate failures in recent years

Technical Alerts